Glossary of Terms
Batch Pay is the Earthport application used to make bank payments to over 190 countries worldwide for a low cost flat-rate fee.
Payments and Collections Gateway (PCG) is the Earthport application programming interface (API) solution offered to make low cost flat-rate banks payments and collections worldwide.
Bank Pay making payments using banks.
Bank Collect making collections using banks.
Card Pay making payments using cards.
Card Collect making collections using cards.
These four components support Earthport's offerings.
Accounts
Customer/Beneficiary accounts are held by Earthport clients with high street banks. From these accounts they or their client transfer cleared funds to a nominated Earthport segregated account for the purpose of making an international payment or collection. The target beneficiary will also have to have a bank account into which the funds are to be received.
House Accounts For every segregated account we hold worldwide, we also hold a house account. The purpose of a house account is to ensure that all the running costs incurred from holding a segregated account are paid using funds held in the house account and not client funds held in segregated accounts.
Segregated accounts are used extensively at Earthport. These accounts are segregated in line with FSA regulations. These regulations have been developed to protect client funds in the unexpected event of fraud. Client money always resides in segregated accounts held within banks and the Earthport system manages the movement of funds between them. Using segregated accounts enables the Earthport system to differentiate between company and client funds.
Virtual Accounts are assigned to all Earthport clients. These 'virtual' accounts directly map onto our 'real' segregated accounts. In other words, at any given time, the aggregate sum of funds displayed in client virtual accounts equates to the total sum of held by Earthport in segregated accounts on behalf of our clients.
Virtual Account Number (VAN) is the unique 13-digit account number issued to each Earthport client.
Universal Payments Network (UPN)
Banking grade technology links users to the banking network systems. We comply with all industry standards and regulations. The UPN is hosted in a secure data centre. This dual centred approach guarantees a resilient architecture, which supports our effective, stable and reliable money movement applications.
Banking relationships an expanding set of global banking relationships - there are currently over 35 of them - which enable payments to be made to over 190 countries worldwide and collections from over 35. We possess operating terms and conditions with, and automated links to, each of these banks.
Business Operations Team delivers the customer support service component of the Earthport offering. This is the key interface that services our relationships with banks and customers. The team is composed of experienced banking operations staff, possesses its own compliance function, and operates within its own secure and protected environment.
Merchant Administration System is Earthport's easy-to-use online interface used by our clients to make payments and collections, manage their multicurrency liquidity, and access transaction reports.
SWIFT is the Banking industry-owned co-operative supplying secure, standardised messaging services and interface software to over 8,100 financial institutions in 208 countries and territories. SWIFT members include banks, broker-dealers and investment managers. Members can send each other international bank payments using SWIFT's standard messages and thereafter settle funds between themselves.
Earthport is a member of SWIFT through its membership of a Member Administered Closed User Group (MA-CUG). This membership allows Earthport to enhance it's coverage to include countries that are not part of the UPN and hence allows Earthport's clients to send international payments in a cost-effective manner to any bank account in any of the SWIFT supported countries.
Universal Payments Network (UPN) is the electronic funds transfer platform used by Earthport to service its clients. This platform is comprised of our Banking grade technology, established Banking relationships and our dedicated Business Operations team.
Features of UPN
Global reach refers to the number of countries we currently operate in. Earthport have invested significantly in its global network of banking relationships and continues to do so.
Least cost routing is calculated by the Earthport system for all international payments and collections. For each transaction we make, our system determines the most cost effective route based on the most competitive price we receive using our extensive network of banks in the required territories. We then pass on the savings to you.
Multi-currency capabilities are offered by Earthport's segregated accounts. The most up-to-date list can be found on the Earthport website.
Real time processing describes where each transaction is executed as soon as complete data becomes available for the transaction.
Repair and drop outs these occur as a consequence of incorrect banking details being provided. Unlike traditional banks, earthport does not charge for incidents of 'repair and drop out'. In fact earthport have dedicated payment processes and technology to identify these occurrences before you submit a payment file to Earthport.
Straight-through processing allows transactions to move seamlessly through the processing cycle, without manual intervention or redundant handling.