Glossary

General

Term
Description
Qori
Qori is a company providing new payment methods. Through the Qori application merchants can now simply and securely accept bank to bank and crypto to fiat payments.
Customer
Qori client. Can be a direct customer (merchant) or an indirect customer (company that provides services to merchants).
SmartPOS or android POS
A smart terminal or android POS is essentially a modernized and enhanced payment terminal using android as operating system. It usually has access to a store or marketplace where android applications that can run on the terminal are available.
Payment terminal
A payment terminal (also called point-of-sale or POS) is a device for processing card payments at retail locations.
Engagement
Engagement is the interaction between a salesperson and its potential client, it can be based on messages, emails, rewards, discounts, etc.
The ability to engage clients is critical for in-store merchants nowadays as they need to match the quality of service that is available from on-line merchants who know everything about their client.
Qori brings the power of online data and of engagement tools, to the brick-and-mortar world.
Payment Service Provider (PSP)
PSP stands for “Payment Service Provider”. PSP are the intermediary between merchants and the broader financial world. A PSP helps merchants accept various types of payment and provides services on top of payments (for example risk management).
Know Your Business (KYB)
It is a regulatory and legal requirement for banks and other related institutions to identify and verify the identity of their partners that work with them.
Know Your Customer (KYC)
It is a mandatory procedure for companies or merchants to collect and verify information relating to the identity and integrity of their customers.
Anti-Money Laundering (AML)
Anti-Money Laundering refers to the laws, regulations and procedures performed to prevent criminals disguising illegally obtained funds as legitimate income.
Merchant
Sells goods, products and services. Usually accepts payments on a POS terminal. Buys it or rents it from the POS distributor.
Client
Buys goods and services from merchants and needs to pay for these.

Open Banking

Term
Description
Fiat Money
Fiat money is a currency issued by a government backed by the government that issued it (and not by a physical asset like gold).
Fiat Money Examples
Examples of fiat money are Euro, US Dollars, British Sterling Pound.
Pay by Bank
Also called Account to account, bank2bank or Open Banking payment, Pay by Bank allows you to pay directly from your bank account after you give your consent.This means that you do not need a credit/debit card to pay, you can directly pay from your bank account through your mobile banking app.

This can be done via a checkout button or a payment link using a QR code or an SMS message or a link. No card details are needed, no app is required, there’s no need to create an account and no personal financial information is shared.
Account to Account Payment (A2A)
Generic name of Qori Pay by bank. The process of transferring money directly from the account of one person to the account of another person. Account to account payments do not require the use of credit/debit cards.
Bank to Bank Payment (B2B)
Generic name of Qori Pay by bank. A bank-to-bank payment is the same as “account to account payment” or “pay by bank”. It is a transaction where the money is transferred directly from one person’s bank account to another person’s bank account without the need of a card.
Instant Payment
Instant payments are electronic payments that are processed in real time, 24 hours a day, 365 days a year, where the funds are made available immediately for use by the recipient.
Neo-Bank
A neo-bank is a bank whose services are mainly available online. Most of the time the neo bank services are exclusively accessible through the bank mobile app.
Payment Cap
A payment cap is the maximum payment someone can make with a specific card within a certain period.

Crypto

Term
Description
Crypto Currency
Crypto currencies are digital currencies maintained by a decentralized system. The transactions are recorded in secured on-line digital files: the blockchain.
Crypto Currencies Examples
The most frequently used in crypto currencies are Bitcoin, Ethereum, Binance coin, Tether.
Pay by crypto
Also called Crypto to fiat or crypto2fiat payment/ Pay directly from your crypto wallet. This means that you can pay with your crypto funds instead of using the traditional bank supplied payment methods, such as card payments. With Pay by crypto, you can directly pay from your crypto wallet through your usual mobile crypto app and the merchant will receive the equivalent in fiat money from Qori.

At checkout, when you choose Pay by crypto as your payment method, you will be asked to select your crypto wallet which then creates a secure link in order to authorise your payment. This can be done via a checkout button, a payment link using a QR Code or a text message or a link. No additional information is needed. There’s no need to create an account and no personal financial information is shared.
Crypto to Fiat Payment (C2F)
Generic name for Pay by crypto. A crypto to fiat payment is the same as “pay by crypto”. It is a transaction where the money is transferred from a person’s crypto wallet to another person's bank account. Therefore, the payer pays in cryptocurrency and the payee receives fiat money.
Crypto Wallet
A crypto wallet is a secured digital wallet which contains the secured key that you need to access your crypto currencies.
Wallets Examples
The main wallets in the market are Metamask, Trust Wallet, Coinbase wallet, Jaxx Wallet, Binance Chain Wallet, Blockchain Wallet, Coinpayments Wallet.
Exchange
A crypto exchange is a platform on which you can buy and sell crypto currencies.
Altcoin
An altcoin is any coin that’s not Bitcoin. Altcoins can be anything from the second-most popular coin, Ethereum, to any of the thousands of coins with very minimal market value.
Cold Wallet / Cold Storage
A secure method of storing your cryptocurrency completely offline. Many cold wallets (also called hardware wallets) are physical devices that look similar to a USB drive. This kind of wallet can help protect your crypto from hacking and theft, though it also comes with its own risks – like losing it as you would lose all your crypto funds inside in such a case.
Hot Wallet
A software-based cryptocurrency wallet connected to the Internet. While more convenient for quickly accessing your crypto, these wallets are a bit more susceptible to hacking and cybersecurity attacks than offline wallets — just as files you store in the cloud may be more easily hacked than those locked in a safe in your home.
Decentralized Finance (DeFI)
Financial activities that are conducted without the involvement of an intermediary, like a bank, government, or other financial institution.
Decentralized Applications (DApps)
Applications are designed by developers and deployed on a blockchain to carry out actions without the involvement of intermediaries. Decentralized finance activities are often completed using decentralized apps. Ethereum is the main network supporting activities in decentralized finance.
Gas
A fee that developers have to pay to the Ethereum network in order to use the system. Gas fees are paid in ether, the native cryptocurrency of Ethereum.
Token
A unit of value on a blockchain that usually has some other value proposition besides just a transfer of value (like a coin).
Mining
The process whereby new cryptocurrency coins are made available and the log of transactions between users is maintained.
Stable Coin / Digital Fiat
A stable coin pegs its value to some other non-digital currency or commodity. A digital fiat represents a fiat or government-backed currency on the blockchain. (Example: Tether, which is pegged to the U.S. dollar)

Tech

Term
Description
Application Programming Interface (API)
API stands for “Application Programming Interface”. An API is a software intermediary that allows two applications to talk to each other.
Account Information Services (AIS)
Account Information Services. These services are accessible through API (Application Program Interface) for the TPP (Third Party Provider) Financial Providers in which they obtain information from the users of payment services.
Account Information Service Provider (AISP)
Provider of account information services. Financial Provider that obtains information from various entities on behalf of a payment service user and presents it in a consolidated manner. User consent is required for the transaction to complete.
Payment Initiation Service Provider (PISP)
Financial Provider of bank transfer services managed on behalf of a payment service user through an API offered by their account manager Payment Service Provider. User consent is required for the transaction to complete.
Qualified Trust Service Provider (QTSP)
Qualified trustworthy electronic service providers. They issue qualified QWAC certificates for websites and qualified certificates for the electronic seal of the different Financial Providers. The certificates allow the Financial Providers to be identified when they use the APIs of other entities in Production environments.

Payment methods

Term
Description
In-store payment
In store payment is a face-to-face payment that can take place on a variety of devices such as mobile phone or tablet and on a payment terminal.
On-line payment
Usually, the last part of an e-commerce transaction, after the checkout process. Required on e-commerce website.
Takes place on the payment page of the website.
Remote payment
For instant and asynchronous payments when the merchant and client are not in the same location. By link or QR code.

Business

Term
Description
Gateway
Collects payment flows from payment transactions that take place on terminals. Dispatches the transactions to the different acquirers and/or issuers in charge of processing these transactions.
Acquirer
Usually a bank or a PSP (payment system provider). Settles merchants card transactions into their account. Usually does not provide the payment terminal. Provides associated payment services to merchants.
Manufacturer
Manufactures and sells the terminal (ex: Ingenico, Verifone, Pax)
E-commerce solution provider
Open-source web application that creates an online store to support e-commerce.
Payment processor
A payment processor is an organisation that enables financial transactions. Commonly employed by merchants, to process their payment transactions with clients using different payment instruments such as credit cards and debit cards or bank accounts.
POS distributor
Also called Point of Sale solution provider or Terminal solution provider. They provide, install, configure and take care of the support and maintenance of the terminals and related applications to merchants.
Cash Register System (ECR) provider
An electronic cash register (ECR) is a system designed to enable products to be sold at a retail outlet, by taking care in particular of the checkout process. Electronic cash registers help large retail outlets track sales, minimize register errors, collect inventory data and much more
Fintech
Usually, a company developing software-based solutions supporting the activities of SMBs.
Content Management System (CMS)
A content management system is computer software used to manage the creation and modification of digital content for web-based commerce (Shopify, Prestashop, Magento…)
Integrators
Sells IT services to large accounts

In-store pain points

Term
Description
Card payments
In store card-based payments are simply too expensive. The total cost of card-based transactions, for example Visa or Mastercard, is estimated at 2% of the transaction amount on average. Imagine a hotel that has 10 rooms and charges 100€ a night which is common, and books these rooms let’s say 5 nights a week. This represents 5200€ of fees per year just for accepting bank card payments.
And as you all know, to accept card payments, you need a dedicated terminal which also costs you money and requires regular maintenance.
And if you decide to pay with an alternative payment method then you need a dedicated application on your phone.
All in all, it is expensive, complicated, and time consuming.
Engagement
Engagement is the ability to communicate with the client before, during and after the transaction. It is a challenging process for in-store merchants and it’s difficult to automate. Identification of the returning client, to make the communication more relevant, is also a challenge.
Crypto
In many cases, crypto wallet holders want to pay in crypto but merchants are not equipped to accept this type of payment and therefore lose clients.