Glossary of Nium terms

Allowlist: An allowlist is a list of email addresses or domains that you want to receive emails from.
Chargeback: A chargeback—also called a reversal—is the return of credit-card or direct-debit funds used to make a purchase to the buyer.
Customer: The entity onboarded to Nium through a client and whom Nium has verified their identity and assigned them a wallet.
  An individual customer is the end-users who holds the balance.
  A corporate customer is the business entity that holds the balance.
Direct debit: A way to pay someone by allowing Nium to take money directly from a customer's bank account.
Denylist: A denylist is a list of email addresses or domains that you don't want to receive emails from.
Multi-currency wallet (MCW): The storage mechanism for all the configured currencies.
Pay In: The Nium product that puts money in an account as a result of making a deposit.
Pay Out: The Nium product that lets you make payments to more than 190 markets all over the world.
Fund: To make provision of monetary resources for discharging the interest or principal of. To provide funds for something. The act of a Nium customer using a direct debit or funding transaction to pull money from the end customer’s bank account and adding it to the end customer’s Nium wallet.
Virtual account number (VAN): An account number linked to a central account.
Wallet: The storage mechanism to keep balances in multiple currencies. A Nium application for organizing cards and bank accounts. Don't precede with the.
Withdrawal: The client initiates a payout request where Nium debits the customer's Nium wallet and credits it to their own bank account.

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We're constantly improving and updating our products. Due to older code that is still being migrated, you may see an outdated term that hasn't been updated yet.