> ## Documentation Index
> Fetch the complete documentation index at: https://docs.emidpay.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Key terms used across the EMIDPAY documentation.

> [card] [Accounts and payments](#accounts-and-payments)
>
> IBANs, payment schemes and transfers.

> [card] [Verification and compliance](#verification-and-compliance)
>
> How we verify companies and people.

> [card] [Crypto-assets](#crypto-assets)
>
> Stablecoins and fiat-to-crypto conversion.

## Accounts and payments

Terms related to your account, IBANs and how payments are made.

> [accordion] 👤 Beneficiary
>
> The person or company you send a payment to. You save a beneficiary once and reuse it for future payments.

> [accordion] 🔢 BIC / SWIFT code
>
> An international code that identifies a payment service provider. Required for most SWIFT transfers.

> [accordion] 🆔 Dedicated IBAN
>
> An IBAN issued in your company's name and used only for your company's own funds. Payments sent to it are credited to your EMIDPAY account.

> [accordion] ⚡ Faster Payments
>
> The UK domestic payment scheme for GBP. Payments are usually received within minutes.

> [accordion] 💱 FX (foreign exchange)
>
> Converting funds from one currency to another, for example from EUR to GBP.

> [accordion] 🔤 IBAN
>
> International Bank Account Number. A standard format for account identifiers used for payments in Europe and many other countries.

> [accordion] 📦 Plan
>
> The pricing package attached to your account. It defines fees and limits.

> [accordion] 🇪🇺 SEPA
>
> Single Euro Payments Area. The payment scheme for EUR transfers between countries in the EU, the EEA and several other European countries.

> [accordion] 🌍 SWIFT
>
> The global network used for international payments, including payments in currencies and to countries not covered by SEPA or Faster Payments.

## Verification and compliance

Terms you will see during the application and the compliance review.

> [accordion] 👔 Director
>
> A person registered as a member of the company's management board. At least one director or an authorised representative must verify their identity during onboarding.

> [accordion] 📨 Information request
>
> A request from our compliance team for additional documents or details about your company or a payment.

> [accordion] 🏢 KYB (Know Your Business)
>
> The process of verifying a company: its registration, ownership, management and business activity.

> [accordion] 🪪 KYC (Know Your Customer)
>
> The process of verifying the identity of a person, such as a director or beneficial owner.

> [accordion] ⭐ PEP (politically exposed person)
>
> A person who holds or has held a prominent public function, or their family member or close associate. PEPs are subject to additional checks.

> [accordion] 👥 UBO (ultimate beneficial owner)
>
> A person who ultimately owns or controls a company, directly or indirectly, typically through more than 25% of shares or voting rights, or through control by other means.

## Crypto-assets

Terms related to converting funds between fiat currencies and crypto-assets.

> [accordion] 🔐 Crypto-asset service provider (CASP)
>
> A company authorised to provide services related to crypto-assets, such as exchange or custody. EMIDPAY uses authorised providers for fiat-to-crypto conversion.

> [accordion] 📤 Off-ramp
>
> Converting crypto-assets, usually stablecoins, into fiat currency.

> [accordion] 📥 On-ramp
>
> Converting fiat currency into crypto-assets, usually stablecoins.

> [accordion] 🪙 Stablecoin
>
> A crypto-asset designed to keep a stable value against a fiat currency, such as USD or EUR.

## Missing a term?

If a term is not explained here, [contact us](https://docs.emidpay.com/help/contact) and we will add it.


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