Yaspa terms and definitions

Yaspa product module names

Definition

Account Verification

Yaspa's simple solution for enabling merchants to understand the identity of the individual they are transacting with online. This service verifies bank account details to determine ownership and the name that belongs to the account. Merchants can perform a simple Know-Your-Customer (KYC) check for onboarding, payment collection and refund issuance processes. Read more about our Account Verification product here.

Instant Payments

Yaspa’s ‘Instant Payments’ product allows you to receive payments, pay-ins and deposits in real time.

Read more about our Instant Payments product here.

Instant Payouts

Yaspa’s Instant Payouts product enables instant payouts, withdrawals and refunds that settle in seconds.

Read more about our Instant Payouts product here.

Verification Plus

Utilising a blend of open banking and artificial intelligence, our Verification Plus product includes account verification, affordability assessments, and risk checks. This ensures a seamless experience, providing trustworthy customer analysis for a hassle-free journey.

Read more about our Verification Plus product here.

Virtual Accounts

Yaspa’s Virtual Accounts product allows you to create instant e-money accounts with virtual IBANs for your own business, or for your customers.

Read more about our Virtual Accounts product here.

Yaspa technical terms

Definition

Admin dashboard

The interface that merchants use to manage their payments and accounts with Yaspa.

Learn more about our admin dashboard in our article, Navigating your Yaspa admin dashboard.

Customer

The customer is the end-user or consumer who makes the actual payment using Yaspa’s payment method.

Customer identifier

This is a unique user ID provided by Yaspa to help merchants identify specific end-users. 

Enhanced pay-in

Enhanced pay-ins offer the advantages of both verified and unverified pay-ins. The customer payment experience is optimised, whilst still remembering customer details for future payments and returning customised customer details to the merchant for verification purposes.

Enhanced pay-ins offer all the benefits by optimising the payment experience on a per-bank basis. Learn more about this in our article; Understanding payment verification types. 

Hosted journey

Hosted journeys let you use the SDK via a generated link to our hosted page, removing the need for site integration or SDK updates. Read more about ‘hosted journeys’ here.

Merchant account

When you sign up to Yaspa, every merchant gets a dedicated account where they can manage all things Yaspa-related. Learn more about setting up your account in our article; How do I set up my Yaspa account?

Merchant ID

The unique identifier for an individual Yaspa merchant.

Merchants

When we refer to ‘merchants’ in our documentation, we are referring to a Yaspa client. This can be an eCommerce retailer or an iGaming operator, and so on.

Pay-in

A 'pay-in' simply refers to the process of depositing funds into or transferring funds into an account. With Yaspa, there can be several different types of pay-ins; ‘verified’, ‘unverified’ or ‘enhanced’. To learn more about this, read our article; Understanding payment verification types.

Payee

The payee is the one receiving the payment.

Payer

The payer is the one making a payment.

Payment

Broadly, this refers to a transaction of funds between parties. At Yaspa, we use this term to refer to pay-ins.

Payment link

A 'payment link' is a clickable URL that directs users to a webpage for making payments. This can be performed in a Point-of-Sale (PoS) environment or through a medium channel such as SMS, email, letter or social media.

Payment verification

'Payment verification' is the process of confirming and ensuring the authenticity and legitimacy of a financial transaction.

Payout

A 'payout' refers to withdrawing funds from a merchant account to a customer account (e.g. a refund or withdrawal). Learn more about Yaspa’s product, Instant Payouts, here.

Payout public key

Postman

Postman serves as an API platform that facilitates the construction and utilisation of APIs, simplifying each stage of the API lifecycle and enhancing collaboration to accelerate the creation of improved APIs. You can download the free tool here; Download link.

You see more about this in our article; Setting up Postman to make a test payment.

Production environment

The production environment is the live operational setting where software is deployed for everyday use.

Reference

A payment reference is shown to the customer provided by the merchant to ensure the end-to-end traceability of the transaction. This needs to be alphanumeric and 15 characters max. This MUST be unique.

Refund

This is a type of payout. For more information on payouts with Yaspa, read more here.

REST API

REST API (Representational State Transfer Application Programming Interface) is a standardised set of rules and conventions for building and interacting with web services, allowing communication between different software systems over the internet. When a REST API is called, the server sends a representation of the requested resource's current state to the client system. 

Yaspa exposes a REST API to interact with our services. This is the primary mechanism used by merchants to start payments. You see more about this in our article; Setting up Postman to make a test payment.

Role

‘Role’ refers to the position assigned to each merchant user within the Yaspa admin dashboard. There are multiple roles that merchants can assign their staff within the admin dashboard, each with their own set of permissions. To better understand how ‘roles’ work, read our dedicated article on the topic here.

SDK

SDK stands for ‘software development kit’ This is something coded by developers making it easier for others to integrate with their systems. Yaspa offers an SDK to make it easier for others to implement Yaspa within their own systems.

Test bank

A test bank is a secure environment for developers to test and validate payments and payment journeys before deployment. Yaspa has a selection of owned accounts, at major banks, where you’re able to view the payment journey by making a test payment. You can make a test payment with our demo here.

Test environment

A test environment is where developers assess and validate software before deploying it live. Yaspa’s test environment is a controlled setting for evaluating software updates before it's deployed to production.

Transaction

A transaction is either a pay-in or payout. With Yaspa, all transactions will have a transaction ID and a transaction status.

Transaction ID

The unique identifier is attributed to an individual Yaspa transaction, such as a payment or payout.

Transaction status

The ‘transaction status’ refers to the current state of a financial transaction, of which, there are multiple statuses:

• An ‘accepted’ status means the pay-in has been ‘accepted’ for processing by the payer’s bank.
• A ‘completed’ status means the pay-in has settled and funds have arrived at the merchant’s bank.
• A ‘failed’ status means that the pay-in has failed to be authorised by the bank.

For more information about transaction statuses, please read our article; Understanding pay-in webhook notifications.

Unverified pay-in

A deposit/payment paid in that has not gone through a verification process. This is the quickest and simplest payment option for open banking. See how unverified pay-ins work with Yaspa.

Verified pay-in

A deposit/payment paid in that has gone through a verification process. This ensures that merchants are only accepting payments from individuals that are verified as part of the transaction. See how verified pay-ins work with Yaspa.

Webhook

A tool for real-time communication between web applications, triggering instant notifications when specific events occur. Read more about Yaspa’s webhooks here. 

Withdrawal

This is simply the action of money taken out of an account. Learn more about withdrawals with Yaspa here.