Payment Glossary

OFAC (Office of Foreign Asset Control)

The part of the US Treasury Department responsible for enforcing United States economic and trade sanctions.

Related Terms

  • Corporate Trade Exchange (CTX)

    A corporate trade exchange (CTX) is a system used by corporations and agencies of the government for monetary transfer. They are primarily used to pay trading partners...

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  • Effective Rate

    The effective rate shows the amount of volume a business pays in credit card processing fees to process a given amount. It is shown as a percentage,...

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