Payment Glossary: 70+ Payment Terms and Definitions for 2026
Understand the language behind payments, approvals, and smart retries.
Learn our 70+ terms
Understand the language behind payments, approvals, and smart retries.
AML adds identity checks, sanctions screening, and transaction monitoring to payments. For merchants and PSPs, it can prevent illicit flows but also create false declines that hurt conversion.
Anti-Money LaunderingAML, anti money laundering, AML compliance
A customer-initiated transaction happens while the buyer is on session and actively completing checkout. Getting this first payment right supports stronger authentication, cleaner tokenization, and better downstream billing performance.
Customer-Initiated TransactionCIT, on-session transaction, cardholder-initiated transaction
A velocity check monitors how often a card, user, device, or IP attempts payment in a set window. Done well, it helps stop card testing without creating avoidable declines or retry failures.
Velocity Checkvelocity rule, velocity limit, transaction velocity check