Parent Undertaking or Parent

An undertaking or individual ('P'), which has the following relationship to another undertaking ('S'):

Payment Initiation Service

A 'payment initiation service' is an online service to initiate a payment order at the request of a customer from a payment account held at a licensee maintaining customer accounts with the customer's explicit consent and authentication.

Payment Initiation Service Provider (s) or PISP(s)

A person licensed by the CBB to undertake payment initiation services.

Payment Instrument (s)

Payment instrument means a personalised device and/or a software application that the customer uses in order to initiate a payment.

Person

Unless the context requires otherwise, a natural or corporate person.

Politically Exposed Person or ('PEP')

Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.

Domestic PEPs are individuals who are or have been entrusted domestically with prominent public functions, for example Heads of State or of government, senior politicians, senior government, judicial or military officials, senior executives of state owned corporations, important political party officials.

Persons who are or have been entrusted with a prominent function by an international organisation refers to members of senior management, i.e. directors, deputy directors and members of the board or equivalent functions.

The definition of PEPs is not intended to cover middle ranking or more junior individuals in the foregoing categories.

Principal

Means the amount of credit received plus any other potential other charges, the total of which is subject to interest/profit.