Knowledge Hub

Customer due diligence is an essential part of risk management used by financial institutions and businesses to verify the identity of their clients and assess potential risks.

Know your customer (KYC) is the process of verifying the identity of customers and clients to ensure they are who they say they are.

Know your business (KYB) is similar to know your customer (KYC) and involves the collection and verification of key information about a company.

Identity verification is a critical procedure used by organizations to verify a person's identity and validate they are who they say they are.

Anti Money Laundering (AML) refers to the laws, regulations, and procedures put in place to prevent criminals from disguising illegally obtained funds as legitimate income.

A cross-border payments API is a particular type of payment API that allows businesses to access international payment methods.

Foreign exchange is the process of converting one currency to another, an essential part of cross-border transactions.

Cross-border fees are the costs associated with making international payments.

International SWIFT payments are a widely used method for transferring funds between banks across borders.

Originally developed to streamline cross-border payments and reduce errors, the IBAN provides a consistent format that banks and financial institutions use to ensure that funds are directed to the correct accounts.

Cross-border payments enable businesses and individuals to transfer funds across countries, but traditional systems are slow, expensive, and hard to track. As global operations increase, the need for fast, transparent, and compliant international payments grows.

Cross-border payments enable international money transfers by managing currency exchange, banking networks, and compliance, helping businesses reach global markets efficiently.

An EFT return code occurs when an EFT payment is unsuccessful, and each specific code will refer to the reason for the failure.

EFT reversals are when a payment is reversed due to issues such as incorrect payment details or customer disputes.

Bulk EFT payments refer to processing Canadian bank account transactions in bulk in order to optimize payment operations at scale.

The EFT CPA 005 file format is a Canadian formatting standard for generating electronic funds transfer files.

EFT cut-off times refer to the deadlines set by financial institutions for processing EFT transactions.

An EFT API integration connects a business’s software infrastructure to an EFT payment gateway, enabling programmatic access to EFT payment processing.

EFT payments and wire transfers are two different types of electronic transactions, each with its own pros and cons.

Embedded finance allows software platforms to integrate financial services like payments, lending, and digital wallets directly into their user experience.

Payment orchestration helps businesses manage multiple payment methods, providers, and workflows from a single system. It improves reliability, reduces manual work, and enhances the customer payment experience.

Embedded payments do more than generate revenue. They increase customer retention, enhance data visibility, and turn your platform into a core part of users’ financial operations.

Fintech-as-a-Service (FaaS) is a modern approach that enables businesses to embed financial services, such as payments, compliance, and virtual accounts, into their existing platforms through API-based infrastructure.

Payments-as-a-Service (PaaS) allows businesses to integrate secure and scalable payment processing into their platforms without managing complex infrastructure.

Compliance-as-a-Service (CaaS) is a modern solution for managing regulatory requirements like KYC, AML, and transaction monitoring without building internal systems.

ISV payment integration allows software platforms to embed financial services like transfers, payouts, and reconciliation directly into their product via APIs.

A payment facilitator (PayFac) helps software platforms embed payments and onboard users without becoming a regulated payments company themselves.

While payment processors handle the technical movement of funds, payment facilitators offer a full-stack solution that includes onboarding, compliance, and fund orchestration.

Non-sufficient funds or NSF is the term used when a bank account lacks the necessary balance to cover a transaction.

Clearing and settlement refers to the steps that electronic payments follow in order to arrive at the receiving account.

Net settlement and gross settlement refer to the two main types of settlement methods used in electronic payment transfers.

Direct Deposit is a term used within the Canadian and U.S. payment landscape to describe an electronic transfer of funds from one account to another

PAD is a term commonly used in the Canadian payments landscape, and other terms used for this concept include direct debit, pre-authorized withdrawals, and pre-authorized payments.

ISO 20022 is a global, data-rich financial messaging standard that is becoming widely used by financial institutions.

VoPay empowers enterprises to automate their entire payment lifecycle. From digital merchant onboarding and transaction approvals to real-time reconciliation and multi-level virtual accounts, VoPay’s infrastructure is built for scale.

Email-based payment approvals are time-consuming, error-prone, and insecure. Modern payment systems let businesses build automated approval workflows that save time and reduce risk.

Manual approvals slow things down, but removing them entirely feels risky. With the right tools, businesses can delegate payment decisions while maintaining full visibility and control.

Approval workflows are vital for control and compliance, but complexity leads to delays. Discover how to simplify multi-step approvals effectively.

An FBO account helps businesses securely hold and manage funds for their clients or users, ensuring clear separation of money and regulatory compliance.

Auto-deposit for Interac e-Transfer removes the Security Question stage of the payment process, allowing incoming funds to be deposited automatically.

Security questions are an additional layer of protection used when sending and receiving Interac e-Transfer payments.

Fraudsters exploit vulnerabilities in the Interac e-Transfer service in various ways to intercept funds and scam money from people and businesses.

Within the period of submitting an Interac e-Transfer payment and the funds being deposited, it is possible to cancel the transaction in some cases.

Interac e-Transfer for Business allows transactions up to $25,000, facilitating efficient, real-time payments. VoPay's integration enhances this service by enabling unlimited transactions and bulk processing, optimizing business payment operations.

Pay by Bank methods like EFT, ACH, and Interac e-Transfer offer enterprises a cost-effective, secure alternative to credit cards. With VoPay’s enhanced infrastructure, businesses gain real-time visibility, automated workflows, and simplified onboarding through eLinx—ideal for high-volume and recurring payments.

Transaction monitoring involves the systematic review and analysis of financial transactions to detect anomalies, unusual patterns, or activities that may indicate fraud or money laundering.

Transaction fraud occurs when an individual or group exploits weaknesses in payment systems to initiate, modify, or intercept financial transactions without authorization.

A chargeback is the reversal of a payment, initiated when a cardholder disputes a transaction with their issuing bank.

Real-time payments have revolutionized how we make financial transactions, but with speed comes a need for security. How can businesses ensure that these instant payments are safe and secure?

Tokenization replaces sensitive payment information, like card or bank account numbers, with unique tokens. Businesses using tokenization reduce fraud risk and improve payment security for their clients.

Manual payments increase exposure to payment fraud and errors. Learn why digitizing workflows is critical for protection.

NSF fees happen when there isn’t enough money in an account to cover a transaction, leading to declined payments and extra charges.

NSF is a common term in banking that impacts businesses and their cash flow. Understanding NSF payments helps companies better manage their finances and reduce payment failures.