Glossary
List of commonly used terms related to Razorpay International Payments.
The following table lists all the commonly used terms in international payments and their descriptions.
| Terms | Description |
|---|---|
| International Payments | International payments are transactions where the payer and the payee are in different countries, involving cross-border funds transfer and currency conversion processes. |
| Currency Conversion​ | The process of converting one currency into another during an international transaction. Razorpay Settlements occur in INR based on the conversion rate at the time of payment. |
| Purpose Codes | Specific codes issued by the Reserve Bank of India (RBI) to denote the nature of foreign currency transactions. Each payment must be tagged with a purpose code to ensure compliance with regulations. |
| SWIFT Transfer | An international payment method that uses the SWIFT network to transfer funds between banks globally. |
| FIRS (Foreign Inward Remittance Statement) | A document that provides proof of funds received from a foreign country, essential for compliance, claiming GST refunds, and other regulatory purposes. |
| Non-3DS Transactions | Payments processed without the 3D Secure protocol, often used for international card transactions. These transactions carry higher risk due to the lack of an additional authentication step. |
| Address Verification System (AVS) | A security feature that verifies the customer's billing address against the address on file with the card issuer to prevent fraud. |
| 3D Secure (3DS) | An additional layer of security for online card transactions where the cardholder must authenticate the transaction using a password or a one-time code​. |
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