Common Acronyms
The use of acronyms is universally annoying, so to demystify these irritating necessities the following table is provided:
| Acronym | Meaning |
|---|---|
| EFT | Electronic Funds Transfer |
| EMV | EuroPay, MasterCard, Visa - chip card standards |
| FICA | Financial Intelligence Centre Act - South African KYC regulations |
| KYC | Know Your Customer |
| POS | Point of Sale - a card accepting device also called a terminal or pinpad |
| NCA | National Credit Act - South African legislation aimed at preventing reckless lending |
| ACH | Automated Clearing House - usually for EFTs |
| PCH | Payment Clearing House - usually focused on a specific payment type eg. ATM PCH |
| DR | Debit |
| CR | Credit |
| HSM | Hardware Security Module |
| CMS | Card Management System |
| VAT | Value Added Tax |
| TL | Trading Ledger |
| PPA | Personal Package Archive |
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