Below, please find definitions of the terminology used throughout the Consumer Guide.
Framework contract: A framework contract is used to describe the terms and conditions under which the relationship will function between the payment institution and the customer. It will provide details on the obligations and conditions for the running of the payment account. This can include information such as timescales; charges; and the rights and obligations of the payment institution to the customer and vice versa.
Payee: The individual or company that receives the funds.
Payer: The individual or company who makes the payment transaction.
Payment account: This means an account held in the name of one or more customers which is used for the payment transactions.
Payment institution: A firm licensed to carry out payment services, and authorised to do so in Gibraltar.
Payment services: The following business activities are considered to be payment services:
- Services enabling cash to be placed and withdrawn from a payment account
- Execution of payment transactions such as direct debits, standing orders and payment transactions through a payment card
- Merchant acquiring
- Money remittance
Payment transaction: This is a transaction between the payer and the payee involving the placing, transferring or withdrawing of funds from a payment account.
Service provider: Please see payment institution above.