Glossary

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Collection Account

Account used for payments.

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Transfer Account

Account used for transfers.

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IRT Transfer Account

Account used for IRT.

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IRT (International Remittance Transfers)

The cross-border transfer of funds from one person to another.

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Payment

A payment (or PAY-IN) is a financial transaction in which money is moved from the user’s account to the merchant’s collection account.

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Transaction polling

A method of periodically retrieving the status of a transaction by regularly querying an API for updates. Polling vs. Webhooks

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Balance

Difference between total debit transactions (transfers/pay-outs, withdrawals, fees) and total credit transactions (payments collected/pay-ins, deposits). The difference cannot be negative. Consequently, the balance is a credit balance.

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Transfer

A transfer (or PAY-OUT) is a financial transaction in which money is moved from the merchant’s transfer account to the user’s account.

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Webhook

Sending notifications to the merchant when specific events occur. Polling vs. Webhooks

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IPN

Instant Payment Notification. Webhooks sent by providers to HUB2.

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KYB

Know Your Business - A declaration in which an aggregator merchant provides informations about a merchant he aggregates. This prior declaration is necessary to use the bank collection feature

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KYB transaction

Declaration made by a merchant-aggregator when making a bank transfer to HUB2 to refill its account. This information enables HUB2’s teams to check the conformity of the transaction and validate it.

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KYC

Know Your Customer - A process for verifying the identity of a company’s customers.

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Submerchant

An account linked to a PSP or Fintech Merchant account that is granted a unique ID to process transactions. This structure ensures compliance with regulatory requirements.