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Payments and markets glossary

m-payment

See mobile payment (m-payment)

mandate for direct debits

The authorisation given by a payer to a payee (and/or the institution with which the payer’s account is held) consenting to the debiting of the payer’s account. See also direct debit

margin

Highly liquid collateral required in order to cover adverse market price movements. The initial margin is calculated on the basis of a formula set by the counterparties to a trade or by a central counterparty (CCP). A market participant is called upon to provide additional collateral if the collateral that has been deposited is no longer sufficient (with this “margin call” indicating a shortfall in the margin coverage).

marginal lending facility

A standing facility of the Eurosystem which counterparties may use to receive overnight credit from a national central bank at a pre-specified interest rate against eligible assets. See also standing facility

market infrastructure

Systems used for the trading, clearing and settlement of payments, securities or derivatives.

market risk (price risk)

The risk of losses (in both on and off-balance sheet positions) arising from movements in market prices. See also replacement cost risk

matching

The process used for comparing the trade or settlement details provided by parties in order to ensure that they agree on the terms of the transaction.

means of payment

Assets or claims on assets that are accepted by a payee as discharging a payment obligation on the part of a payer vis-à-vis the payee.

member

A participant in a system which also owns a stake in that system.

merchant service charge (MSC)

A fee paid by the acceptor/merchant to the acquirer.

minimum standards of the Lamfalussy report (Lamfalussy standards)

The six minimum standards for the design and operation of cross-border and multi-currency netting schemes or systems. For details, see the “Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries” (the “Lamfalussy report”), BIS, November 1990. See also Core Principles for Systemically Important Payment Systems

mobile device

A handheld machine: (i) connected to other devices or systems via radio technologies or via telecommunication networks based on wireless (“over-the-air”) technology (e.g. GSM/GPRS/UMTS/LTE, Wi-Fi, NFC, RFID, Bluetooth); (ii) designed with a multimedia interface for user interaction (e.g. display, keyboard, sound-speaker); (iii) equipped with a storage facility for “user identification data” (for instance a SIM card, other UICC, or a micro-SD card); and (iv) equipped with a mobile operating system.

mobile payment (m-payment)

A payment where a mobile device is used at least for the initiation of the payment order and potentially also for the transfer of funds.

money order

An instrument used to transfer money remotely, often used where the payer and/or the payee do not have a current account with a financial institution.

money remitter

A payment service provider that accepts funds from a payer for the purpose of making them available to a payee, without necessarily maintaining an account relationship with the payer or payee.

MSC

See merchant service charge (MSC)

multilateral net settlement system

A settlement system in which each settling participant settles its own multilateral net settlement position (typically by means of a single payment or receipt). See also multilateral netting, net settlement system

multilateral netting

An arrangement among three or more parties for the netting of obligations and the settling of multilateral net settlement positions. See also bilateral netting, netting