Annual fee

A yearly fee charged by some independent sales organizations (ISOs) and acquirers to maintain a merchant’s account. This is also called a renewal fee, subscription fee, or membership fee.

AML

Anti-Money Laundering – A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. See KYC for more information.

AFT

Automatic Funds Transfer – A transaction in which funds are securely transferred from one bank account to another via electronic or telecommunications technology.

Acquirer

A licensed member that maintains the merchant relationship and acquires the data relating to a transaction from the merchant or card acceptor and submits that data into interchange, either directly or indirectly.

Account Updater

A tool that, in conjunction with tokenization, automatically keeps credit cards in the Cardknox data vault updated to ensure subsequent transactions are not declined.

Account number

A unique sequence of numbers assigned to a cardholder account that identifies the issuer and type of financial transaction card.