--- a/latest/common/terms.html	Thu Jul 09 00:48:40 2015 -0400
+++ b/latest/common/terms.html	Fri Jul 10 20:52:03 2015 +0200
@@ -1,64 +1,141 @@
 <p>The following terms are used throughout this document.</p>
 
 <dl class="termlist">
-    <dt><dfn>Payer</dfn></dt>
-    <dd>The payer provides a source of funds as required by a
-    payment.</dd>
-
-    <dt><dfn>Payee</dfn></dt>
-    <dd>The payee receives funds as required by a
-    payment.</dd>
-
+    <dt><dfn>Account</dfn></dt>
+    <dd>[PSD2] an account held in the name of one or more payment service users 
+    which is used for the execution of payment transactions</dd>
+    <dd>[Capabilities] An account is a store of value with a balance and a history 
+    of debits and credits that affect that balance</dd>
+    
     <dt><dfn>Account Provider</dfn></dt>
+    <dd>[PSD2] account servicing payment service provider: a payment service provider 
+    providing and maintaining the payment account from which the payer wants the 
+        specific payment transaction to be made</dd>
 
-    <dd>At its core, a payment is a transfer of value from one account to another.
-    An account is a store of value with a balance and a history of debits and
-    credits that affect that balance. The account provider is responsible for
-    managing and controlling access to one or more accounts on behalf of the
-    account owner (usually a payer or payee). Account owners access their accounts
-    through payment instruments. The rules
-    that govern usage of a payment instrument constitute a payment
-    scheme. An account’s value is represented
-    as a series of deposits (credits) and withdrawals (debits) and is recorded in a
-    ledger maintained by the account provider.</dd>
-
-    <dt><dfn>Account Owner</dfn></dt>
+    <dt><dfn>Authentication</dfn></dt>
+    <dd>[PSD2] procedures which allow the payment service provider to verify the 
+        identity of a payment service user or the validity of the use of a specific 
+        payment instrument, including the use of its personalized security credentials</dd>
+    <dd>[ECB] a security mechanism for verifying: 1) the identity of an individual 
+        or other entity (including verification by means of a computer or computer 
+        application); and 2) the level of authority of that person or entity (i.e. 
+        the ability of that person or entity to perform specific tasks or activities).</dd>
+    
+    <dt><dfn>Authorization</dfn></dt>
+    <dd>[Proposed text – Evert] Requesting acceptance of a payment from a payer to a payee 
+        at the account serving payment service provider or other actor 
+        according to payment rules defined by the relevant payment scheme</dd>
+    <dd>[ECB] the consent given by a participant (or a third party acting on behalf of 
+        that participant) in order to transfer funds or securities.</dd>
+    
+    <dt><dfn>Clearing</dfn></dt>
+    <dd>[ECB] the process of transmitting, reconciling and, in some cases, 
+        confirming transfer orders prior to settlement, potentially including the 
+        netting of orders and the establishment of final positions for settlement</dd>
+    
+    <dt><dfn>Customer</dfn></dt>
+    <dd>An entity paying to receive goods, services, or other things of value; abstractly known as a payer.</dd>
+    
+    <dt><dfn>Identity</dfn></dt>
+    <dd>A set of information that can be used to identify a particular entity 
+        such as a person, software agent, or organization. 
+        An entity may have multiple identities associated with it.</dd>
+    
+    <dt><dfn>Ledger</dfn></dt>
+    <dd>[Merriam-Webster] a book containing accounts to which debits and credits 
+        are posted from books of original entry</dd>
+    
+    <dt><dfn>Merchant</dfn></dt>
+    <dd>An entity receiving payment for goods, services, or other things of value; 
+        abstractly known as a payee.</dd>
+    
+    <dt><dfn>Payer</dfn></dt>
+    <dd>An entity that provides a source of funds as required by a transaction.</dd>
+    
+    <dt><dfn>Payee</dfn></dt>
+    <dd>An entity that receives funds as required by a transaction.</dd>
 
-    <dd>An account owner is the entity with the legal right of ownership of any
-    asset in an account provided to them by an account provider. The account owner
-    may directly or indirectly transfer some or all of this asset out of the
-    account or take ownership of additional assets in the account as a result of a
-    completed payment and settlement process.</dd>
-
-    <dt><dfn>Payment Services Provider</dfn></dt>
-
-    <dd>The payment services provider provides services to the payer and/or payee
-    to facilitate a payment.</dd>
-
+    <dt><dfn>Payment</dfn></dt>
+    <dd>[ECB] in a strict sense, a payment is a transfer of funds which discharges 
+        an obligation on the part of a payer vis-à-vis a payee. 
+        However, in a technical or statistical sense, it is often used as a synonym for “transfer order”</dd>
+    
+    <dt><dfn>Payment Order</dfn></dt>
+    <dd>[PSD2] any instruction by a payer or payee to his payment service provider 
+        requesting the execution of a payment transaction</dd>
+    
+    <dt><dfn>Transfer Order</dfn></dt>
+    <dd>[ECB] an order or message requesting the transfer of assets 
+        (e.g. funds, securities, other financial instruments or commodities) 
+        from the debtor to the creditor</dd>
+    
+    <dt><dfn>Payment Instrument</dfn></dt>
+    <dd>PSD2] any personalized device(s) and/or set of procedures agreed 
+        between the payment service user and the payment service provider 
+        and used in order to initiate a payment order</dd>
+    <dd>[ECB] a tool or a set of procedures enabling the transfer of funds from a payer to a payee.</dd>
+    
+    <dt><dfn>Payment Scheme</dfn></dt>
+    <dd>[ECB] a set of interbank rules, practices and standards necessary 
+        for the functioning of payment services.</dd>
+    
+    <dt><dfn>Payment Service Provider</dfn></dt>
+    <dd>[PSD] A body executing payment services such as
+        <ol>
+        <li>credit institutions</li>
+        <li>electronic money institutions</li>
+        <li>post office giro institutions</li>
+        <li>payment institutions</li>
+        <li>central banks other than when acting in their capacity as a monetary authority 
+            or carrying out other functions of a public nature</li>
+        <li>government departments and local authorities, other than when carrying out functions 
+            of a public nature</li>
+        </ol></dd>
+    
+    <dt><dfn>Credit institution</dfn></dt>
+    <dd>[ECB] a company duly authorized to carry out banking transactions on a regular basis
+        (i.e. to receive deposits from the public, carry out credit transactions, 
+        make funds available and manage means of payment)</dd>
+    
+    <dt><dfn>Electronic Money Institution</dfn></dt>
+    <dd>[ECB] a term used in EU legislation to designate credit institutions which 
+        are governed by a simplified regulatory regime because their activity is 
+        limited to the issuance of electronic money and the provision of financial 
+        and non-financial services closely related to the issuance of electronic money.</dd>
+    
+    <dt><dfn>Purchase</dfn></dt>
+    <dd>Activities surrounding and including a transaction 
+        (e.g., discovery of an offer, negotiation of terms, selection of payment instrument, delivery, etc.).</dd>
+    
+    <dt><dfn>Settlement</dfn></dt>
+    <dd>[ECB] the completion of a transaction or of processing with the aim of 
+        discharging participants’ obligations through the transfer of funds and/or 
+        securities. A settlement may be final or provisional.</dd>
+    
+    <dt><dfn>Transaction</dfn></dt>
+    <dd>An agreement, communication, or movement carried out between a buyer and a seller 
+        to exchange an asset for payment</dd>
+    
+    <dt><dfn>Wallet</dfn></dt>
+    <dd>a software service, providing similar functions in the digital world to those provided 
+        by a physical wallet, namely:
+        <ul>
+            <li>It holds payment instruments registered by the wallet owner;</li>
+            <li>It supports certain payment schemes and enables the payer to use registered payment 
+                instruments to execute a payment in accordance with that scheme;</li>
+            <li>It may hold one or more balances of some digital asset that can be used to make payments.</li>
+        </ul>
+        This definition of wallet may expand in the future to include other items people find in 
+        physical wallets such as digital receipts, coupons, and identification.</dd>
+    
+    
     <dt><dfn>Payment Orchestrator</dfn></dt>
-
     <dd>The payment orchestrator is the entity or entities (payer, payee or payment
     service provider) that are orchestrating the steps required to complete the
     payment flow.</dd>
 
     <dt><dfn>Regulator</dfn></dt>
     <dd>The regulator is responsible for monitoring some
-    payments activities and enforcing legal requirements. The payment flow may be
-    interrupted and the payment aborted or cancelled if the regulator does not
-    approve the conditions of payment.</dd>
-
-    <dt><dfn>Settlement Service</dfn></dt>
+    payments activities and enforcing legal requirements.</dd>
 
-    <dd>Settlement is the process of discharging any obligations that exist between
-    parties to a payment. This process involves the final and irrevocable movement
-    of value between the accounts of the payer and payee and any counterparties to
-    the transaction through the capture of debits and credits in the ledgers upon
-    which the accounts are recorded.
-
-    <p>Today the provision of settlement services is reserved for centralised
-    entities such as central banks or in the case of cross-border payments a
-    combination of central and correspondent banks however it is technically
-    feasible that settlement services could be provided by any entity in a Web
-    payments architecture.</p>
-    </dd>
 </dl>