Many terms in money transfers can be confusing, even for industry insiders. Our glossary helps explain them in simple terms, ensuring we're all educated and not mislead.
|Account number||An account number is a unique identifier for a customers bank account. It's necessary when sending money to a bank account.|
|Airtime top-up||An airtime top-up is a payment sent directly to a mobile phone to add credit to the phone for calls and other services.|
|ASIC||ASIC is a regulatory body that monitors the activities of financial institutions in Australia.|
|Automated clearing house||This is a US-based electronic funds-transfer system that allows for both credit transfers and direct debits from the payer’s' account. Most of the transactions are processed on the same business day.|
|Cash pickup||A cash pickup is a payout method offered by online money transfer providers to enable receivers to collect their cash from designated physical locations.|