This article defines key terms used in PayMitto documentation and support communications.
Adjustment
A formal request to recall or reverse funds that were sent but not confirmed as received by the recipient.
Chargeback
A card-network dispute mechanism available through Visa or Mastercard for transactions processed via card. Applicable to certain Regulation E and non-Regulation E disputes.
Compliance Hold
A temporary pause placed on a transfer while additional information is collected to satisfy regulatory screening requirements.
Corridor
A specific transfer pathway defined by the destination country, receiving currency, and transfer method.
Delivery SLA
The expected timeframe for a transfer to reach its recipient. Varies by corridor, transfer method, and external factors. Defines when investigation begins, not a guaranteed delivery time.
Dodd-Frank Hold
A 30-minute window after transfer submission during which the sender may cancel the transfer.
Error Resolution
The regulatory process by which the client institution investigates a customer-reported error and either confirms and corrects it or notifies the customer that the claim was denied.
Interbank Rate
The exchange rate used between large financial institutions for high-volume currency trading. This rate differs from consumer exchange rates and is not available for individual transfers.
KYC (Know Your Customer)
Identity verification required by financial regulations before a user is permitted to transact.
Payout Partner
A business or service provider that facilitates the disbursement of funds to recipients in the destination country or region.
Prefunding Account
A client-funded account held at the sponsor bank from which transfer amounts are deducted.
Proof of Posting
Documentation provided by the recipient's bank confirming that funds were posted to the recipient's account.
Provisional Credit
A temporary credit applied to a customer's account during a Regulation E investigation. Required under Subpart A within 10 business days when an investigation extends beyond that window. Permitted under Subpart B.
Regulation E, Subpart A
Provisions of Regulation E governing error resolution for domestic electronic fund transfers.
Regulation E, Subpart B
Provisions of Regulation E governing error resolution for international remittance transfers.
RSP (Remittance Service Provider)
An entity that accepts instructions from customers to transfer money to a recipient and provides the rails and networks required for cross-border funds movement.