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Payments and markets glossary

e-commerce

The sale or purchase of goods or services through electronic transactions conducted via the internet or other computer-mediated networks.

earmarking

A technique for identifying collateral whereby assets provided as collateral are attributed to individual transactions. Antonym: collateral pool

EBPP

See Electronic Bill Presentment and Payment (EBPP; electronic invoicing)

EDI

See electronic data interchange (EDI)

EFTPOS terminal

A terminal which captures payment information by electronic means and transmits such information either online or offline. “EFTPOS” stands for “electronic funds transfer at point of sale”. See also point-of-sale (POS) terminal

Electronic Bill Presentment and Payment (EBPP; electronic invoicing)

Services which enable the electronic transmission, browsing and payment of invoices.

electronic data interchange (EDI)

The exchange between commercial entities (in some cases also public administrations), in a standardised electronic format, of data relating to a number of message categories, such as orders, invoices, customs documents, remittance advices and payments. EDI messages are sent through public data transmission networks or banking system channels. Any movement of funds initiated by EDI is reflected in payment instructions flowing through the banking system. UN/CEFACT, a United Nations body, has established a set of standards relating to electronic data interchange for administration, commerce and transport (EDIFACT).

electronic invoicing

See Electronic Bill Presentment and Payment (EBPP; electronic invoicing)

electronic money

A monetary value, represented by a claim on the issuer, which is: 1) stored on an electronic device (e.g. a card or computer); 2) issued upon receipt of funds in an amount not less in value than the monetary value received; and 3) accepted as a means of payment by undertakings other than the issuer.

electronic money institution (ELMI)

A term used in EU legislation to designate credit institutions which are governed by a simplified regulatory regime because their activity is limited to the issuance of electronic money and the provision of financial and non-financial services closely related to the issuance of electronic money.

electronic payment instrument

A personalised device (or a set of devices), software and/or set of procedures agreed between the end user and the payment service provider to request the execution of an electronic transfer of value.

electronic payment instrument arrangement

A set of operational functionalities which support the end users of multiple payment service providers in the use of electronic payment instruments. An electronic payment instrument arrangement is managed by a governance body which, inter alia, issues the relevant rules or terms and conditions. The operational functionalities are not essential for the functioning of an electronic payment instrument scheme and include (i) payment initiation and facilitation of transfers of value and (ii) the storage or registering of personalised security credentials or data related to electronic payment instruments.

electronic payment instrument scheme

A set of formal, standardised and common rules enabling the transfer of value between end users by means of electronic payment instruments. It is managed by a governance body.

electronic signature (digital signature)

A string of data, generated by a cryptographic method, which is attached to an electronic message in order to guarantee its authenticity, identify the signatory and link the content to that signatory (thereby protecting the recipient against repudiation by the sender).

electronic wallet

See digital wallet (electronic wallet)

eligible assets (eligible collateral)

Assets which can be used as collateral in order to obtain credit from the Eurosystem.

eligible collateral

See eligible assets (eligible collateral)

ELMI

See electronic money institution (ELMI)

EMIR

European Market Infrastructure Regulation

EMV

An acronym describing the set of specifications developed by the consortium EMVCo, which is promoting the global standardisation of electronic financial transactions – in particular the global interoperability of chip cards. “EMV” stands for “Europay, MasterCard and Visa”.

end user

A natural or legal person making use of an electronic payment instrument governed by a scheme/arrangement for the transfer of value, in the capacity of payer, payee, or both.

ERPB

Euro Retail Payments Board

euro short-term rate (€STR)

A reference rate, based on money market statistical reporting data collected by the Eurosystem, reflecting the wholesale euro unsecured overnight borrowing costs of banks located in the euro area and first published by the ECB on 2 October 2019. The €STR is published on each TARGET2 business day on the basis of the previous day’s trading activity.

€STR

See euro short-term rate (€STR)

Eurosystem

The central banking system of the euro area. It comprises the ECB and the national central banks of those EU Member States whose currency is the euro. See also euro area, European Central Bank (ECB), European System of Central Banks (ESCB), national central bank (NCB)

exchange-for-value settlement system

A general term referring to systems which simultaneously exchange the two assets involved in a foreign exchange transaction or a securities transaction. See also delivery versus delivery, delivery versus payment, payment versus payment

exit criteria

Criteria determining whether an existing participant in a system should cease participation or not. The participant’s exit may be voluntary, or it may be compulsory (e.g. following the opening of insolvency proceedings).

exposure

The loss that would be incurred if a certain risk materialised. See also bilateral exposure