Key terms

2FA

Two-factor authentication is a method of authentication that adds additional layer of security to your account. To gain access to your account, you have to scan a QR-code with the Google Authenticator app or go through the following two steps:

  1. Enter your login and password.

  2. Enter a secret code sent to your email.

AML

Anti-money laundering regulations and laws that prevent illegal movement and laundering of funds.

Activation fee

A deposit made by Enterprise users to their wallets denominated in ETH, XRP, XLM or BNB currencies in order to activate these wallets. For current commission and fees rates, refer to our website for Enterprise users and Merchant users.

Blockchain

A technology for recording and distributed storage of information, which implies copying and synchronizing a database on multiple computers according to a specific algorithm.

Blockchain fee

Blockchain commission for outgoing transaction processing. You can choose one of the three possible fee options: low, medium or high. The higher the fee, the faster the transaction processing in the blockchain. Refer also to commission and activation fee to learn about other commission types.

Callback

A POST request sent to the user’s callback URL to notify about a new transaction (transfers, deposits or payouts) in a blockchain. Callbacks can be used to make changes in the user’s system and notify user’s payers. By default, the callback is sent after the transaction is confirmed. The number of confirmations is determined in the confirmation_blocks field in the currency settings. It is also possible to receive additional callbacks by specifying a required number in the confirmation_needed field when creating a deposit or creating an invoice. Upon receiving a required number of confirmations related to a new transaction, a callback is sent to the user’s server if the transaction request body includes a valid callback URL.

Coin

A cryptocurrency that can operate independently on its own blockchain.

Commission

B2BinPay commission for incoming transfers or custom tokens processing. For current commission and fees rates, refer to our website for Enterprise users and Merchant users.

Confirmation

A process that helps to prevent the reuse of already spent money. A transaction is verified in the blockchain and the blocks are added to the transaction thus confirming it. If no blocks are added to the transaction, it is considered unconfirmed. The number of blocks needed for a transaction confirmation is set by the B2BinPay user in the system when creating a transaction.

Custom token

A token created by the B2BinPay user on the Ethereum, Binance Smart Chain or Tron blockchains. The commission for custom tokens processing is fixed and charged on a monthly basis. For current commission and fees rates, refer to our website for Enterprise users and Merchant users.

Deposit

Crediting funds to a wallet of another user. Deposits are available for Enterprise users. Deposits should not be confused with direct deposits.

Destination tag

A special identifier used in XRP transactions. The destination tag is used to indicate the recipient of the payment. The absence of the destination tag or incorrect destination tag results in payment rejection or irreversible loss of funds.

Direct deposit

Crediting funds to your own wallet. Direct deposits should not be confused with deposits.

Enterprise

B2BinPay clients who can send, receive and store funds on cryptocurrency wallets.

Event

System notifications that require user action.

Exchange

Transferring funds between wallets denominated in different currencies.

Gas

Commission charged for processing token transactions on the Ethereum blockchain.

Invoice

A bill for payment issued by a seller to a buyer. Invoices are available for Merchant users only.

KYC

Know Your Customer or Know Your Client is the principle of activity of financial institutions obliging them to verify a client’s identity before carrying out a financial transaction. The goal of such a policy is to better understand the clientele, monitor financial transactions, reduce client risks and prevent bribery and corruption.

Merchant

B2BinPay clients who can receive cryptocurrencies and convert them to fiat on their wallets. Fiat funds can be sent to a client bank account and then withdrawn.

Minimal transfer amount

The minimum amount of the incoming transfer to the user’s wallet in the wallet currency. If the amount of the transfer is less than the specified minimal transfer amount, the transfer will be canceled.

Parent wallet

A fiat wallet to which token wallets are linked.

Payout

Withdrawal of funds from a wallet.

Stablecoin

A cryptocurrency, the price of which is pegged to a reference asset, such as fiat currency, precious metal and so on.

Rate

The current price of a financial asset, which is announced by the seller or the buyer and at which they are ready to buy or sell.

Token

A digital asset that is linked to a fiat currency.

Transfer

Any crediting or withdrawal of funds registered in the wallet.

User role

User permissions that allow a user to perform certain actions in the system.

Wallet

An account of a B2BinPay user.