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Instant payment. Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.
Royalty payment. A royalty payment is a payment made by one party to another that owns a particular asset, for the right to ongoing use of that asset. Royalties are typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item of such, but there are also other modes and ...
A one-time password ( OTP ), also known as a one-time PIN, one-time authorization code ( OTAC) or dynamic password, is a password that is valid for only one login session or transaction, on a computer system or other digital device. OTPs avoid several shortcomings that are associated with traditional (static) password-based authentication; a ...
The one-time payment adjustment counts certain months that were previously ineligible toward student loan forgiveness under income-driven repayment plans, or IDRs. Around 3.6 million borrowers ...
Payment system. A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, payment instruments such as payment cards, people, rules, procedures, standards, and technologies that make its exchange possible. [1] [2] A payment system is an operational network which ...
Fees are generally one-time-only payments made by the union member to the union to cover the administration of ongoing programs or activities. One example is the initiation fee, a fee charged by the union to the worker when the employee first joins the union.
Payment service provider. A payment service provider ( PSP) is a third-party company that allows businesses to accept electronic payments, such as credit card and debit card payments. PSPs act as intermediaries between those who make payments, i.e. consumers, and those who accept them, i.e. retailers. [1]
Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic transfer with a payment terminal and access automated teller machines (ATMs ...