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Collection Account

Account used for payments (pay-ins).

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Transfer Account

Account used for transfers (pay-outs).

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IRT Transfer Account

Account used for IRT transfers.

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IRT (International Remittance Transfer)

A cross-border transfer of funds from one person to another.

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Payment

A payment (or PAY-IN) is a financial transaction in which money is moved from the user’s account to the merchant’s collection account.

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Transaction polling

A method of retrieving the status of a transaction by regularly querying an API for updates. Polling vs. Webhooks

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Balance

Difference between the total of credit transactions (payments collected/pay-ins, deposits) and the total of debit transactions (transfers/pay-outs, withdrawals, fees). The balance cannot be negative: it is always a credit balance.

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Transfer

A transfer (or PAY-OUT) is a financial transaction in which money is moved from the merchant’s transfer account to the user’s account.

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Webhook

A notification sent to the merchant when a specific event occurs. Polling vs. Webhooks

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IPN

Instant Payment Notification. A notification sent by a provider to HUB2.

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KYB

Know Your Business. A declaration in which an aggregator merchant provides information about a merchant it aggregates. This prior declaration is required to use the bank collection feature.

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KYB transaction

A declaration made by an aggregator merchant when it makes a bank transfer to HUB2 to top up its account. This information enables HUB2 to check the compliance of the transaction and validate it.

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KYC

Know Your Customer. A process for verifying the identity of a company’s customers.

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Submerchant

An account linked to a PSP or fintech merchant account, with its own unique ID to process transactions. This structure ensures that the submerchant’s transactions comply with regulatory requirements.