Overwhelmed by finance acronyms? We are here to provide some clarity on what some of these commonly used acronyms refer to. 



Automated Clearing House (ACH)

Automated Clearing House (ACH) is an electronic network for financial transactions. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.

ACH Credit

ACH Credit is a payment method that allows a payer to initiates payment through their financial institution through the ACH/Federal Reserve network. ACH Credits allow the payer to control the initiation and timing of payments as well as when the date the funds are sent. 

ACH Debit

ACH payments are electronic payments that are created when the customer gives an originating institution, corporation, or other customer (originator) authorisation to debit directly from the customer's checking or saving account for the purpose of bill payment.

Asia-Pacific Economic Cooperation (APEC)

APEC is a regional economic forum established in 1989 as Asia Pacific becomes more interdependent.

Association of Southeast Asian Nations (ASEAN)

ASEAN is a regional organisation comprising of ten Southeast Asian countries to promote greater cooperation in the region.

Australian Paper Clearing System (APCS)

APCS is an interbank cheque and paper-based exchange and settlement system which processes AUD-denominated cheques and MICR-encoded paper-based payments.

Australian Payments Network

Formerly known as the Australian Payments Clearing Association (APCA), Australian Payments Network is an industry-led organisation that administers best-practice methods.


Autopay is a direct debit payment system or arrangement in Hong Kong; allows repeated payments setup by account holders.

Average Balance

Average Balance represents the average of balances in an account over a period of time. In DBS Treasury Prism, we do not give much consideration to the time period. For example, average balance for a week may be different from the average balance for a month. However, we expect the user to give us a number which approximates the business reality the best.




BACS stands for Bankers' Automated Clearing Services, operated by Faster Payments Scheme Limited in the UK. Bacs Payment Schemes Limited (Bacs), formerly known as Bankers' Automated Clearing Services, is responsible for the schemes behind the clearing and settlement of UK automated payment methods Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties


BAHTNET refers to the high value domestic Baht fund transfer on real time gross settlement system operated in Thailand.


Balances represent the money that is available in accounts. 


Bancontact is the most common debit card in use in Belgium.


BBPS stands for Bharat Bill Payment System.


BCCS stands for Bill and Cheques Clearing System, an ACH clearing system in Japan.


BECS stands for Bulk Electronic Clearing System, an ACH clearing system in Australia and New Zealand.


BEPS stands for Bulk Electronic Payment System, an ACH clearing system in China.


Beep is a smart card that allows for transportation and convenience store payments in the Philippines.


BI-RTGS stands for Bank Indonesia Real Time Gross Settlement.

Bill of Exchange

Bill of exchange, also known as promissory note, is a paper instrument that orders payment from payees at a stipulated timing. They are often used to pay for corporate obligations, and are often issued by corporations to reduce credit risks.

Bilyet GIRO             

Bilyet GIRO is a payment instrument used in Indonesia which is similar to cheque except that it cannot be exchanged for Cash. It is an instrument cleared by SKNBI.


Bitcoin is a cryptocurrency created in 2009. Bitcoin-to-Bitcoin transactions are usually conducted by exchanging encrypted hash codes across a peer-to-peer network. Usually bitcoin will only be accepted by corporations if there is immediate conversion of bitcoin to fiat money.

Blockchain: Blockchain is the technology behind Bitcoin. It is a distributed ledger that uses cryptographic validation to link blocks of records together. This system ensures that there will be no amendments towards records, with old transactions preserved forever as new transactions are included into the ledger.

Book transfer

The transfer of funds from one deposit account to another at the same financial institution. Book transfer is a way to eliminate check clearing float because unlike with interbank transfers, there is no wait time for intrabank transfers.


BOJ-NET is Japan's RTGS system, and is operated by the Bank of Japan (BOJ).

Bulk Electronic Exchange and Settlement System (BECS)

BECS is a Settlement Before Interchange (SBI) system which processes low value electronic retail transactions.




CAFIS stands for Credit and Finance Information Scheme.


CCPC stands for China's City Clearing Processing Centre.


CDFCPS stands for China Domestic Foreign Currency Payment System.


CEC CSM stands for Centre for the Exchange of Operations Clearing and Settlement Mechanism.


Cek is the Indonesian word for Cheque.


CHAPS stands for Clearing House Automated Transfer System and is UK's RTGS system.

Cheque Deposit

Cheque deposit is a collection service provided by the financial institution where Cheque/ Cashier's Orders/ Demand Drafts are deposited at the bank branch. The service may also sometimes involve engaging provider to collect from the corporate and send to bank.

Cheque Issuance

Cheque issuance service is typically performed by the financial institutions to address high volume cheque issuance requirements. It is sometimes referred to as cheque outsourcing service. It usually includes an advice with payment information and invoice details to accompany each cheque.


CHIPS stands for Clearing House Interbank Payment System, and is an electronic clearing house database system operated by the New York Clearing House (privately owned).

China IBPS

China IBPS stands for Internet Banking Payment System.

China National Advanced Payment System (CNAPS)

China National Advanced Payment System is divided into CNAPS-HVPS (High Value Payment System) and CNAPS-BEPS (Bulk Electronic Payment System).

China's TIPS

China's TIPS stands for Treasury Information Processing System

China UnionPay (CUP)

CUP is the most common card used in China.


CIFS stands for CBC Interbank Funds Transfer System, and is Taiwan's RTGS system.


CIPS stands for China International Payment System.


CIS stands for Cheque Imaging System.

Clearing House Automated Transfer System (CHATS)

Clearing House Automated Transfer System is a real-time fund transfer gross system (RTGS) for Hong Kong which is operated jointly by HKICL and HKMA.

Consumer Electronic Clearing System (CECS)

CECS is a Settlement Before Interchange (SBI) system, that processes banks' proprietary debit card payments.


CNPC stands for China's National Processing Centre.

Credit/debit: Merchant Services

Merchant Services, also known as credit card processing is a service rendered to sellers to facilitate credit card and debit card collections. These services may be extended for onsite (card present) sales or e commerce (card not present) sales.

Cross-border ACH (Automated Clearing House): Automated Clearing House (ACH) is an electronic network for processing large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments.


CTS stands for Cheque Truncation System.

C&CC System

C&CC System stands for Cheque and Credit Clearing Company System, and is a paper-based clearing system in the UK.



Direct debit (autodebit)

A Direct Debit is a transaction in which a bank allows for transference of the funds from an account with the authorisation of the account holder.




EBPP stands for Electronic Bill Presentment and Payment.


ECCS stands for Electronic Check Clearing System in the Philippines.


ECS stands for Electronic Clearing Service.


ECG stands for Electronic Clearing service for clearing and settling various types of small-value electronic payments in Hong Kong.

Electronic funds transfer at point of sale (EFTPOS)

EFTPOS is an electronic payment system that transfers funds based on use of payment cards at payment terminals in points of sale.


EPCS stands for Electronic Peso Clearing and Settlement System in the Philippines.

Equens Clearing and Settlement System (CSS)

Equens CSS is a multilateral net settlement system in the Netherlands that processes low value, non-urgent and bulk EUR-denominated retail payments.

Exchange and Settlement Account System (ESAS)

ESAS is New Zealand's RTGS system and is operated by the Reserve Bank of New Zealand.


E-wallet, also known as digital wallet, is an electronic stored value card. The user's payment information for payment methods will be tightly secured with a password. Some e-wallets are also linked to bank accounts, allowing them to serve as mobile banking platforms.




Fast and Secure Transfers is the instant payment mechanism in Singapore. Currently FAST payments are capped at SGD 50,000.


FEDI stands for Financial Electronic Data Interchange.

Fedwire Funds Transfer System

Fedwire Funds Transfer System is the US' RTGS system, owned and operated by the Federal Reserve.

Financial Process eXchange (FPX)

Financial Process eXchange is an internet-based multi-bank payment platform that facilitates online payment for e-commerce transactions in Malaysia.


FISC stands for Financial Information Services Company.


Flows represent the inflows (for example, incoming receipts) and outflows (for example, payments made to vendors) from an account. 

Foreign eXchange Yen Clearing System (FXYCS)

Financial eXchange Yen Clearing System is set up by JBA to handle clearing of Yen foreign exchange transaction and is currently operated by BOJ.


FPS stands for Faster Payments Service and is a 24/7 multilateral net settlement system in the UK.



General Interbank Recurring Order (GIRO)

GIRO is an automated electronic payment system which allows you to make regular payment to billing organisation from your bank account directly.




HKICL stands for Hong Kong Interbank Clearing Ltd.


HKAB stands for Hong Kong Association of Banks.


HKD CHATS stands for Hong Kong Clearing House Automated Transfer System.


HVP stands for High Value Payment system, and is Vietnam's RTGS system.


HVPS stands for High Value Payment System in China.


HVCS stands for High Value Clearing System in Australia and New Zealand.




IBG stands for Interbank Giro System in Singapore and Malaysia.


IBPS stands for Inter Bank Payment System in Vietnam.


IFTS stands for Interbank Fund Transfer System in Malaysia and is the high value domestic fund transfer handles by RENTAS with minimum third party payment amount set at MYR 10000 per transaction.


IMPS stands for Immediate Payment Service in India.


Now known as the RuPay, IndiaPay was launched for the consolidation and integration of multiple payment systems in India.


An instance represents the use of a tool or instrument. For example, if a customer has set up domestic sweeping arrangements in India and in China, they will denote two instances of ZBA.

Instant payments/collections

Instant payments are payment solutions that are available 24/7, every day. They result in near real-time interbank clearing of the transaction and crediting of the payee's account with confirmation to the payer (within seconds of payment initiation).


An instrument is a means of paying funds from or collecting funds into an account. Instruments are classified into payments instruments and collection instruments. Instruments are further divided into domestic instruments and cross-border instruments depending on the location of the beneficiary or the payer.


IPCC is the Irish Paper Clearing Company Ltd, and is a paper-based and cheque-clearing system.

Issuers and Acquirers Community (IAC)

IAC is an exchange and settlement system which processes card-based EFTPOS and ATM transactions.




JETCO stands for Joint Electronic Teller Services Limited, and is the biggest network of automatic teller machines in the Special Administrative Zones of China.



Letter of Credit (L/C)

A letter of credit is a paper payment instrument, usually issued by banks to ensure that payment is made as long as the seller meets the L/C requirements. L/Cs are often issued in cross-border trade to reduce credit risk.

Lockbox Banking

Lockbox banking is a service provided by banks to companies whereby payment is transferred to the post office box where the recipient can receive payment and deposit the funds into their bank account.


LVP stands for Low Value Payment system.





MEPS refers to the MAS Electronic Payment System in Singapore.

Merchant services: Merchant Services, also known as credit card processing is a service rendered to sellers to facilitate credit card and debit card collections. These services may be extended for onsite (card present) sales or e commerce (card not present) sales.

Mobile banking             

Mobile banking can be used by corporates (merchants) to make payments and to collect payments from consumer via mobile devices.


MPSVC refers to the multipurpose stored value cards.




NACH refers to the National Automated Clearing House.


NETS refers to the Network for Electronic Transfers in Singapore.

New Payments Platform (NPP)

NPP is a low value payment system that provides basic infrastructure to allow for fast, efficient payment system in Australia.


NRPS stands for National Retail Payment System, and is an electronic retail payment system in the Philippines.


NSS stands for National Settlement Service, and is a multilateral settlement system operated by the Federal Reserve.



Octopus card

The Octopus card is a stored value smart card for both online and offline electronic payments in Hong Kong.



Real Time Electronic Transfer of Funds & Securities (RENTAS)

RENTAS enables the transfer and settlement of high value of interbank of funds or scripless securities transactions in Malaysia.

Real Time Gross Settlement (RTGS)

Real-time gross settlement are specialist funds transfer systems where the transfer of funds takes place from one bank to another on a 'real time' and on a 'gross' basis.

RTGS systems are typically used for high-value transactions that require and receive immediate clearing, and payments are final and irrevocable.

Reserve Bank Information and Transfer System (RITS)

RITS is Australia's National RTGS system and is operated by the Reserve Bank of Australia.


RTGS is also India's national RTGS system.


See IndiaPay.



Paper Clearing System (PCS)

PCS is a paper-based exchange.


PhilPaSS stands for Philippines Payments and Settlements System.


PDDTS stands for Philippines Domestic Dollar Transfer System.




SEPA stands for the Single Euro Payments Area, and is a payment initiative launched by the EU to simplify bank transfers in Euro-denominations.


SGD CTS refers to Singapore Dollar Cheque Truncation System.


SKNBI refers to System Kliring Nasional Bank Indonesia or The Bank Indonesia National Clearing System.


A simulation is a collection of accounts with the associated flows and tools which represents a cash management structure. Each simulation has a score which represents the P&L of the structure.

Singapore CAS

CAS refers to Central Addressing System.


SPSVC refers to single-purpose stored value cards.


STEP2 is the European ACH. It's more commonly referred to as a Pan-European Automated Clearing House (PE-ACH); to settle SEPA compliant credit transfers and direct debits across the Eurozone.




TARGET2 stands for Trans-European Automated Real-time Gross Settlement Express Transfer System. It is the real-time settlemet system for the Eurozone, and is available to the non-Eurozone countries.TARGET2 is based on an integrated central technical infrastructure, called the Single Shared Platform (SSP).


TCH stands for Taiwan Clearing House.

Telegraphic Transfer

A Telegraphic Transfer is an electronic method of transferring funds; it is utilised primarily for overseas wire transactions. 


Tools are banking products as well as specific corporate structures. For example, reconciliation service provided by the bank is a tool and a payment factory set up by a company is also a tool. Tools are associated with either balances (for example, notional pooling or ZBA) or flows (for example, reconciliation or payment factory).




UPI refers to Unified Payment Interface in India.


USDCTS is a USD cheque and paper-based truncation system.




ZBA stands for Zero Balance Account, where the account balance is maintained at zero by either sweeping excess funds into a master account or by receiving funds from a master account.


Delivers customers' fund transfers in real-time across Japan. The system relays domestic fund transfers by connecting banks online as well as clearing funds following the transactions.