Terminology
This page offers an overview of the terms utilized by Us and/or commonly used in the fintech and banking industries. It also outlines any essential actions that need to be undertaken when utilizing the Platform Services.
“3DS”, short for 3-D Secure, is an authentication protocol used in online transactions to provide an additional layer of security. It is designed to protect the cardholders and merchants from unauthorized use of payment cards by requiring the cardholder to authenticate their identity using a password, one-time passcode, or biometric verification during the transaction process, thereby reducing the risk of fraudulent activities.
"Account limits”, refer to predefined restrictions or thresholds imposed on End User accounts, restricting the maximum allowable transaction amounts, deposit and payment limits, or other specified parameters to manage risk, ensure compliance, and safeguard against potential fraudulent or illicit activities.
"Adminet" is an exclusive enterprise-level tool provided to You. It serves various purposes, including accessing comprehensive transaction information for each of Your Users and executing specific actions to facilitate or disable the movement of funds.
"Apple Pay - ECOM Transactions Fee" is payable for all transactions executed as an online ECOM transaction and includes payment transactions made using the Provisioned Card through any Apple product that has been enabled to store and/or transmit the card credentials of the cardholder. This will be payable on the first Business Day following the end of the month.
"Apple Pay - POS Transactions Fee" is payable for all transactions executed as a Remote Transaction and includes payment transactions made using the Provisioned Card through any Apple product that has been enabled to store and/or transmit the card credentials of the cardholder. This will be payable on the first Business Day following the end of the month.
In reference to "Apple Pay - ECOM Transactions Fee" & "Apple Pay - POS Transactions Fee",
"Remote Transaction" means a remote payment transaction conducted through the Apple Pay platform and triggered by User authentication on an Enabled Device without the use of a contactless enabled point-of-sale device in accordance with the Specifications.
"Provisioned Card" means an Eligible Card that has been provisioned to an Enabled Device so that the Enabled Device may be used to make payments using such a Provisioned Card.
“Enabled Device” means any Apple Product that has been enabled to store and/or transmit the Card credentials of a Cardholder.
"Apple Pay - User Card Fee" is a fee payable per month for all the active Cards which have been provisioned on any Apple device for making the transactions. This will be payable on the first Business Day following the end of the month.
"ATM Inquiry Fee": This will include ATM withdrawal charges, ATM inquiry charges, and other such charges. This will be debited from the End User’s account, as applicable on a per transaction basis. These are non-refundable charges, and You must display the charges to the End User.
“Card Issuance”, refers to the process of legally issuing Cards, to individuals or entities. It involves the creation and distribution of physical or virtual cards that grant Users access to funds or credit in accordance with applicable laws, regulations, and contractual agreements. The card issuance process ensures compliance with industry standards, security measures, while enabling users to make authorized transactions within defined limits and under agreed-upon terms.
"Card Network & Processor Fee" is payable on the volume of card transactions processed on Our Platform, irrespective of the outcome (whether it is a successful or a declined transaction) and covers for the costs incurred for Network or processor charges. This will be payable on the first Business Day following the end of the month calculated based on the volume processed for the preceding month.
"Cash In and 7/11 Fees" will be payable on all load transactions initiated and processed via the 7/11 store. This fee will be debited directly from the End User load amount, and the balance will be credited to the End User’s account.
“Count Limit” refers to the maximum number of transactions allowed within a specific timeframe, as defined by the applicable laws, regulations. It establishes a cap on the quantity, ensuring compliance, managing risk, and preventing potential abuses or fraudulent activities related to the specified activity or event.
"Consumer," refers to individuals who hold personal payment accounts that are specifically issued for conducting payment transactions unrelated to business activities. These accounts are intended exclusively for personal use, encompassing consumer spending, purchases, and personal remittances, while excluding any transactions conducted in the course of corporate or business operations. Consumers, as defined, utilize these accounts to engage in financial transactions and make payments for personal purposes in accordance with applicable laws and regulations governing consumer rights and financial transactions.
“Corporate" refers to a corporate entity or individual that is granted a payment account specifically for conducting corporate or business-related transactions. This includes employees of corporate companies who receive their salaries and expense claims through these accounts. The scope of corporate transactions includes (but not limited to) activities such as corporate expense management, payroll management, benefit management, financing/lending management, crypto payments limited to FIAT to FIAT transactions, as well as high net worth/wealth management.
“Cross-border fees'' are charges applied to transactions that involve the movement of funds between different countries or jurisdictions, compensating for the costs and complexities associated with processing cross-border payments. These fees are as charged by the network and have a markup component applied to cover the costs incurred by Us.
“Cross-currency fees'' are charges applied to transactions that involve the conversion of one currency to another, compensating for the costs and risks associated with currency conversion. These fees are as charged by the network and have a markup component applied to cover the costs incurred by Us.
“Deposit” also referred as “Credit” in our API Documentation is the amount of money that is deposited into the Account
“Deposit Limit”, also referred as “Credit limit” in our API documentation refers to the maximum amount of money that can be deposited into the Account, as set by Provider and governed by applicable laws, regulations, or contractual agreements, to manage risk, ensure compliance, and prevent potential illicit activities.
“Domestic collections” refer to the mechanism that enables the transfer of funds from one bank account to another within the same country or domestic banking system. It involves the collection of payments or funds owed to a recipient by initiating transactions that debit the payer's bank account and credit the payee's bank account. In Singapore, this service is provided using Our integration with FAST (Fast and Secure Transfers) payment network.
“Domestic payout” refers to transfer of funds from the assigned virtual account to another bank account. In Singapore, this service is extended through our integration with the FAST (Fast and Secure Transfers) network, enabling the transfer of funds from Our issued virtual account to a recipient's bank account within Singapore's domestic banking network. This method allows businesses or individuals to transfer payments efficiently, enhancing convenience, speed, and reliability while maintaining the highest level of security in domestic fund transfers.
"Early Termination Fee" is payable by You to Us in the event You terminate the Agreement before the expiry of the Minimum Term.
“End users” refers to the ultimate consumers or individuals who directly use or interact with Our product, Service, Platform, or technology, typically for their personal or professional needs, rather than for resale or further distribution. They are the individuals for whom the product or service is designed and who derive direct value or benefit from its use.
“FAST” (Fast and Secure Transfers) is an electronic funds transfer service that enables near-instantaneous, secure, and convenient transfers between participating banks and accounts. Domestic collections and payouts through FAST allow individuals, businesses, and organizations to efficiently make or receive payments, and transfer funds in a seamless and expedited manner from Our virtual account to another bank account connected with the FAST network. It leverages the interconnectedness of banks in Singapore to facilitate real-time transfers, improving the speed and convenience of domestic financial transactions.
“Forex fee”, short for ‘foreign exchange fee’, is a charge applied to transactions involving currency conversion, compensating for the costs and risks associated with exchanging one currency for another. These fees are as charged by the network and have a markup component applied to cover the costs incurred by Us.
"Full KYC” refers to a comprehensive KYC process mandated by Regulator or regulatory authorities, wherein extensive customer information is obtained and verified to ensure compliance with applicable regulations "
"Google Pay Transaction Fees" is payable for all transactions executed via Google Pay and includes payment transactions using the provisioned card through any product that has been enabled to store and/or transmit the card credentials of the cardholder via Google Pay. This will be payable on the first Business Day following the end of the month.
"Interchange Fee" or "Interchange Revenue" refers to the income generated from the interchange amount received from the Network for processing card payments. This revenue will be divided and distributed to You, based on Your qualifying tier, which is linked to the settled Gross Transaction Volume (GTV) of all successful card transactions processed through our Platform during the respective quarter. This will become payable to You usually in the subsequent quarter. The calculation of this amount will be performed by Us, and after reconciliation of Your invoice with Our records and Network files.
"Jupiter" is an exclusive and optional enterprise-level tool designed to support the monitoring of potentially fraudulent activities within your program. It provides enhanced capabilities to detect and address any suspicious or fraudulent behavior.
"Just in Time Funding" refers to a funding approach where the balance management is handled at the Prefund Account level rather than individual user accounts. In this model, there is no separate account for each user. Instead, the funds or assets are consolidated into a Prefund Account, and the balance is managed collectively. When a transaction or payment needs to be made, the necessary funds are allocated from the Pre Fund Account to cover the specific amount required. This method allows for more efficient and streamlined management of funds, as there is no need for individual user account balances to be tracked or maintained.
"KYC Compliance Review per month" includes the "KYC Compliance Review Fee" that applies if You conduct KYC under a Third-Party Reliance or KYC Outsourcing arrangement with Us. The process involves recording and reviewing relevant data by our compliance team and securely storing the data with Us, as mandated by Regulatory Requirements and statutory guidelines.
"KYC per month" includes the "KYC Fee" that is applicable when You choose to utilize Our services for conducting KYC processes required for onboarding users onto our platform. This fee applies to all Users who have been onboarded and have undergone online KYC on Our platform, as determined by Us from time to time. The process involves recording and reviewing relevant data by our compliance team and securely storing the data with Us, in accordance with Regulatory Requirements and statutory guidelines.
"Load card" refers to the process of adding funds or value to the prepaid card. It involves depositing or transferring a specified amount of money onto the card, which can then be used by the cardholder to make payments for goods or services. The act of loading a card complies with applicable laws, regulations, and contractual agreements governing payment systems and ensures that the cardholder has sufficient funds to facilitate authorized purchases or transactions.
“Load limit” refers to the maximum amount of funds that can be added or loaded onto a Card, as set by Us, and as governed by applicable laws, regulations, or contractual agreements, to manage risk, ensure compliance, and prevent potential illicit activities.
"Mark Up Provisioning Fee" is the fee charged directly to the End User by debiting their Account balance, should You choose to provision to add a markup on the transaction fee or the transaction value for any cross border/ forex/ cross-currency transaction, executed using card or remittance service. The amount will be computed based on the applicable volume/transactions processed. This will include the following:
a. Card transactions FX markup value - This will include the markup charged on the transaction value for the Card transactions classified as forex/cross-border/cross-currency transactions as requested by You.
b. Remittance Transaction fee markup - This will include the markup charged on the transaction fee for the remittance transactions executed through Our Platform.
c. Remittance Volume-based markup value - This will include the markup charged on the transaction value for the remittance transactions executed through Our Platform.
"MIN KYC” refers to a simplified version of the standard KYC process, where a reduced set of customer information is collected to comply with regulatory requirements while mitigating potential risks
"Monthly Platform Subscription Fee" is a monthly recurring committed fee charged for continued access, availability, and use of the Platform. The Monthly Platform Subscription Fee will be payable on the first Business Day of the month.
“Non-shared balance”, refers to an arrangement where separate and independent pools of funds and balances are maintained at account and card. In this setup, the funds are not shared among accounts or cards, ensuring individual control and ownership over the respective balances, and preventing any collaboration or distribution of funds between accounts or cards.
"Payment" also referred to as “Debit” in our API documentation refers to the utilization or transferring of funds from the account.
"Payment Limit" also referred to as “Debit limit” in our API Documentation refers to the maximum amount of funds that can be utilized or transferred from the account within a specified timeframe or as determined by relevant regulations, contractual agreements, or system rules. This limit sets a boundary on the total value of payments that can be made, helping manage risk, prevent fraud, ensure compliance, and maintain the overall integrity and stability of the payment system
"Person to Person (P2P) limits" is the maximum thresholds or restrictions set for person-to-person (P2P) transactions within Your Program as set on the Platform. These limits are set to manage risk, prevent fraud, ensure compliance with regulations, and maintain the security and stability of Our payment system.
“Physical card” refers to the tangible payment card made of plastic or other materials, issued in compliance to regulatory and network guidelines, and can be used for all transactions including POS/ ECOM/ ATM withdrawal transactions. It contains the cardholder's information, such as the card number, cardholder name, expiration date, and security features like a magnetic stripe or chip.
"Platform Access Fee" is a one-time, non-refundable upfront fee, which shall be paid in full by You to Us, upon signing of this Agreement. We will commence the performance of our obligations under this Agreement only upon receipt of the Platform Access Fee. The Platform Access Fees include charges for integration, access to our proprietary embedded finance platform and opted tools, as well as the ability to leverage our regulatory licenses and partnerships with card networks and various third-party service providers. It includes the initial kick-off workshop led by the project implementation team, the assignment of a dedicated technical solution architect and certain engineering resources for a period of 45 days from the Effective Date. It includes the commissioning of the UAT/Pre-Prod stack configured according to Schedule 1 and technical transition support to move to the Live Production stack.
"Remittance Transaction Fee" is payable per transaction on any remittance transaction involving the payment to an individual or an entity by You or Your User on our Platform located in any other country, other than the Territory. This fee is levied for every transaction at the time of initiation and is debited from Your/Users Account.
"Remote Transaction" means a remote payment transaction conducted through the Apple Pay platform and triggered by User authentication on an Enabled Device without the use of a contactless enabled point-of-sale device in accordance with the Specifications. "Provisioned Card" means an Eligible Card that has been provisioned to an Enabled Device so that the Enabled Device may be used to make payments using such a Provisioned Card.
“Shared balance" refers to an arrangement where the End User has access to and can utilize a common pool of funds that are maintained at the account level. These funds can be used for transactions on the account or card. The concept of shared balance enables the sharing and distribution of funds, facilitating collaborative financial management and expenditure tracking among the account and associated cards.
"Standard Funding" refers to the process of assigning and managing individual user accounts within our Adminnet system. Each user is provided with a separate account, and the balance of each account is maintained independently, managed separately and can be used for various purposes or transactions within the system.
"Usage Subscription Pack" is a monthly recurring fee that is based on the number of users, card transactions, FAST transactions, and the KYC method adopted by You. It follows a slab-based fixed fee structure, along with an additional charge per unit (as outlined in Schedule 2). This fee is determined by the usage tier You choose, and any additional units consumed will incur an extra charge. The Usage Subscription Pack will be invoiced on the first Business Day of every month. Any additional units consumed, if applicable, will be billed on the first Business Day of the subsequent month. The Usage Subscription Pack becomes chargeable either from the Launch Date or forty-five (45) days from the Effective Date, whichever occurs earlier. The pack encompasses the following components:
a. Users Onboarded per month: This includes the "Users Onboarding Fee" for Users who have been onboarded, registered, and had their account created as new Users within the month.
b. Users on Platform: This includes the "Users on Platform Fee" for all Users who have been onboarded and have the status of "Active" on our Platform, regardless of whether they are transacting or not, at the end of each month. Users with statuses other than "Active" (such as "Locked," "Blocked," or "Pending") will not be considered for the calculation of the Users on Platform fee.
c. Open loop (via Card) / Closed loop Transactions per month: This includes the "Open Loop/Closed Loop Transactions Fee'' for any transactions that have been processed through our platform. This includes open loop spend transactions executed through the associated Network and closed loop spend transactions, but excludes transactions related to load/payout via FAST, remittance transactions, load via 7/11, USD VA collection facility, and P2P transactions.
d. KYC per month: This component encompasses the "KYC Fee" that is applicable when You opt to utilize Our services for conducting KYC processes necessary for onboarding Users onto Our platform. The fee is applicable to all Users who have completed the onboarding process and undergone online KYC on our platform, as determined by Us periodically. The KYC process involves recording and reviewing relevant data by Our compliance team and securely storing the data with Us, in compliance with Regulatory Requirements and statutory guidelines.
e. KYC Compliance Review per month: This includes the "KYC Compliance Review Fee" that applies to You if You conduct KYC under a Third-Party Reliance or KYC Outsourcing arrangement with Us. The process involves recording and reviewing relevant data by our compliance team and securely storing the data with us, as mandated by Regulatory Requirements and statutory guidelines.
f. FAST Transaction Service: This includes the "FAST Transaction Service Fee" that is applicable if You avail yourself of our FAST services. This covers all FAST transactions executed on Our platform, including load/pay out to any bank account.
“Unit Transactional Limit” refers to the maximum amount that can be transacted in a single transaction. It sets the upper boundary for the value of the transaction, helping to manage risk, ensure compliance, and mitigate potential fraudulent or illicit activities associated with the specified unit or instrument.
"Unload card" refers to the process of removing or deducting funds from a payment card. It involves reducing the available balance on the card by initiating a transaction to transfer or spend the funds elsewhere. Unloading a card can be done through various means, such as making purchases, withdrawing cash, or transfer of funds back to account. This process allows the cardholder to utilize the remaining funds on the card or to manage their finances.
“Unload limit” refers to the maximum amount of funds that can be unloaded, removed or deducted from the Card, as set by Us and as governed by applicable laws, regulations, or contractual agreements, to manage risk, ensure compliance, and prevent potential illicit activities.
“Virtual Card”: A virtual card is a digital representation of the card used for online transactions, offering convenience and security without the need for a physical card. It has card details that can be used to make electronic payments and is subject to the same legal and regulatory standards as physical cards.
“Volume Limit”, refers to the maximum quantity or value of payment transactions allowed within a specific timeframe, ensuring compliance, managing risk, and preventing potential fraud or abuse in the payment system.
The Terminology used on this page is for descriptive purposes and should not be construed as having the same meaning as the legal Definitions outlined in the Agreement.
In the event of a conflict between the Terminology used here and the Definitions provided in the Agreement, We reserve the right to determine which interpretation shall prevail and be applicable.
We modify this page to align with evolving factors, including Regulations, Network rules, Platform enhancements, cybersecurity measures, or the introduction of new Platform features or Services. We recommend visiting this site regularly to stay informed about any updates.
This page was updated on June 1, 2023
