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+<dl>
+  <dt><tdef>entity</tdef></dt>
+  <dd>
+A person, organization, or software agent that is capable of interacting with
+the world.
+  </dd>
+  <dt><tdef>payer</tdef></dt>
+  <dd>
+An <tref>entity</tref> that provides a source of funds as required by a
+<tref>transaction</tref>.
+  </dd>
+  <dt><tdef>payee</tdef></dt>
+  <dd>
+An <tref>entity</tref> that receives funds as required by a
+<tref>transaction</tref>.
+  </dd>
+  <dt><tdef>merchant</tdef></dt>
+  <dd>
+An <tref>entity</tref> receiving payment for goods, services, or other things
+of value; abstractly known as a <tref>payee</tref>.
+  </dd>
+  <dt><tdef>customer</tdef></dt>
+  <dd>
+An <tref>entity</tref> paying to receive goods, services, or other things
+of value; abstractly known as a <tref>payer</tref>.
+  </dd>
+  <dt><tdef>transaction</tdef></dt>
+  <dd>
+An instance of an exchange of value such as buying or selling something.
+  </dd>
+  <dt><tdef>payment scheme</tdef></dt>
+  <dd>
+Sets of rules and technical standards for the execution of payment transactions
+that have to be followed by adhering entities
+(<tref title="payment processor">payment processors</tref>,
+<tref title="payer">payers</tref> and <tref title="payee">payees</tref>).
+  </dd>
+  <dt><tdef>payment instrument</tdef></dt>
+  <dd>
+A mechanism used to transfer value from a <tref>payer</tref> to a
+<tref>payee</tref>.
+  </dd>
+  <dt><tdef>payment processor</tdef></dt>
+  <dd>
+Submits and processes payments using a particular
+<tref>payment instrument</tref> to a payment network.
+  </dd>
+  <dt><tdef>credential</tdef></dt>
+  <dd>
+A qualification, achievement, personal quality, aspect of an
+<tref>entity</tref>'s background, or verifiable statement by an entity about
+another entity.
+  </dd>
+  <dt><tdef>payment agent</tdef></dt>
+  <dd>
+A piece of software operating on an <tref title="entity">entity's</tref>
+behalf that is capable of executing
+<tref title="transaction">transactions</tref>.
+  </dd>
+</dl>