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Glossary
Plain definitions of the terms used in stablecoin and cross-border payments. Each page opens with the answer, then explains how it works in practice.
Paying out
A beneficiary is the person or business that receives a payout, identified by the bank or wallet details the money is sent to.
Compliance
KYB, short for Know Your Business, is the process of verifying that a company legally exists and identifying the people who own and control it.
KYC, short for Know Your Customer, is the process of verifying an individual's identity before providing them with financial services.
A local payment rail is a country's own domestic system for moving money between bank accounts, such as UPI in India, SEPA in Europe or Faster Payments in the UK.
AI agents
An MCP server is a service that exposes an application's functions as tools an AI assistant can call, using the open Model Context Protocol.
Collecting
A named account is a virtual account issued in the customer's own name, so the payer sees that customer, not the platform, as the account holder.
Stablecoins
An on-ramp converts fiat currency into stablecoins, and an off-ramp converts stablecoins back into fiat currency paid to a bank account.
Payment on behalf of (POBO) is a payout where the recipient sees your customer as the payer, even though a payment provider is the one sending the money.
A payment route is the Stables API object behind a virtual account: a customer's dedicated, reusable deposit details in one fiat currency, which convert incoming funds to stablecoins and send them to a set wallet.
A payout API is an interface that lets software send money to bank accounts or wallets programmatically, without a person keying each payment into a banking portal.
A quote-first transfer is a payout where you request a quote that fixes the route, exchange rate and fees before you commit, then create the transfer against that quote.
Sanctions screening is the check of customers, recipients and payments against government sanctions lists before money is allowed to move.
Source of funds is the origin of the specific money used in a transaction, such as salary, business revenue or the sale of an asset.
A stablecoin is a digital token designed to hold a steady value, usually one US dollar, by being backed with reserves such as cash and short-term government debt.
Stablecoin settlement is the use of a stablecoin, instead of a chain of correspondent banks, to move value between two parties and make the payment final.
A SWIFT payout is an international bank transfer sent through the SWIFT network, where the paying bank instructs the recipient's bank, often through one or more correspondent banks.
Transaction monitoring is the ongoing review of payments against risk rules to detect activity that may indicate money laundering, fraud or sanctions evasion.
The travel rule is a requirement that information identifying the sender and the recipient travels with a transfer of funds, including transfers of crypto assets between regulated providers.
USDT, also written USDt, is the US dollar stablecoin issued by Tether and the largest stablecoin by circulating supply.
A virtual account is a set of bank details issued to one customer that routes incoming payments to that customer without them holding a full bank account of their own.
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