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L1P Guide
  • Introduction
  • 1. Setting the Stage
  • 2. The Imperative of Scale
  • 3. Around the World
  • 4. A Closer Look
  • 5. Gender Impact
  • 6. Fraud Principles Report
  • 7. Glossary

Glossary: A Transaction, Payment, or Transfer?

Transaction: A reference to the entirety of the exchange, including a Payment but may also include information between the Payer’s DFSP and the Payee’s DFSP.

Payment: An exchange of funds, credentials, and other necessary information to complete an obligation between End Users. A Transfer is a Payment.

Transfer: A Payment that is affected over a Digital channel.

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