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class="header_loginBtn___3Kzh nav-link">Login</a><a href="/contact-us" role="button" tabindex="0" class="header_contactUsBtn__3H5Sf btn btn-primary">Get in touch</a></div></div></nav></div><div class="header_outsideClick__6Xtbg header_hide__IDyXl"></div></header><div class="full-width-layout_layout__JJPSK"><main><div id="section-0"><div class="offer-card_offerCard__33Oog"><div class="container"><div class="row"><div class="col-md-12 col-sm-12"><p class="offer-card_title__YmXEf"></p><h1>Glossary</h1><div class="offer-card_body__tFg6T"><p>Welcome to Corpay's glossary! Here, you'll find easy-to-understand definitions and explanations for key terms across all our services, including AP Automation, Commercial Cards, and Cross-Border solutions. We want to help you navigate and make the most of Corpay's payment offerings, and getting familiar with these terms is a great start. If you ever need more help, our support team is always here to assist you.</p> </div></div></div></div></div></div><div id="section-1"><section class="glossary_glossary-section__RE8gj"><div class="container"><div class="row"><div class="col-sm-12"><ul class="glossary_pagination__mzzPo pagination"><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">#</a></li><li class="glossary_pagination-item__zFIOv page-item active"><span class="page-link">A<span class="visually-hidden">(current)</span></span></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">B</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">C</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">D</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">E</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">F</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">G</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">H</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">I</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">J</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">K</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">L</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">M</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">N</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">O</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">P</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">Q</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">R</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">S</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">T</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">U</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">V</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">W</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">X</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">Y</a></li><li class="glossary_pagination-item__zFIOv page-item"><a class="page-link" role="button" tabindex="0">Z</a></li></ul><hr class="glossary_stroke__v9GLj"/></div></div></div><div class="glossary_letter-groups__7E0jp container"><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>2-Way Match</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A financial process that compares the details of a received invoice against the corresponding purchase order to ensure accuracy and prevent fraudulent payments. It involves verifying the vendor, quantity, description, and price of the goods or services on both documents.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>3-Way Match</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of verifying the accuracy of an invoice by matching it to both the purchase order (PO) and the receiving document, such as a packing slip or bill of lading. Three-way matching helps prevent overpayments, ensure that goods or services were ordered and received as specified, and identify potential fraud.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi glossary_show__VoolY row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Accruals</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The accounting practice of recognizing revenue or expenses before they are actually received or paid. Accruals help match financial activity to the period in which it occurred, providing a more accurate representation of a company's financial performance.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>ACH</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Automated Clearing House (ACH) is a network that transfers funds electronically between bank accounts. ACH payments are typically used for direct deposits, payroll, and bill payments.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Analytics</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The systematic analysis of data to extract meaningful insights, identify patterns, and inform decision-making. It involves collecting, organizing, cleaning, and interpreting data using various statistical and analytical techniques.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>AP Automation Software</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Software solutions that automate various aspects of the accounts payable (AP) process, such as invoice capture, data extraction, coding, approval routing, and payment execution. AP automation software can help businesses save time, reduce costs, and improve efficiency.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>AP Automation/Payments Automation</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The use of technology to automate and streamline the accounts payable (AP) process, from invoice capture to payment execution. AP automation can reduce manual tasks, improve efficiency, and minimize errors.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Approvals</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The formal authorization or consent required for a business transaction to proceed. Approvals may be granted by individuals, committees, or systems based on defined roles and responsibilities.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Audit</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An independent examination of financial records and processes to ensure compliance with laws, regulations, and internal policies. It involves verifying the accuracy and completeness of financial information and identifying potential risks or areas for improvement.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>BACS (UK)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Bankers’ Automated Clearing Services is a payment settlement method used in the UK. BACS also stands for Bankers’ Automated Clearing System, which refers to the network of banks and building societies that participate in the BACS payment scheme. BACS transfers can be executed by direct debit or bank transfer, which may take up to three days to clear.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Base currency / Counter (quote) currency</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>In a currency pair, the BASE currency is the currency you wish to sell and which comes first in the pair. The COUNTER or QUOTE currency is the one you wish to buy. So, in the AUDUSD pair, the trader is exchanging aussie for greenbacks, and the rate represents how many aussie will buy one US dollar.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Billing Cycle</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The period between the issuance of invoices and the receipt of payments. It typically involves generating invoices, sending reminders, processing payments, and reconciling accounts.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>BPAY (Australia)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An electronic payment method offered by many Australian banks to individuals and businesses. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Cardholder</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The authorized user of a payment card, responsible for making transactions and paying outstanding balances. Cardholders are typically individuals or entities with a valid payment card account.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Cash transfer</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The movement of cash from one location (a financial institution. account or country) to another. It may be used as a synonym for money transfer, currency transfer, foreign exchange transfer (exchanging one currency for another). </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>CHAPS (UK)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Stands for Clearing House Automated Payment System, which is used in the UK to make same-day transfers. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Cloud-Based</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A software delivery model where applications and data are hosted and managed on remote servers over the internet. Cloud-based applications are accessible from any device with an internet connection, offering flexibility and scalability.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Commercial Card</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A payment card specifically designed for business expenses. Commercial cards offer features such as spending limits, expense tracking, and fraud protection.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Compliance</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Adherence to laws, regulations, and internal policies to ensure ethical and responsible business conduct. Compliance programs involve risk assessment, policy implementation, monitoring, and reporting.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Credit Limit</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The maximum amount of credit that a cardholder is authorized to borrow on a revolving credit account. Credit limits are set based on creditworthiness and financial history.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Cross-currency trade</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Any currency pair NOT involving the US dollar, which is currently the most widely traded currency in the world. This could be as liquid a pair as EURGBP or involve a minor or exotic (emerging market) currency. Not every provider can efficiently accommodate cross-currency trades. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Currency converter </h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A currency converter tool shows the value of one currency in another at the current exchange rate. Please note that online rates are typically posted with a time delay, and are usually indicative rates not necessarily available to consumers or businesses. It is wise to confirm rates with a trustworthy provider before making your trade. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Currency exposure</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Funds held in a foreign currency or needed in a foreign currency. The rate differential, or a change in rate due to foreign exchange market movement, could result in the value of funds changing before the transaction is completed. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Currency option</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A structured financial contract that gives you the right (but not the obligation) to purchase currency at a fixed rate at some time in the future, protecting the downside but allowing you to take advantage of the upside should the market move in your favor. Options can be structured with a premium or without. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Currency risk</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Currency risk occurs when there is a change in price of one currency in relation to another (also referred to as exchange rate risk). Investors, companies and businesses that have international assets or that are engaged in international business may be exposed to currency risk on many levels, and that may cause uncertainty, unpredictability, and profit loss. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Data Capture</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of collecting and converting data from various sources into an electronic format for processing, analysis, or storage. Data capture methods include manual entry, scanning, and electronic data interchange (EDI).</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Data Management</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of collecting, storing, organizing, and analyzing data to extract meaningful insights and support decision-making. Data management involves various techniques, such as data warehousing, data mining, and data visualization.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Duplicate Invoice</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An invoice that is submitted more than once for the same goods or services. Duplicate invoices can lead to overpayments and accounting errors.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Electronic Money Transfers (EFT)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Direct debits or credits to or from a bank account. With this method, you are transferring money from one bank account to another. EFT payments are most commonly utilised when sending low-value payments via in-country clearing channels. EFTs are usually settled on the same day, or on the next business day. </p><p>EFT is referred to as DEFT or PAD (pre-authorised Debit) in Canada, International Automated Clearing House or iACH in the US, Direct Debit in the UK and EFT in Australia. A small transaction fee is usually applied to the EFT, determined by the provider and based on the currency and the quantity sent.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>EMV Chip</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An embedded microchip in payment cards that enhances security by encrypting transaction data and reducing the risk of fraud. EMV chip cards are becoming the standard worldwide.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>ERP</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Enterprise Resource Planning (ERP) is a software system that integrates various business functions, such as accounting, finance, supply chain, and human resources. ERP systems provide a centralized platform for managing business operations and data.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Exchange rate</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The rate differential between two currencies in a pair. Assuming the base currency equals 1; the rate represents the cost, in the base currency, of one unit of the quote currency. A USDGBP rate of 1.2500 means that each Pound costs $1.25. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Expense Management</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of tracking, controlling, and reporting on business expenses. Expense management involves collecting receipts, categorizing expenses, and ensuring compliance with company policies.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Expense Reimbursement</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of reimbursing employees for business expenses they have incurred. Expense reimbursement involves collecting receipts, verifying expenses, and issuing payments to employees.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Foreign currency</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>There are approximately 180 different trading currencies in the world. Currencies are traded in pairs and valued in relation to each other. </p><p>Often currencies are referred to Major, Minor or Exotic. This is a general classification, measured largely on their prevalence in the market (and volume of trading) and liquidity. </p><ul><li><p>A major currency is typically highly liquid and widely traded. Examples include US dollar, euro, British pound, Canadian dollar, Japanese yen, Australian dollar, Chinese yuan, Swiss franc, Brazilian real, among many others. Most major currency pairs include US dollar on one side of the trade.</p></li><li><p>A minor currency is typically less liquid and less widely traded than a major (with USD on one side of the trade). A MINOR currency pair (or cross) does not include the US dollar. A ‘minor’ example could be a pound/euro pair.</p></li><li><p>An exotic currency is typically a currency from a developing country (or emerging market). These are less widely traded and often less liquid than Major or Minor currencies.</p></li></ul><p></p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Foreign exchange </h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Foreign exchange is the transfer (or conversion) of funds from one currency to another. Commonly used abbreviations are FX or Forex (FOREX). </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Foreign exchange (FX) volatility</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The movement of the value of a particular asset or currency in a pair. The higher the volatility, the riskier the trade. While low volatility can add stability to import and export pricing, Forex traders find it dull.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Forward Contract </h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A contract to exchange one asset (such as a currency) for another at a future date at a specific price. It normally requires a deposit to secure the agreed rate. Forward delivery tenors can be as short as three days, or as long as two years, depending upon the currency pair. </p><p>Please note a forward contract commits you to the purchase or sale of the asset or currency at the agreed rate, no matter where the market stands at the drawdown or expiry date. (See also Forward Exchange Contract, or FEC). For our purposes, we will focus on forward exchange contracts in which currencies are the underlying assets. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Forward Exchange Contract</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A forward exchange contract (FEC or Forward Contract), is an agreement between two parties to a currency transaction at a future date. A bank or currency provider agrees to exchange one currency for another at a pre-determined future date and a contract is initiated with an investor or purchaser of currency. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Forward points</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>In a Forward Exchange Contract, Forward points are a calculation of the interest rate differential between the two countries whose currencies are being bought and sold. </p><p>Based on interest rate differentials between two currencies, a number of basis points are added to or subtracted from the spot rate to determine the forward rate. If the currency you are buying has a higher interest rate than the one you are selling, you will subtract forward points. If it has a lower interest rate, you will add forward points. </p><p>When it comes time to repatriate the currency, you will add forward points based on the then-current interest rate differential.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Forward rate</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The rate at which two currencies exchange on a pre-set future date. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Fraud</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The act of deceiving or misrepresenting information to gain an unfair advantage or deprive another party of their property or rights. Fraud can occur in various forms, including financial fraud, identity theft, and tax fraud.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>FX Structured Option (Structured Option)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An agreement to exchange a specified amount of one currency for another currency at an exchange rate that is determined by reference to agreed features and variables. Under any structured option you may be the buyer of an option or the seller of an option. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Ghost Card</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A virtual credit card that is linked to a physical card. Ghost cards are often used for online transactions to minimize the risk of fraud. The card number is not printed on the physical card, and the physical card cannot be used for online transactions.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Global payment </h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A payment made anywhere in the world, in any currency. A global payment system is a means for individuals, companies and merchants to send and/or receive payments to different jurisdictions, often in different currencies, across the world. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Hedge</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A ‘hedge’ is a financial instrument or structure designed to provide protection against volatility in a financial market, such as the foreign exchange market. Hedging tools can include limit or rate orders, forward contracts, derivatives such as options, including currency options and FX structured products. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Integration</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of connecting different software applications or systems to allow them to exchange data and share information seamlessly. Integration can improve efficiency, reduce redundancies, and provide a more holistic view of business operations.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Invoice Automation</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The use of technology to automate and streamline the invoice processing workflow, from receipt to payment. Invoice automation can reduce manual tasks, improve efficiency, and minimize errors.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Issuer</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The financial institution that issues payment cards, such as credit cards, debit cards, or prepaid cards. Issuers manage cardholder accounts, authorize transactions, and settle payments.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Limit order</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Often referred to as a ‘rate order’ or ‘market order,’ a limit order allows you to buy or sell currency at a target rate within a given time frame. You specify the currency and the amount, the rate you want to achieve (often a budgeted rate or other target), and the expiry date for the order.</p><p>If the currency reaches your rate before expiry, it will automatically fill, and you will need to settle the payment at that time. If your target rate isn’t reached during the term, the order expires, and you can execute your transaction at the then-current market rate. </p><p>Limit orders can stay in the market for any length of time, but a typical period is two weeks. A limit order is not guaranteed to fill. </p><p>Terms for specific types of limit orders follow:</p><ul><li><p>Good ‘til Cancelled. A GTC foreign exchange order means the transaction is left on the market at a set rate until it is either executed or cancelled by the sender.</p></li><li><p>OCO – One Cancels Other. When one of two orders is executed, and the other order is automatically cancelled. Typically, this is the result when a ‘stop loss order’ and ‘take profit order’ are combined.</p></li><li><p>Stop-Loss Order. A currency stop loss level can be set. If that currency level is reached, the trade automatically executes in the market to stop further loss. A stop loss order is designed to limit risk in the case exchange rates drop to avoid losses. It’s important to note that the currency level used for a stop loss order is always worse than the prevailing market price.</p></li><li><p>Take-Profit Order. Like a ‘stop loss order’, the take profit order also entails setting an initial currency level. Once the level is reached, the trade is executed.</p></li></ul><p></p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Merchant</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A business that accepts payment cards for goods or services. Merchants are responsible for processing card transactions and complying with Payment Card Industry (PCI) standards.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Mobile Access</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The ability to access and manage financial information and accounts using mobile devices, such as smartphones or tablets. Mobile access provides convenience and flexibility for cardholders and businesses.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Mobile Wallet</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A digital wallet application stored on a mobile device that allows users to make contactless payments, store loyalty cards, and manage payment information. Mobile wallets offer convenience and security for cardholders.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Money transfer</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Money is transferred from one country to another in a varied of ways and spanning a variety of currencies. Most common money transfers are electronic fund transfers, wire transfers, and money orders. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>OCR</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Optical Character Recognition (OCR) is a technology that converts text from images into a machine-readable format. OCR is commonly used to capture data from invoices, receipts, and other documents, saving time and reducing manual data entry.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Online Bill Pay</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A service that allows businesses to pay their bills electronically through a secure online portal. Online bill pay can save time, improve efficiency, and reduce paper usage.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Order</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Instruction given by a customer to a provider or broker for the purchase or sale of an asset, commodity, or currency.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Payment Terms</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The conditions of payment agreed upon between a buyer and a seller. Payment terms typically specify the due date, discounts, and penalties for late payments.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>PIN</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A personal identification number that is used to verify the identity of a cardholder when making transactions at ATMs or point-of-sale terminals. PINs are typically four to six digits long.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>PO Automation</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The use of technology to streamline and automate the purchase order (PO) process, from creation to payment. PO automation can reduce manual tasks, improve efficiency, and minimize errors.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>PO Management</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of managing purchase orders (POs) from creation to payment. PO management involves reviewing requisitions, creating POs, tracking PO status, and ensuring that goods or services are received and paid for as agreed upon.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Purchasing Card</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A payment card specifically designed for business purchases. Purchasing cards offer features such as spending limits, expense tracking, and fraud protection.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Reconciliation</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of matching financial records from two or more sources to ensure accuracy and completeness. This involves comparing transactions, identifying discrepancies, and correcting errors. Reconciliation is essential for maintaining financial integrity and preventing fraud.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Reports/Reporting</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The presentation of organized and analyzed data to provide meaningful insights into business operations and performance. Reports are typically generated from various data sources and can be customized to meet specific needs.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Routing (as in approval routing)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The automated workflow that circulates documents or tasks among designated approvers for authorization or review. Approval routing ensures that transactions are properly reviewed and approved by the appropriate individuals, preventing unauthorized or erroneous actions.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>SaaS (Software as a Service)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A software delivery model where applications are hosted and managed on remote servers and accessed over the internet. SaaS applications offer flexibility, scalability, and reduced upfront costs.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Settlement date</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The day on which a transaction will take place. You can expect the funds to arrive on this date. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Settlement options</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>There are several different settlement options for outgoing payments. These include Wires, Electronic Bill Payments, Electronic Funds Transfers (ETFs), Automated Clearing House (ACH or iACH), Direct Debit, BPay (Australia), BACS (UK), CHAPS (UK), DEFT (Canada), and Drafts, among other forms of good funds. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Spend Management</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of planning, controlling, and monitoring business spending. Spend management involves budgeting, tracking expenses, identifying savings opportunities, and enforcing spending policies.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Spot rate </h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The prevailing foreign exchange rate at which currencies can be exchanged. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Spot transaction </h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An agreement to buy or sell currency at the prevailing exchange rate. Spot transactions are undertaken for an actual exchange of currencies and delivered same-day, one day, or two days in the future, depending on the location and the currency pair. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Spread</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Spread is the profit taken by a bank or institution on a transaction. In FX, it’s the difference between the rate currency providers receive and the rate they pass on to clients.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Supplier Management</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of managing relationships with vendors, ensuring that they provide goods or services that meet quality, cost, and delivery requirements. Supplier management involves evaluating vendors, negotiating contracts, and monitoring performance.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Travel Card</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A payment card specifically designed for business travel expenses. Travel cards often offer extended payment terms, travel insurance, and expense tracking capabilities.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Types of Forward Contracts</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>Closed or Fixed: A Closed Forward Contract, also called a Fixed Forward Contract, allows you to complete the exchange, or take delivery of the currency, on a specific future date. </p><p>Open or Flexible: An Open Forward Contract allows you to make multiple payments (drawdowns) over a series of dates up to the agreed expiry date. This structure is also called a ‘Window’ Forward or Flexible Forward. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Value date</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The date on which a payment is delivered to the payee. Depending on the transaction method and the currency, this could be same-day, one, two, or three days for a spot payment. For forward contracts, the Value date could also be the expiry date.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Vendor</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A company or individual that provides goods or services to another company. Vendors are essential for businesses to operate and maintain their supply chain.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Vendor Management</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>The process of managing relationships with vendors, ensuring that they meet quality, cost, and delivery requirements. Vendor management involves selecting vendors, negotiating contracts, monitoring performance, and managing risk.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Virtual Card</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A payment card that exists only in digital form. Virtual cards are often used for online transactions or for specific purchases, such as travel. Virtual cards can help control spending and minimize the risk of fraud.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Wire Transfer (Wire)</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>An electronic transfer of funds typically facilitated by a financial institution. </p><p>Wires are used when sending time-sensitive, high-value payments. Wire transfers (or bank transfers as they’re referred to in the UK), are commonly settled within 1-2 business days for major and minor currencies, and 3-4 business days for emerging market and exotic currencies. </p><p>Wires are sent primarily via the SWIFT GPI network, enabling quick, accurate and secure transfers with transparency, uniform standards and SLAs. Wire transfers are subject to a fee, which varies based on the provider, amount and currency, and are not reversible. </p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div><div class="col-md-6 col-12"><div class="glossary_glossary-item__hxtH7"><div class="glossary_back-container__G2_8b"></div><h2>Workflow</h2><div class="glossary_definition-container__DeNqH glossary_preview__5PBWJ"><p>A sequence of steps or activities that define how a task or process is completed. Workflows help streamline operations, improve efficiency, and ensure consistency.</p></div><div class="glossary_read-more-container__ClHcW"><div class="glossary_read-more__RFhwV">Read more<img alt="" srcSet="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 1x, https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg 2x" src="https://images.ctfassets.net/h83dujey17us/65849pUYDIxVD2zAZJqkFF/fba26d88de3abf82bfb56151b8e52370/basil_arrow-up-outline.svg" width="24" height="18" decoding="async" data-nimg="future" class="glossary_cta-arrow__SN5yL" loading="lazy" style="color:transparent"/></div></div></div></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div class="glossary_letter-group__CEOAi null row"><div class="col-12"><h2>No entries yet</h2></div></div><div 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Currencies are traded in pairs and valued in relation to each other. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Often currencies are referred to Major, Minor or Exotic. This is a general classification, measured largely on their prevalence in the market (and volume of trading) and liquidity. ","marks":[],"data":{}}]},{"nodeType":"unordered-list","data":{},"content":[{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A major currency is typically highly liquid and widely traded. Examples include US dollar, euro, British pound, Canadian dollar, Japanese yen, Australian dollar, Chinese yuan, Swiss franc, Brazilian real, among many others. Most major currency pairs include US dollar on one side of the trade.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A minor currency is typically less liquid and less widely traded than a major (with USD on one side of the trade). A MINOR currency pair (or cross) does not include the US dollar. A ‘minor’ example could be a pound/euro pair.","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An exotic currency is typically a currency from a developing country (or emerging market). 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While low volatility can add stability to import and export pricing, Forex traders find it dull.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"h83dujey17us"}},"id":"6Zrk1rFhZcTfpY5CIcSYn3","type":"Entry","createdAt":"2024-07-15T21:24:28.344Z","updatedAt":"2024-07-15T21:24:28.344Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"glossaryItem"}},"locale":"en-US"},"fields":{"name":"Forward Contract ","term":"Forward Contract ","definition":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A contract to exchange one asset (such as a currency) for another at a future date at a specific price. It normally requires a deposit to secure the agreed rate. Forward delivery tenors can be as short as three days, or as long as two years, depending upon the currency pair. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note a forward contract commits you to the purchase or sale of the asset or currency at the agreed rate, no matter where the market stands at the drawdown or expiry date. (See also Forward Exchange Contract, or FEC). For our purposes, we will focus on forward exchange contracts in which currencies are the underlying assets. 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","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"h83dujey17us"}},"id":"53SogiOMlX39cxmSXje9ZL","type":"Entry","createdAt":"2024-07-15T21:24:28.400Z","updatedAt":"2024-07-15T21:24:28.400Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"glossaryItem"}},"locale":"en-US"},"fields":{"name":"Forward points","term":"Forward points","definition":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In a Forward Exchange Contract, Forward points are a calculation of the interest rate differential between the two countries whose currencies are being bought and sold. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Based on interest rate differentials between two currencies, a number of basis points are added to or subtracted from the spot rate to determine the forward rate. If the currency you are buying has a higher interest rate than the one you are selling, you will subtract forward points. If it has a lower interest rate, you will add forward points. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When it comes time to repatriate the currency, you will add forward points based on the then-current interest rate differential.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"h83dujey17us"}},"id":"3ToJD1NyK404kXzGbqkB3c","type":"Entry","createdAt":"2024-07-15T21:24:28.416Z","updatedAt":"2024-07-15T21:24:28.416Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"glossaryItem"}},"locale":"en-US"},"fields":{"name":"Forward rate","term":"Forward rate","definition":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The rate at which two currencies exchange on a pre-set future date. 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Under any structured option you may be the buyer of an option or the seller of an option. 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