BIC – Bank Identifier Code. A code to internationally identify a bank, also known as the SWIFT code. Specifying the BIC is mandatory when making international payments.
CAMT.053 – The file format for reporting SEPA payment products. The CAMT format contains detailed information about SEPA transactions. The file often has a .XML extension. Some banks may also make this file available in .ZIP or .TXT format.
IBAN – International Bank Account Number.
Collector – The payee. The entity executing the direct debit, the organization.
Collector ID – The collector ID identifies you as a unique collector. You will receive this ID from the bank once. It mostly consists of the CoC number of your organization.
PAIN – Payment Initiation (SEPA XML PAIN). This is the file format in which the bank wants to receive collection orders. This file contains information about the collector (the organization), the persons who have to pay and information about the amounts and descriptions.
SEPA – Single Euro Payments Area. Standardization and harmonization of Euro related payments.
