Glossary
Definition of useful terms used in HUB2’s payment platform
Collection Account
Account used for payments.
Transfer Account
Account used for transfers.
IRT Transfer Account
Account used for IRT.
IRT (International Remittance Transfers)
The cross-border transfer of funds from one person to another.
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.
Transaction polling
A method of periodically retrieving the status of a transaction by regularly querying an API for updates. Polling vs. Webhooks
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.
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.
Webhook
Sending notifications to the merchant when specific events occur. Polling vs. Webhooks
IPN
Instant Payment Notification. Webhooks sent by providers to HUB2.
KYB
Know Your Business - A declaration in which an aggregator merchant provides informations about a merchant he aggregates. This prior declaration is necessary to utilize the bank transfer refill feature
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.