GLOSSARY

Payment provider

What is a payment provider?

A payment provider, also known as a Payment Service Provider (PSP), is a company that enables businesses to accept and process customer payments through various channels. These may include credit cards, bank transfers, direct debits, and digital wallets, both online and in-store.

What does a payment provider do?

A payment provider facilitates the entire payment process. It connects merchants with customers and financial institutions, handling everything from payment data capture to transaction authorization and the final transfer of funds to the business account.

Key services typically include:

Processing card and bank payments
Supporting multiple currencies for international transactions
Ensuring payment security and compliance (e.g. PCI DSS, 3D Secure)
Settling funds to the business’s account
Offering reporting and reconciliation tools

Some providers also include tools for managing foreign exchange, issuing business cards, or integrating with accounting systems.

Why businesses use payment providers?

Using a payment provider allows businesses to streamline payments, improve customer experience, reduce administrative complexity, and scale internationally with ease. Many modern providers offer centralized platforms for handling transactions, currencies, and compliance from one interface.

Well-known examples of payment providers include Stripe, Mollie, Adyen, and PayPal. amnis also falls into this category, offering a full suite of international payment tools, FX services, and business accounts designed specifically for SMEs.

amnis: Your complete financial toolkit for global payments

Designed as a complete financial toolkit, amnis empowers companies to take full control of their cross-border payments, FX exposure, and expense management – all from a single platform.

With features like multi-currency debit cards, real-time payment tools, and automated financial workflows, amnis supports businesses in managing everyday transactions efficiently. Seamless integrations with ERP and accounting systems further reduce manual effort and enhance accuracy.

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Explore related topics

ACH

ACH, or Automated Clearing House, is a local payment route in the United States that facilitates electronic money transfers between banks. It requires a local bank account or the use of local payment providers. ACH payments enable financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard. It’s commonly used for direct deposits, bill payments and other bank-to-bank transfers within the United States.

ACH payment

ACH payments are processed through the local ACH network in the United States, requiring a local bank account or the use of local payment providers. This method allows financial institutions to transfer funds electronically, bypassing traditional card networks like Visa and Mastercard.

Balance of payments

The balance of payments is a financial statement that summarizes all economic transactions between a country and the rest of the world over a specific period. It records trade in goods and services, cross-border investments, and financial transfers. A positive balance indicates that a country exports more than it imports, while a negative balance shows the opposite.

Bank transfer

A bank transfer refers to the electronic transfer of money from one bank account to another. Such transfers can take place either within the same bank or between different banks and are among the most commonly used methods worldwide for processing payments between individuals and companies.

BIC (Bank Identifier Code)

The Bank Identifier Code (BIC) is an internationally valid bank sort code defined by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Since the BIC code is issued by SWIFT, it is often also referred to as the SWIFT code.

Cashless payment

A cashless payment refers to any financial transaction where no physical cash is exchanged. Instead, the payment is processed using digital or electronic methods such as bank transfers, payment cards, mobile apps, or online platforms. It allows money to move from one account to another without the need for coins or banknotes.

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About amnis

amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.

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