July 23, 2021

International Payments Acronyms

The ABCs of international payments can be confusing. This list of frequently used acronyms can help you sort out AML to XML. For additional information, see:

Frequently Asked Questions International Payments Glossary IAT Resource Center


AML/BSA: Anti-Money Laundering/Bank Secrecy Act

BIC: Bank Identification Code

BIS: Bank for International Settlement

BSA: Bank Secrecy Act of 1970

CHIPS: Clearing House Interbank Payments System

FATF: Financial Action Task Force

FinCen: Financial Crimes Enforcement Network

FGO: Foreign Gateway Operator

FX: Foreign Exchange

GO: Gateway Operator

IAT: International ACH Transaction

IBAN: International Bank Account Number

ISO: International Standards Organization

KYC: Know Your Customer

OECD: Organization for Economic Co-operations and Development

OFAC: Office of Foreign Assets Control

PE-ACH: Pan European ACH

RTGS: Real Time Gross Settlement

SDN: Specially Designated National (FTO: Foreign Terrorist Organization; SDNT: Specially Designated Narcotics Traffickers)

SEPA: Single Euro Payments Area

STP: Straight Through Processing

SWIFT- Society for Worldwide Interbank Financial Telecommunication

USA PATRIOT ACT : Uniting and Strengthening America by Providing Appropriate Tools to Intercept and Obstruct Terrorism Act of 2001

UN/CEFACT: United Nations Centre for Trade Facilitation and Electronic Business

XML: eXtensible Mark-up Language