Glossary
The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.
| Off-line Terminal |
A specialised terminal that can store accepted card transactions through the day and then transmit their details to an acquiring bank at night. |
| Official Receiver |
The Official Receiver is a civil servant in The Insolvency Service and an officer of the court. He (or she) will be notified by the court of a bankruptcy or winding-up order. He will then be responsible through his staff for administering the initial stage, at least, of the insolvency case. This stage includes collecting and protecting any assets and investigating the causes of the bankruptcy or winding up. |
| Open loop |
A card that has been issued by a store and which is supported by a card scheme. The card can be used in any shop that is displaying that card scheme logo. |
