Glossary
What do the technical terms mean
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Payment does not have to be complicated. However, there are technical terms that are often not common.
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Reconciliation
A reconciliation of technical transaction data and cash flows between acquirer and issuer.
Processes
There are two separate processes for reconciliation. Internally, the acquirer records the transactions; externally, the bank stores the transactions to be processed. To reconcile the transactions, the internal and external activities are reconciled. In the event of discrepancies, the companies must determine whether the errors were internal or external.