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.

Glossary terms

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.