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LIST OF ABBREVIATIONS
ACH: Automated Clearing House
ADSL: Asymmetric digital subscriber line
AML/ATF: Anti-Money Laundering/Anti-Terrorist Financing
ATM: Automated Teller Machine
BIS: Bank for International Settlements
BRIC: Refers collectively to the countries of Brazil, Russia, India, and China
CAGR: Compound Annual Growth Rate
CEMEA: Central Europe, Middle-East, Africa
CGAP: Consultative Group to Assist the Poor
Cheque: A bill of exchange drawn on a bank by the current account holder
CPSS: Committee on Payment and Settlement Systems
Credit Card: Card allowing account holder to charge transactions against a line of credit up to
an authorised amount
Credit Transfer: Electronic payment system where both payment instructions and funds move
from payor bank to payee bank via batch-transfer system
COMCEC: The Standing Committee for Economic and Commercial Cooperation of the
Organization of the Islamic Cooperation
CPMI: Committee on Payments and Market Infrastructures
Direct Debit: Pre-authorised batch-transfer electronic payment where payment instructions
move from payee bank to payor bank while funds move in the opposite direction
EFT: Electronic funds transfer
EPC: European Payments Council
FinCEN: Financial Crimes Enforcement Network
GDP: Gross domestic product