There are a few terms it's worth familiarising yourself with when using or implementing Banked's platform. A few of these terms are unique to Banked but most are related more generally to payments and account-to-account transfers:
| Term | Definition |
|---|---|
| Provider | This is how we refer to a bank that's supported by our platform. |
| PaymentSession | The core object you create and manage via our API which contains all the information required to submit a payment. |
| Line item | A specific item with a name, description, quantity, and amount to charge. A PaymentSession can contain an arbitrary number of line items. |
| Payee | The individual or business receiving the payment created through Banked. This can be different for each PaymentSession generated, and can be anonymous (i.e. only sort code and account number). |
| Payer | The individual or business making a payment via Banked. |
| Business | An entity with its own Banked ID. |
| Payment ID | A unique ID for a payment within the Banked platform. |
| Checkout | The system to process a PaymentSession using a Provider of the Payer's choice. |
| Application | An application allows Merchants to logically separate payments within a business. As such, a business may have multiple applications. An application is scoped to be either Test (only test payments are allowed), or Live (only live payments are allowed). |