Glossary

Learn the different words and open banking terms commonly used across our documentation.

A

account

A financial account with a provider, for example, a current account.

AISP

Account Information Service Provider. A company authorised to access account data from financial institutions with the explicit consent of your user.

API only

The API provides a server-side integration if you wish to build your own UI, integrate into your existing UI, or would like to have more flexible customisations.

ASPSP

Account Servicing Payment Service Provider. A company that provides and maintains a payment account for a payer.

authorisation flow

A method by which a bank allows their users to authorise a payment. Currently, we support redirect and embedded authorisation flows, but additional authorisation flows may be supported in future.

authorisation server

The secure service hosted by TrueLayer that allows users to authenticate with their provider credentials. It also offers API endpoints to obtain and renew access_token.

B

bank transfer

See open banking payments.

beneficiary

This refers to the bank account receiving the funds. This is most commonly your account.

C

client

An application implementing our APIs.

credentials

A set of identifiers and secrets the user uses to access their accounts with a provider.

Console

Our developer portal, where you can get your client_id and client_secret, use our auth link builder, and get an access_token.

D

Data API

The API that provides access to your users' financial data.

E

embedded authorisation flow

An authorisation flow which requires you to present input fields to your user and submit their values to our API, to authorise a payment.

H

Hosted Payment Page

The Hosted Payment Page presents a web user interface that makes it simple and easy to accept payments from your users.

M

mobile SDK

The mobile SDK for iOS and Android, you can quickly add open banking payments to your app. Our mobile SDK integrates with our Overview, making it simple to get up and running.

O

open banking payments

The open banking payments product provides a way to collect payments from your customers using bank transfers from any bank TrueLayer is connected with.

P

PayDirect

The PayDirect product allows you to:

  • Collect a payment from your customers into your merchant account
  • Pay out to your customers to the same account as the one they made the payment with
  • Pay out to your customers to a different account from the one they made the payment with.
  • Automatically sweep your merchant accounts to maintain a certain maximum balance. By default, automated sweeping is not enabled.

payout

A payout is an amount of money paid out to a person or group.

PIS

Payment initiation service. See open banking payments.

PISP

A Payment Initiation Service Provider initiates account to account payments with the explicit consent of the user.

provider

A bank or other financial institution that provides TrueLayer with access to financial data through APIs.

provider selection

A screen used by your users to select their bank. You can use the providers endpoint, available for each payment type, to build this.

PSD2

The second Payment Services Directive. European legislation which enables regulated third party providers to access a customer's bank account information and/or request payments, with the customer's consent.

PSP

A Payment Services Provider is an entity that carries out regulated payment services.

PSU

Payment Service User. Any user who can make a payment through your customer interface is a PSU. In our documentation, PSU refers to your user.

R

redirect authorisation flow

An authorisation flow which requires you to redirect your user to their bank's website or app to authorise a payment.

remitter

When we talk about a remitter, we mean the bank account making the payment. This account most commonly is your user's bank account.

return URI

The return_uri that you send to us when initiating a payment with the redirect authorisation flow. Used to redirect the user back to your application or website after they have authorised a payment with their bank.

S

sandbox

Sandbox is a testing environment isolated from the live environment.

scopes

A set of permissions the user grants to the client to access data on their behalf.

U

user

When we talk about the user in our documentation, we are referring to your customers. See PSU.


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