chinese finance glossary

TMI 中国第一期 26

GlossaryCash and Treasury Management

词汇表资金及财资管理

This was published in HSBC The Glossary — Cash and Treasury Management.本词汇表摘自《汇丰资金及财资管理词汇表》。

account analysis: A statement, usually monthly, produced by a company’s bank that summarises the transaction activity, cash balance and charges on each account held.

accounts payable (A/P): Ledger of balances owed by a company for purchases.

accounts receivable (A/R): Ledger of balances owed to a company for sales.

accreditation: Formal process of certifying a particular process or function usually linked to service quality (e.g. ISO 9001 accreditation).

ACH: Automated clearing house – capable of handling automated electronic domestic payments, usually used for low-value clearing systems (e.g. BACS in the UK and ECG/autopay in Hong Kong).

AFTA: ASEAN Free Trade Area.

agency: A role in which a bank or trust institution manages assets in which the title remains with the owner.

APEC: Asia Pacific Economic Cooperation.

arm’s-length: Transactions occurring at free market rates.

ASEAN: Association of South East Asian Nations.

ASP: Application service provider – an ASP provides customers with application hosting and related services over the Internet that would otherwise have to be located and supported in-house.

authentication: A software security device that creates a check sum using a confidential algorithm attached to the message. It is tested to ensure no changes have been made to any message components in transit. Used when a message is not secret and does not require encryption.

auto-invest: A method of cash concentration where balances in operating accounts are swept to an interest-bearing account for overnight investment purposes.

available funds: Funds that are available for withdrawal.

B2B: Business-to-business – e-commerce conducted between two or more businesses.

B2C: Business-to-consumer – e-commerce conducted between a business and consumers.

back value: The adjustment to the posted value date of a transaction debited or credited to an account, with the effect of providing a debit or credit item with an earlier value date.

BACS: Bankers Automated Clearing Service – BACS Limited is a company established to operate the UK’s automated clearing house (see ACH), handling lower-value bulk clearing for both GBP credits and direct debits on behalf of the 17 major banks and building societies. Banks sponsor corporate customers into BACS.

BADT: Bank accounts debit tax – imposed on debit transactions made to accounts with a cheque book facility (other than exempt accounts held with banks) in all states and territories in Australia.

账目分析 account analysis: 由银行提供的结单，通常为月结单，概述交易活

动丶现金结余及对所持各账户的收费。

应付账款 accounts payable (A/P): 公司采购后，偿未付款的分类账。

应收账款 accounts receivable (A/R): 公司销售后，买方结欠的分类账。

认证 accreditation: 证明某一特定工作或职能的服务质量的正式程序(如

ISO9001认证)。

自动结算所 automated clearing house (ACH): 能处理自动及电子化国内支付，

通常用于小额结算系统( 如英国的BACS及香港的电子结算)。

东盟自由贸易区 ASEAN Free Trade Area (AFTA): 东盟自由贸易区。

代理 agency: 银行或信托机构管理资产所担任的一种角色，其中所有权仍

属资产所有人。

亚太经济合作组织 Asia Pacific Economic Cooperation (APEC): 亚太经济合

作组织。

公平交易 arm’s-length: 按自由市场价格进行的交易。

东南亚国家联盟 Association of South East Asian Nations (ASEAN): 东南亚

国家联盟。

应用服务供应商 Application Service Provider (ASP): 为客户提供互联网应用

服务托管及相关服务，不然公司需在内部设置服务器并自行提供技术支援。

鉴定身分认证 authentication: 软件保安装置，将保密算法附于信息，形成

供核实的数目，经检测以确保信息内容在传输过程中不被更改。用于非机

密及毋须加密的信息。

自动投资 auto-invest: 资金合流的一种方法，将经营账户余额转入一个有息

账户以达致隔夜投资目的。

可用资金 available funds: 可支取资金，因而具较高价值。

商户对商户 B2B: 两家或多家商户间进行的电子贸易。

商户对消费者 B2C: 商户与消费者间进行的电子贸易。

收款日调前 back value: 对计入账户借方或贷方交易入账收款日的调整，可

为借项或贷项提供较早的收款日。

银行自动结算服务有限公司 Bankers Automated Clearing Service (BACS): 银行

自动结算服务有限公司为经营英国自动结算所而建立(见上述ACH)，代表

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财资用语talking treasury


Bahtnet: The Bangkok-based interbank settlement system under the control of the Bank of Thailand. (See ACH.)

bankers’ acceptances: A time or sight draft drawn on a commercial bank by a borrower, usually in connection with a commercial transaction. The borrower is liable for payment, as is the bank, which is the primary obligor, to pay the draft at its face amount on the maturity date. Used primarily to finance the export, import, shipment or storage of goods.

Basel II: The new accord proposed by the Basel Committee for Banking Supervision calls for minimum capital requirements, supervisory review and market discipline in the industry to replace the current accord set in 1998.

basis point: The unit that represents the minimum interest rate change of 0.01%.

BCC: Belgian Coordination Centre – a treasury (or other operational centre) established in Belgium under specific law 187 granting tax benefits for providing international coordination activities. It is similar to the IFSC in the Republic of Eire.

bilateral netting: A system in which purchases between two subsidiaries in the same group are netted against each other, periodically (typically monthly) and only the net difference is transferred.

BIS: The Bank for International Settlements, located in Basel, Switzerland, has evolved into an important international monetary institution, and provides a forum in which central bankers meet and consult on a monthly basis. As an independent financial organisation, the BIS performs a variety of banking, trustee and agent functions, primarily with central banks.

Bolero: Bolero was created under the stewardship of SWIFT and the TT Club – and has wide participation of financial institutions and logistic service providers. Bolero allows all members of a trade chain to communicate electronically using the same platform.

bond: Security issued by a borrower to a lender, covering short- or long-term debt at a variable or fixed interest rate.

cap: A contract between a borrower and a lender whereby the borrower is assured that he or she will not have to pay more than a specified maximum interest rate on borrowed funds.

capital market: A market in which long-term capital is raised.

cash concentration: A facility by which balances of several accounts are physically aggregated through a funds transfer mechanism. Funds actually move between accounts. Cash concentration types include: zero balance accounts (ZBA); target balance accounts; and auto-invest accounts.

cash flow forecasting: Identifying and/or forecasting known future cash receipts and obligations, and calculating cash balances for each future date in order to cover shortfalls and invest surpluses.

cash management: The effective forecasting, monitoring and management of liquid resources by: • maximising access to liquidity and minimising deficit positions at

optimal cost;• controlling cash flow on a cross-border basis;• optimising funding/investments of cash/debt; and• controlling/minimising risk.

cash pooling: The notional offsetting of multiple balances for the purposes of calculating interest on the net balance. In contrast to cash concentration (see cash management above), there is no actual movement of funds. Interest is debited/credited to a designated master or header account, although some corporations/banks will reallocate interest rates. Single currency cash pooling is most common although cross-currency and cross-border pooling is offered by some banks.

17家银行及住房互助协会处理英镑贷记及直接借记小额结算，由银行保荐

企业客户加入BACS。

银行账户借方税 bank accounts debit tax (BADT): 澳大利亚各州向带支票簿

账户(豁免账户除外)借方交易征收的税项。

Bahtnet: 由泰国银行控制，以曼谷为基地的银行同业结算系统(见上述ACH)。

银行承兑汇票 bankers’ acceptances: 借款人在商业银行开出的远期或即

期汇票, 通常与商业交易有关。借款人与银行对汇票到期日按面额支付负

有责任，而银行为第一债务人。主要用于进出口及货物付运或存仓融资。

巴塞尔第2号协议 Basel II: 巴塞尔委员会就银行监管提出的新协议，以取

代1998年订立的现有协议，对银行业最低资本要求丶监督审查及市场规范

订立了严格的标准。

基点 basis point: 代表利率变动最小单位为0.01%。

比利时协调中心 Belgian Coordination Centre (BCC): 比利时按187特别法案建

立的财务中心(或其他营运中心)丶与爱尔兰共和国的IFSC类似。该法案对提

供国际协调活动给予税务优惠。

双边抵销 bilateral netting: 同一集团两家子公司间的采购可定期(通常每个月)

相互抵销及只用于净差额转账的制度。

国际结算银行 The Bank for International Settlements (BIS): 设于瑞士巴塞尔，

已发展为重要的国际货币机构，为央行官员每月会晤咨询提供论坛。作为

独立金融组织，BIS主要与各央行一起履行各种银行丶信托及代理职能。

Bolero: Bolero在SWIFT和TT俱乐部管理下创立，各金融机构及后勤服务提

供商广泛参与。Bolero使交易链所有成员能利用同一平台进行电子通信。

债券 bond: 借款人向贷款人发行的证券，包括浮息或定息，短期或长期债券。

利率上限 cap: 借款人与放款人间的合约，根据该合约，借款人获得保证支

付的利息不会超过约定最高息率。

资本市场 capital market: 筹集长期资本的市场。

资金合流 cash concentration: 多个账户余额通过转账机制进行实质集中的

安排。资金在账户间进行实质性转移。资金合流类别包括：零余额账户

(ZBA)丶目标余额账户及自动投资账户。

现金流预测 cash flow forecasting: 现金流预测上列明及/或预测已知未来现

金收入和债务，并计算每个未来日期现金余额，以便弥补短缺及将剩余现

金进行投资。

资金管理 cash management: 对流动资金进行有效的预测丶监控及管理：

• 以最合理成本尽量增加可用流动资金，减少赤字状况；

• 控制跨境现金流；

• 优化现金/债务的融资/投资；及

• 控制/降低风险。

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central bank reporting: A requirement in many countries to report cross-border and currency transactions to the local monetary authority. This can be done by transaction or summary, and is often done by banks on behalf of their customers.

centralised (treasury): A structure in which a group treasury has responsibility for all treasury activities. Operating companies maintain limited treasury responsibility locally, usually for commercial reasons.

certificate of deposit (CD): A form of time deposit at a bank or savings institution; a time deposit cannot be withdrawn before a specified maturity date without being subject to an interest penalty for early withdrawal. Small-denomination CDs are often purchased by individuals. Large CDs are often in negotiable form, meaning they can be sold or transferred among holders before maturity.

CHAPS: Clearing House Automated Payments System – the London-based credit transfer/settlement system designed to handle high-value electronic interbank payment traffic on an online real-time gross settlement basis. Payments are secure (through authentication and encryption) and settlement, with same-day value, is unconditionally guaranteed. CHAPS is SWIFT-compatible and transactions are irrevocable at the time they enter the system.

CHATS: Clearing House Automated Transfer System – the Hong Kong SAR-based settlement system under the control of the Hong Kong Association of Banks. CHATS operates on an RTGS basis.

CHIPS: Clearing House Interbank Payments System – a New York-based settlement system.

cleared balance: The funds in a customer’s account that are available for withdrawal by the customer.

clearing cycle: The time taken for transfer instructions to pass between bank branches and clearing centres to enable payment.

clearing house: An institution where mutual claims are settled between accounts of member depository institutions. Clearing houses among banks have traditionally been organised for cheque-clearing purposes, but more recently have cleared other types of settlements, including electronic funds transfers.

CLS: Continuous Linked Settlement (CLS) is an industry initiative that aims to significantly reduce foreign exchange settlement risk through simultaneous exchange of net currency values.

collar: A floating rate debt contract that establishes a maximum and minimum interest rate to be paid by the borrower.

commercial paper: A relatively low-risk short-term unsecured form of borrowing.

commissionaire structure: A structure in which overseas subsidiaries act as sales and distribution agents for a parent or reinvoicing centre. The subsidiary is paid a commission on sales that are invoiced by the parent directly to the end purchaser. Cash is normally collected by the “agent” and transferred to the parent in full or after deducting a commission.

confirmation matching (system): The confirmation and matching of transactions (normally treasury) usually through an external, independent system, but i t may also be done by an internal independent system or an internal treasury management system. Standing data such as the bank’s contact, name and address will be matched with the transaction details. The system will then automatically match the corporation’s transaction details with the bank’s record. The system will require a pre-defined level of authorisation to produce the confirmation, which will not require manual signature.

To be continued… (Further terms from The Glossary will be in the next editions of TMI China.)

利息合计 cash pooling: 将多个账户余额进行抵销，目的是计算净余额的利

息。与资金合流不同的是，利息合计没有实质资金转移。把利息记入一指

定总账户的借方/贷方，虽然有些企业/银行会重新分配利息。单一货币资金

合流最常见，虽然有些银行也提供交叉货币及跨境合计服务。

央行报告 central bank reporting: 很多国家规定公司向当地金融管理部门报

告跨境及货币交易的要求。可按交易或摘要报告，常由银行代表其客户作

出报告。

集中化(财务管理) centralised (treasury): 由集团财务主管负责所有财务活动的

架构。各经营公司通常因商业上的原因保留当地的有限财务职责。

存款证 certificate of deposit (CD): 银行或存款机构定期存款的一种形式。定

期存款约定到期日前不可提取，提前提取须罚扣利息。小额存款证通常由个

人购买。大额存款证常为可转让形式，意味着到期前持有人可出售或转让。

结算所自动支付系统 Clearing House Automated Payments System (CHAPS): 基

于伦敦的信贷转账/结算系统，专门处理银行同业往来线上实时大额清算

的大额电子支付业务(每项交易平均金额为200万英镑)。支付十分安全(通

过鉴定及加密)，结算(当日价值)无条件担保。CHAPS与SWIFT兼容，交易

进入系统即不可撤销。

结算所自动转账系统 Clearing House Automated Tranfer System (CHATS): 基

于香港特别行政区的结算系统。由香港银行公会控制。CHATS按实时大额

清算运作。

结算所银行同业支付系统 Clearing House Interbank Payments System (CHIPS):

基于纽约的结算系统。

净得余额 cleared balance: 客户账户中可支取的金额。

结算周期 clearing cycle: 转账指示在银行分行及结算中心间传递以完成支付

的所需时间。

结算所/交换所/清算所 clearing house: 对成员存款机构账户间债权进行结算

的机构。银行间的结算所传统上为支票结算而组建，但近年也进行其他结

算，包括电子转账。

持续联系结算 Continuous Linked Settlement (CLS): 持续联系结算是业内通过

进行同步净额交收以降低外汇结算风险的新结算方法。

(利率)上下限 collar: 浮息债务合约设定借款人须支付的最高及最低利率。

商业票据 commercial paper: 一种风险较低，短期并无担保的借款形式。

代理制 commissionaire structure: 由海外子公司担任母公司的销售及分销代

理或再开票中心的架构。销售由母公司直接开票给最终买家，子公司则赚

取销售佣金。现金通常由「代理」托收并全额或扣除佣金后转给母公司。

确认对账(系统) confirmation matching (system): 对账确认一般通过外部独立

系统进行，也可通过内部独立系统或内部财务管理系统进行。银行联系丶

姓名及地址等资料会与交易详情配对，该系统然后自动将公司的交易详情

与银行记录配对。该系统须预先设定的授权层级进行确认，毋须人手签署。

待续

(词汇表中更多用语将在今后几期《TMI中国》杂志中刊登。)

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TMI 中国第二期 32

convertible security: A bond or preferred stock that the holder can convert into new stock instead of obtaining repayment.

corporate treasury associations: Finance and Treasury Association Ltd (Australia); Hong Kong Association of Corporate Treasurers (HK); Malaysian Association of Corporate Treasurers (MACT); New Zealand Society of Corporate Treasurers (NZSCT); Association of Corporate Treasurers (Singapore); Association of Corporate Treasurers (UK); and Treasury Management Association (US).

correspondent bank: A bank that acts as an agent for another bank, generally in a region in which it does not have a suitable presence itself.

cover: The term used to describe funds in the currency of a payment transferred between banks to support (cover) a payment order.

CRM: Customer relationship management. CRM encompasses methodologies, software and usually Internet capabilities that help an enterprise manage customer relationships in an organised way.

cut-off time: Latest time of day at which a transaction can occur to ensure standard settlement is achieved (e.g. value today).

daylight overdraft: An intra-business-day customer overdraft creating a temporary exposure to the bank providing the facility.

DPO: Days payable outstanding – the number of days on average a company takes to pay its accounts payable.

DSO: Days sales outstanding – the number of days on average a company takes to collect its accounts receivable.

debenture: An unsecured long-term loan taken by a company, usually with a maturity of 15 years or more. Debentures are marketable securities.

debit card: A card that resembles a credit card but which debits a transaction account (cheque account) with the transfers occurring contemporaneously with the customers’ purchases. A debit card may be machine-readable, allowing for the activation of an automated teller machine or other automated payment equipment.

decentralised (treasury): A structure where day-to-day treasury activities are managed at the operating company level, rather than at the group level. In practice, there is usually a split of responsibilities between the group treasury and the operating units.

delivery versus payment (DVP): The standard method of settling securities transactions whereby delivery of the security is made on the same day as the payment.

demand deposit: A deposit payable on demand.

deposit reconciliation: A service that enables deposits from multiple locations, being credited to a single corporate account, to be identified and reported. Also known as branch consolidation services.

derivatives: Instruments that are valued according to the expected price movements of underlying assets, which may be commodities, currencies or securities.

Glossary IICash and Treasury Management

词汇表 (二)资金及财资管理

可转换证券 convertible security: 一种债券或优先股，持有人可将其转换成新

股，而非取得偿还款项。

企业财务主管协会 corporate treasury associations: 企业财务主管协会包括:澳

大利亚财务主管协会；香港企业司库协会；马来西亚企业财务主管协会; 新

西兰企业财务主管协会；新加坡企业财务主管协会；英国企业财务主管协

会；及美国财务管理协会。

代理银行 correspondent bank: 为其他银行代理业务的银行，通常其本身在某

地区未建立适当业务规模。

保证金 cover: 支持(保证)付款委托书的银行间转账支付货币资金。

客户关系管理 Customer relationship managment (CRM): 客户关系管理，包括

方法丶软件及以互联网能力，协助企业有系统地管理客户关系。

截止时间 cut-off time: 一天中可发生交易的最晚时间，以确保标准结算可

完成(如当日交收)。

当日透支 daylight overdraft: 营业日内客户透支，对提供透支银行造成暂时

的风险。

应付账款支付天数 days payable outstanding (DPO): 一家公司支付其应付账

款平均所需天数。

应收账款回收天数 days sales outstanding (DSO): 一家公司回收其应收账款

平均所需天数。

企业债券 debenture: 企业发行的无担保长期债券，通常债期在15年以上，属

于流通证券。

借记卡 debit card: 借记卡与信用卡相似，但记入交易账户(支票账户)借方,

转账与用户购物同时发生。借记卡可机器阅读，从而促进自动柜员机或其

他自动支付装置普及化。

分散化(财务管理) decentralised (treasury): 日常财务活动由经营公司层面管

理而不是由集团层面管理的架构。实践中，集团财务与营运单位通常有职

责分配。

券款对付 delivery versus payment (DVP): 证券交易结算标准方法，指证券交

收与款项支付在结算日同步进行。

活期存款 demand deposit: 可即付存款。

存款调节对账 deposit reconciliation: 一种服务，可将来自多个地点记入单一

企业账户贷方的存款分列及报告，也称分行合并服务。

衍生产品 derivatives: 根据相关资产(可以是商品丶货币或证券)在预期价格

变化估值的金融工具。


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DES-based security: Data encryption standard – used to secure data transmitted electronically.

digital signature: A digital signature can be used to authenticate the identity of the sender of an electronic message. The signature will be different for each message or document being signed.

direct debit: A means of authorising recurring payments (e.g. mortgage or insurance payments) to be drawn on an account.

double taxation agreement: A treaty between two countries to ensure that residents are not doubly taxed on the same source of income in more than one country.

draft: An instrument drawn on a bank that cannot be dishonoured due to lack of funds (e.g. it is guaranteed). Drafts can be negotiable or non-negotiable.

e-banking: Electronic banking – an application supplied by a bank to support the transmission of information, payments, advice, etc. by electronic means to or from a customer.

e-cheque: An electronic version of a paper cheque that uses the same legal and business protocols associated with traditional paper cheques and can be used in similar transactions.

e-commerce: Electronic commerce – the exchange of business information from one organisation to another in an electronic format in some mutually agreed standard.

e-procurement: This is the automated buying and selling of goods and services between qualified corporate users over the Internet.

EAI: Enterprise application integration – technologies designed to help integrate the different data and business processes among networked applications in an organisation.

EBPP: Electronic bill presentment and payment – the invoicing and payment process for consumers in B2C applications.

EDI: Electronic data interchange – any system used to exchange business data electronically that avoids manual re-keying and eliminates paperwork.

EDIFACT: EDI for administration, commerce and transport. It is the standard adopted by the United Nations for business messages, and is managed by SWIFT.

EFT: Electronic funds transfer – a payment in which the payer sends a payment instruction to a bank by electronic means. The payment is then made automatically by the bank using SWIFT or a similar domestic system. Fixed format counterparty lists are often used to speed up regular payments.

EFTPOS: Electronic funds transfer at point of sale.

EIPP: Electronic invoice presentment and payment – the invoicing and payment process between businesses in B2B applications.

EMU: European Monetary Union.

encryption: A process that “scrambles” a message so that it cannot be read by someone who may intercept it.

enterprise-wide systems: Systems that span an entire organisation, providing end-to-end functionality.

数据加密标准 data encryption standard (DES): 数据加密标准，用于电子传

输数据保安。

数码签名 digital signature: 可用于鉴定电子信息发送人的身分，而每一信息

或文件可有不同的签署。

直接扣账 direct debit: 授权在账户中扣除经常性付款(如按揭或保费支付)

的一种方式。

避免双重征税协定 double taxation agreement: 两个国家为确保居民同一收入

来源不被双重征税签订的协定。

汇票 draft: 银行开出的票据，不能因缺乏资金而拒付(即获得保证)。汇票有

可转让与不可转让之分。

电子银行 e-banking: 银行提供的应用服务，支持通过电子渠道与客户间进行

信息(支付)通知等的传输。

电子支票 e-cheque: 纸质支票的电子版，采用与纸质支票同样的法律及商业

协定，可用于同样的交易。

电子商贸 e-commerce: 一机构与另一机构按互相商定的标准以电子方式交换

商业信息。

电子采购 e-procurement: 合格企业用户在互联网上进行货品与服务的自动

化买卖。

企业应用整合 enterprise application integration (EAI): 帮助机构把网络应用中

的不同数据及业务流程进行集成的技术。

电子账单呈递与支付 electronic bill presentment and payment (EBPP): 指B2C应

用中，为消费者开出账单进行支付的电子化流程。

电子数据交换系统 electronic data interchange (EDI): 用于商业数据电子化交

换，可免去人工操作重复输入数据及文书工作。

行政丶商业及运输电子数据交换 EDI for administration, commerce and transport

(EDIFACT): 行政丶商业及运输电子数据交换是联合国采纳的商务信息传输

标准，由SWIFT管理。

电子转账 electronic funds transfer (EFT): 付款人以电子工具将付款指示发送

至银行，而银行利用SWIFT或当地类似系统自动完成支付，常采用固定格

式对方清单以加快定期付款。

POS机电子转账 EFT at point of sale (EFTPOS): POS机电子转账。

电子发票呈递与支付 electronic invoice presentment and payment (EIPP): 指B2B

应用中，商户间开出发票及进行支付的电子化流程。

欧洲货币联盟 European Monetary Union (EMU): 欧洲货币联盟。

加密 encryption: 将信息扰乱，使可能截取信息者无法阅读的一种处理方法。

全企业管理系统 enterprise-wide systems: 覆盖整个机构，提供终端对终端

功能的管理系统。

TMI_Jul09.indb 33 7/24/2009 10:55:54 AM


ERP: Enterprise resource planning systems are accounting-oriented information systems for identifying and planning the business-wide resources needed to handle all aspects of customer orders. ERPs are designed to automate the business processes of medium and large-sized businesses.

entrusted loans: Loans for which funds have been provided by a third party, who bears the repayment risk, and the lender acts only as an administering party and receives a handling fee. Also known as entrust loans.

escrow: This is a mode of settlement for a trade that requires the keeping of monies in trust by a third-party intermediary (a bank).

escrow accounts: Accounts in which conditions apply restricting access to the funds. For example, funds will be left to accumulate to pay taxes or insurance on mortgaged property.

exchange control: Regulation requiring a level of prior approval for cross-border transactions. Such approval may be delegated to major banks to simplify the process.

factoring: A finance technique in which a business sells invoiced receivables at a discount to a bank or finance house (the factor) or to an internal finance company. The factor may or may not accept the incumbent credit risk.

FDI: Foreign direct investment.

Federal Open Market Committee (FOMC): In the US, a 12-member committee consisting of the seven members of the Federal Reserve Board and five of the 12 Federal Reserve Bank presidents. The committee sets objectives for the growth of money and credit that are implemented through purchases and sales of US government securities in the open market. The FOMC also establishes policy relating to system operations in the foreign exchange markets.

Federal Reserve System (Fed): The Fed is the focal point for domestic US funds movement. For cheque clearing, the Fed receives cheque deposits from depository institutions and then clears the cheque back to the drawer bank. The Fed operates FEDWIRE and is the main operator of the ACH system that clears electronic payments.

FEDI : F inanc ia l EDI – the s tandard EDIFACT fo rmats fo r communicating financial information are:• payext – payment instruction (including remittance advice);• creadv – credit advice;• payord – payment instruction;• paymul – multiple payment instructions;• bansta – bank statement information;• remadv – remittance advice; and• dirdeb – direct debit instruction.

The electronic transmission of payments and payment-related information in standard formats between company trading partners and/or their banks. FEDI includes electronic format for invoices, initiation of payments, lockbox deposit reports and remittance information sent either directly to a trading partner or processed through a financial or communications intermediary.

FEDWIRE: A nationwide US electronic payments system operated by the Fed for high-value low-volume same-day US dollar wire transfers. FEDWIRE payments are irrevocable.

financial instruments (FIs): Formal financial documents such as options, futures and other financial contracts, usually used for speculative and hedging purposes and derived from other basic assets or rates such as stocks and currency rates.

financial leverage: The ratio of long-term funds with a fixed interest charge, such as debentures, that comprise a company’s capital to its ordinary share capital.

To be continued… (For terms A to C, please refer to first issue of TMI China, further terms from

The Glossary will be in the next editions.)

企业资源计划系统 enterprise resource planning (ERP): 掌握及计划全面处理客

户订单所需全企业资源的会计信息系统，使大中型企业业务流程自动化。

委托贷款 entrusted loans: 由第三方提供资金的贷款，该第三方承担还款风

险，而放款人只作为管理方并收取手续费。

附条件交付契约 escrow: 一种交易结算方式，要求将资金交由第三方中介

(银行)托管。

第三方保管账户 escrow accounts: 附带条件交付账户，例如资金保留在账户

内，以累积的资金支付抵押财产的税款或保费。

外汇管制 exchange control: 一种监管制度，要求跨境交易须由某一级别的事

先批准。这类批准权可能下放给主要银行以简化程序。

应收账款出售 factoring: 企业将应收账款以折价出售给银行或金融机构

(应收账款收购商)或内部财务公司。应收账款收购商可能接受或不接受其

中的信贷风险。

外商直接投资 foreign direct investment (FDI): 外商直接投资。

联邦公开市场委员会 Federal Open Market Committee (FOMC): 美国的12人委

员会，包括七名联邦储备局成员和12家联邦储备银行中的五名行长。该委

员会通过在公开市场买卖美国政府债券，订立货币及信贷的增长目标，并

制订与外汇交易市场系统运作相关的政策。

联邦储备系统 Federal Reserve System (Fed): 联邦储备系统是美国国内资金转

移的汇集点。在支票结算方面，联邦储备系统接受存款机构的支票存款,

然后向出票银行结算支票。联邦储备系统经营FEDWIRE，是电子支付结算

ACH系统的主要经营者。

金融电子数据交换系统 Financial EDI (FEDI): 金融信息交流的标准EDIFACT

格式为：

• payext －付款指示(包括汇款通知)；

• creadv －存款通知；

• payord －付款指示；

• paymul －多项付款指示；

• bansta －银行结单信息；

• remadv －汇款通知；及

• dirdeb －直接扣款指示。

以标准格式进行公司交易伙伴及/或其银行间支付和与支付有关的信息的

电子化传输。FEDI包括发票丶发出付款指示丶收款箱存款记录及汇款信息

的电子化格式。可直接发送给交易伙伴或通过金融或通信中介机构处理。

FEDWIRE: 由联邦储备系统经营的全美电子支付系统，负责进行当日少量大

额美元电汇。FEDWIRE支付不可撤销。

金融工具 financial instruments: 正式金融合约，如期权丶期货及其他金融合

约，通常用于投机及对冲目的，由其他基本资产或汇率如股票及货币汇率

衍生而来。

财务杠杆 financial leverage: 构成公司资本的带固定利息费用的长期资金(如

公司债券)与公司普通股本的比率。

待续

(词汇表中A至C已刊登在上一期的《TMI中国》杂志, 更多用语将在今后几期中刊登。)

TMI_Jul09.indb 34 7/24/2009 10:55:56 AM

TMI 中国第三期 34

float: The elapsed time from the date an asset or liability is incurred until its final settlement (e.g. the money represented by cheques in transit between deposit and payment). Float can be broken down as follows:• billing float;• mail float;• internal processing float;• collection float (availability and presentation float); and• advice float.

foreign currency account: An account held in a currency that is not the local currency in the country in which the account is held.

foreign exchange transactions: Purchase or sale of the currency of one nation with that of another. Foreign exchange rates refer to the number of units of one currency needed to purchase one unit of another, or the value of one currency in terms of another.

forward exchange: A type of foreign exchange transaction whereby a contract is made to exchange one currency for another at a fixed date in the future at a specified exchange rate. By buying or selling forward exchange, businesses protect themselves against a decrease in the value of a currency they plan to sell at a future date.

futures: An agreement to buy or sell a particular commodity, currency or security for delivery at a fixed date in the future at a fixed price.

gateway: A bank that is a full member of a clearing system and which acts as the point of access for non-member banks to submit and receive payments.

giro systems: Centralised payments systems, common in Europe, generally operated by the postal service using direct debits and credits. In many cases a term analogous to ACH. An international giro network exists for payments between national giros.

good value: This is the availability of funds for use (e.g. a deposited cheque only provides good value once it has cleared and the funds may be withdrawn).

group treasury: The finance function with overall responsibility for treasury activities within a group of companies, including any regional or in-country treasury operations. Responsibilities will vary depending on whether the treasury function is centralised or decentralised.

GYK: Japan’s Gaitame yen settlement system – for paying yen-denominated international payments. (See ACH.)

hedging: The use of techniques or instruments to reduce existing exposure to price, interest rate and/or foreign currency movements. The effectiveness of a hedge is measured in terms of the residual gain or loss that results from a rate, price or currency movement after taking account of any hedging.

Herstatt risk: The risk of loss in the capital value of a currency transaction, where one side of the bargain is completed, but completion on the other side is delayed.

IMF: International Monetary Fund.

in-house bank: An internal treasury function that acts as a main counterparty for other group companies (e.g. FX and funding).

Glossary IIICash and Treasury Management

词汇表 (三)资金及财资管理

在途期 float: 资产或负债发生日至最终结算日用去的时间(如交换支票款存

入至支付之间的时间)。在途期可分为：

• 出票在途期；

• 邮寄在途期；

• 内部处理在途期；

• 托收在途期(收妥及提示在途期)；及

• 通知在途期。

外币账户 foreign currency account: 非本国货币账户。

外汇交易 foreign exchange transactions: 用一国货币买卖另一国货币。汇率是

指买入另一货币单位的价格，或指一种货币相对另一货币的价值。

远期外汇 forward exchange: 一种外汇交易类别，是一种货币在未来一固定

日期按一约定汇率换取另一货币的合约。通过买卖远期外汇，企业可防止

其计划在未来某一日期卖出的货币贬值。

期货 futures: 在未来一固定日期按约定价格交收的某特定商品，货币或证

券的买卖合约。

门户 gateway: 一结算系统正式成员银行作为非成员行交收付款的营业点。

行间直接转账系统 giro systems: 欧洲常见类似ACH的中央支付系统，通常

由邮政服务部门经营，采用直接扣款/存款方式，并有国际网络处理国与

国系统间的支付业务。

有效价值 good value: 指可用资金价值(如存款支票只有结算后及现金可支取

后才有有效价值)。

集团财务 group treasury: 全面负责集团公司财务活动(包括地区或一国内财

务运作)，职责会根据集中化或非集中化而有所不同。

GYK: 日本的Gaitame日元结算系统，处理日元面值国际支付业务(见上述

ACH)。

对冲 hedging: 利用各种方法或工具降低价格丶利率及/或汇率变动风险。

对冲效益以对冲后价格丶利率或汇率变动导致的剩余收益或亏损衡量。

赫斯特风险 Herstatt risk: 一方交易已成交而另一方延误成交导致的货币交

易资本价值亏损风险。

国际货币基金组织 International Monetary Fund (IMF): 国际货币基金组织。

内部银行 in-house bank: 一种内部财务职能，主要面对其他集团公司(如外汇

及资金提供)。


TMI China 3.indb 34 8/27/2009 10:22:13 AM



interbank market: The part of a money market in which banks lend to each other and to large financial institutions, usually for very short periods and often overnight.

interest rate swap: The exchange between counterparties of a fixed interest rate and floating interest rate in a single currency.

interface, host-to-host: The method of establishing a connection between two or more computing environments. Host-to-host interface popularly refers to a process wherein mainframe computers exchange data to each other. Such environments are typically used for global and high-volume applications, and often require customisation to be able to interface with other systems.

intranet: A closed network based on Internet protocols belonging to an organisation, usually a corporation, accessible only by the organisation’s members, employees or others with authorisation. Like the Internet itself, intranets are used to share information and intranet web sites look and act just like those on the Internet.invitation to tender (ITT): Cash management industry standard terminology for the document prepared by a company and issued to one or more banks detailing their cash management requirements. (See also RFI and RFP).

ISDN: In tegrated speech and data network – operated by elecommunications companies for rapid transmission of data.

LAN: Local area network (linking computers).

leading and lagging: A tax-efficient technique enabling cash-rich companies in a group to “lead” intercompany settlements to those companies in a deficit position to avoid using short-term borrowing facilities. Conversely, cash-poor companies may “lag” payments to companies in the group that have a positive cash flow position.

LIBOR: London interbank offered rate (also HIBOR, Hong Kong interbank offered rate; JIBOR, Jakarta interbank offered rate, etc.). The interest rate quoted by banks for lending to other prime banks. It varies constantly and is the recognised basis for calculating a floating interest rate, usually agreed as LIBOR plus a spread. LIBOR rates are quoted for a number of currencies. London interbank bid (LIBID) is the rate at which the banks will take deposits.

lifting charges: Transaction costs associated with the movement of funds calculated as a percentage of the transaction value (particularly prevalent in Germany).

liquidity risk: The risk that an entity may not have the funds available to meet its cash flow needs and will be unable to meet its debt obligations.

lockbox: A collection service in which a post office box is maintained in the name of a customer but operated by a bank. Cheques and, increasingly, trade documents or payment instructions, are deposited in the “lockbox”, collected by the bank, and processed by staff at the bank. Customers receive details of the items deposited in electronic or hard copy format. Services include retail and wholesale, domestic and international lockbox.

m-commerce: Mobile commerce – electronic commerce conducted between mobile applications.

MEPS: MAS Electronic Payments System – the high-value real-time gross settlement system used in Singapore.

MICR: Magnetic ink character recognition – used in the machine reading of a special print in magnetic ink using a magnetic head. MICR is commonly used to read the bank information printed on the bottom of cheques.

MIS: Management information system – used to provide banking information to clients, allowing them to monitor their cash position.

银行同业市场 interbank market: 货币市场一部分，其中银行同业间及向大型

金融机构拆借，一般为短期拆借，通常为隔夜放款。

利率互换交易 interest rate swap: 一方与另一方就某单一货币的固定利率和

浮动利率进行互换。

主机到主机连接 interface, host-to-host: 两个以上计算机环境进行连接的方

法。主机到主机对接通常指主机型计算机相互间交换数据「对话」的程序。

该等环境一般作全球及高用量应用，需要经定制使之能与其他系统连接。

内联网 intranet: 基于互联网协定，属于一个机构，通常为一个企业的封闭型

网络，只有该机构成员丶员工或其他获准人士可进入。同互联网一样，内联

网用于共享信息，内联网网站外观及功能也与互联网无异。

招标 invitation to tender (ITT): 资金管理业标准术语，指公司准备的文件, 发

给一家或多家银行，详述其资金管理要求(见RFI及RFP)。

综合语音及数据网络 integrated speech and data network (ISDN): 由电信公司

经营，用于高速数据传输。

局域网 local area network (LAN): 连接各计算机的区域网络。

提前及延后结算 leading and lagging: 一种减轻税务负担的方法，让集团中现

金充裕的公司「提前」完成与现金短缺公司间的结算以避免使用短期借贷。

相反，现金短缺公司可延后支付集团内现金头寸充裕的公司。

伦敦银行同业拆借买价利率 London interbank offered rate (LIBOR): 伦敦银行同

业拆借买价利率(HIBOR是香港银行同业拆借买价利率；JIBOR为雅加达银行

同业拆借买价利率等等)，是放款银行向其他优等银行提供的利率，该等利

率不时变动，是计算浮动利率的公认基准，通常协定为LIBOR加息差。有多

种货币的LIBOR利率，London interbank bid (LIBID)则是银行吸收存款利率。

转账费 lifting charges: 与资金转移有关的交易费，以交易值百分比计算(在

德国尤其流行)。

流动风险 liquidity risk: 一个体无可用资金满足现金流需求及不能履行债务

责任的风险。

收款箱 lockbox: 以客户名义登记，由银行经营的邮箱收款服务。支票及日

渐增多的交易文件或付款指示投入「收款箱」后，由银行收妥并由银行职

员处理，客户收到电子或打印文件格式的投入收款箱项目记录。服务包括

零售及批发丶国内及国际收款箱。

移动商贸 m-commerce: 移动应用装置间进行的电子商贸。

MAS电子支付系统 MAS Electronic Payments System (MEPS): 新加坡采用的

实时大额清算系统。

磁性油墨字符辨识 magnetic ink character recognition (MICR): 利用磁头对磁

性油墨印出的特殊字符进行机器阅读的方法，常用于读取印在支票底部的

银行信息。

管理信息系统 management information system (MIS): 用于为客户提供银行信

息的系统，使客户能掌握其现金状况。

TMI China 3.indb 35 8/27/2009 10:22:13 AM


money market: The short-term (less than one year) liquid market for high-quality instruments. In free jurisdictions, instruments are available in domestic and euro-market form, so characteristics may be different.

multibank reporting/payments: Electronic banking facility in which the proprietary electronic banking system of one bank is available for delivering or receiving messages to/from third-party banks.

multicurrency account: An account that allows for the transfer of payments (including cheques drawn) in any readily convertible currency to and from designated account.

multilateral netting: A system in which trade obligations among participating subsidiaries of a group are netted so that each participant pays or receives only the net amount of its inter-company sales and purchase.

net present value (NPV): The value of a project’s cash flows discounted at the weighted average cost of capital or an appropriate discount rate.

net worth: The book value of a company’s common stock, surplus and retained surplus.

netting: A system that reduces the number of cross-border payments/foreign exchange transactions among units of a company either through the elimination or consolidation of individual funds flow. There are two types of netting: bilateral and multibilateral.

nostro account: A bank account conducted with a bank in another country in the currency of that country.

OECD: Organisation for Economic Cooperation and Development.

off balance sheet: Financing that is not shown as a liability in a company’s balance sheet.

offshore financial services centre: An environment permitting the establishment of financial operations (e.g. treasuries, finance companies) where regulations are usually freer than normal and taxes on income are lower (e.g. Interntaional Financial Service Centre, Ireland; BCC, Belgium; Offshore Banking Centre Labuan, Malaysia).

OHQ: Operational headquarters – the structure under which regional coordination centres and management centres are established in Singapore and Malaysia.

option: An option provides the holder with the right, but not the obligation, to buy or sell an underlying bond, equity, currency, or commodity, or to receive a payment based on the movement of such underlying interest. The holder of the option pays a premium for this right.

overdraft: A negative balance on a current account. Certain countries do not allow overdrafts (e.g. the US). Others distinguish between casual overdrafts (penal pricing) and arranged/advised overdrafts (planned pricing).

overlay: An additional layer of bank accounts between operating company local accounts and group treasury established with a global cash management bank to facilitate central cash management for a group of companies. There are a number of different ways to structure overlay accounts.

per mille charge: Transaction charge by banks to their most credit-worthy customers. A benchmark rate for lending.

PKI: Public key infrastructure – PKI enables the users of public networks such as the Internet to communicate with each other in a secure manner.

PVP : Payment versus payment – a standard method of simultaneous settlement in foreign exchange markets.

To be continued… (For terms A to F, please refer to first and second issue of TMI China, further

terms from The Glossary will be in the next editions.)

货币市场 money market: 短期(一年以下)优质金融工具流通市场。在自由司法

辖区，金融工具有本地及欧洲市场形式，因此特点可能不同。

多银行报告/支付 multibank reporting/payments: 一家银行的专有电子银行系

统，可与第三方银行发送或收取信息的电子银行设施。

多币种账户 multicurrency account: 允许以任何可兑换货币与指定账户进行支

付互转(包括支票提款)的账户。

多边抵冲 multilateral netting: 集团参与子公司间交易债务进行抵冲，使每一

方只支付或收取公司间买卖净额的制度。

净现值 net present value (NPV): 项目现金流按加权平均资本成本或适当折现

率折现的价值。

净值 net worth: 公司普通股丶盈余及保留盈余的账面值。

净额结算 netting: 通过消除或合并各单位资金流以减少公司各单位之间跨境

支付/外汇交易的制度。有两种净额结算：双边及多边。

国外同业账户 nostro account: 指银行以其往来银行或代理行所在国货币开

立之账户。

经济合作与发展组织 Organisation for Economic Cooperation and Development

(OECD): 经济合作与发展组织。

资产负债表外 off balance sheet: 在公司资产负债表内不作为负债的融资。

离岸金融服务中心 offshore financial service centre: 容许建立金融业务(如财

务管理丶财务公司)的一种「本地」环境，通常监管较正常情况的自由，所

得税较低(如爱尔兰的 International Financial Service Centre，比利时的 BCC, 马

来西亚拉布安的 Offshore Banking Centre)。

营运总部 operational headquarters (OHQ): 在新加坡及马来西亚建立地区协调

中心及管理中心的架构。

期权 option: 为持有人提供买入或卖出相关债券丶股票丶货币或商品，或

收取基于该等相关权益变动的付款的权利，而非责任。期权持有人为该权

利支付溢价。

透支 overdraft: 活期账户的负结余。某些国家不允许透支(如美国)，其他国

家则有意外透支(惩罚价)和安排/通知透支(计划价)之分。

覆盖账户 overlay: 经营公司的本地账户和集团财务之间附加的一层银行账

户。在全球资金管理银行开立，为便于集团公司集中资金管理，有多种不

同方法设计覆盖账户结构。

Per mille charge: 银行向其资信度最佳客户收取的交易费，是放款的基准费率。

公共密钥基础设施 public key infrastracture (PKI): 公共密钥基础设施使公共

网络如互联网用户相互间能安全地通信。

同步结算 payment versus payment (PVP): 外汇市场进行同步结算的标准方法。

待续

(词汇表中A至F已刊登在第一、二期的《TMI中国》杂志, 更多用语将在今后几期中刊登。)

TMI China 3.indb 36 8/27/2009 10:22:16 AM

TMI 中国第四期 32

portals: In a B2B context, portals may be commonly described as electronic meeting places, or exchanges, for companies to transact business, access information, and interact with the various participants in the community. Portals may be generalist in nature, or they may exist to fulfil a particular set of needs. Horizontal portals typically serve the functional needs of a broader community, whereas vertical portals cater to the specialised needs of a particular industry.

real-time: There is an increasing demand for real-time applications that reflect changes in an environment back to the user almost as they occur. This is especially important in treasury and cash management where users need to immediately know about changes, so that a financial position may be hedged or advanced.

reconciliation, automated: Corporates are increasingly concerned about automating the reconciliation process, such that all outstanding transactions are reconciled in a straight-through processing (STP) manner and on an intra-day basis. As a result, discrepancies may be identified as early as possible for the sales force to follow up with clients, eventually leading to a faster application of cash. As a number of cash and treasury professionals are being measured by metrics such as days sales outstanding, they are particularly keen to hasten cash application wherever possible.

reinvoicing centre: A centre established as a focal point for inter-group and third-party currency sales. It acts as a principal by being invoiced in the seller’s currency, and reinvoicing the buyer in its home currency, thus centralising foreign exchange management/exposure.

repo: Repurchase agreement – an agreement whereby a borrower will sell a security to an investor with an agreement to buy the security back at an agreed date and price to provide the investor with a return. Reverse repo is the same transaction from the opposite viewpoint.

request for information (RFI): A document prepared by a company addressed to one or more banks, to solicit details of cash management service capabilities. Often used as a means of pre-qualifying or pre-selecting banks to whom the formal RFP or ITT will be sent.

request for proposal (RFP): A document prepared by a company, usually detailed, addressed to one or more banks, to solicit a formal response for cash management services.

reserve requirement: An obligation on a bank or other financial intermediary to maintain a specified proportion of total assets in liquid form. These can be designed to ensure solvency of banks or they can be used as a device for helping limit the creation of credit.

resident/non-resident: In cash management terms, there is an important distinction in the status of the account holder, therefore the account. Governments often apply different rules to each.

RosettaNet: A consortium of leading electronic components, information technology and semiconductor manufacturing companies working to create, implement and promote industry-wide, open e-business process standards. Its aim is to establish a common e-business language to align processes between supply-chain partners on a global basis. (See www.RosettaNet.org.)

RTC: Regional treasury centre.

RTGS: Real-time gross settlement – a method of payment settlement that eliminates the threat of settlement risk (often known as Herstatt risk) between two parties and its knock-on effect to other banks by the provision of immediate good value on payments in and out (separately).

Glossary IVCash and Treasury Management

词汇表 (四)资金及财资管理

门户网站 portals: 在B2B领域，门户网站通常指公司间进行商业交易丶获取

信息及网上社区各参与者互动的电子化聚会点，或交易场。门户网站可以

是综合性的，也可是针对某特定需求的。横向门户网站通常针对较广泛社

群的功能性需求提供服务，而纵向门户网站则为某一特定行业的专门需求

提供服务。

实时 real-time: 将环境变化即时向用户反映的实时应用功能的需求日益增

多。这在财务及资金管理中尤为重要，用户需即时了解变化，以便对资金

状况进行对冲或预付。

自动调节对账 reconciliation, automated: 企业日益关注调节对账程序自动化问

题，这样可能所有未结算的交易能在当日以电子化进行实时调节。因此, 价

差可尽早发觉，以便销售部门对客户作出跟进，达致加速现金运用。由于

不少现金及财务专业人员以营业额未结算天数等指标衡量业务表现，他们

尤其渴望尽量加快现金运用。

再开票中心 reinvoicing centre: 为集团间及第三方货币买卖建立的中心，作

为出票人收取卖方货币发票，再向买方开出其当地货币的发票，以集中进

行外汇风险管理。

回购协议 repo: 借款人将证券卖给投资者并同意于约定日期以约定价格买回

该证券，为投资者提供回报。反向回购协议是指从相反角度看的同样交易。

资料征求书 request for information (RFI): 公司准备的文件，致送一家或多

家银行，征求其资金管理服务能力的详细资料。是预选银行的一种方式。

合格者再向其发送正式RFP或ITT(见有关词条解释)。

建议征求书 request for proposal (RFP): 公司准备的文件，致送一家或多家银

行，通常较详细的征求其对资金管理服务的正式回应。

准备金规定 reserve requirement: 银行或其他金融中介机构总资产中必须维持

某一特定比例流动资金的责任，可确保银行的偿付能力，并有助限制放贷。

居民/非居民 resident/non-resident: 就资金管理而言，账户持有人的身分有重

要区分，因而账户也有重要区别。各国政府对不同账户常适用不同规定。

RosettaNet: 由主要高科技和电子企业为在业内建立丶实施和推广开放式电

子商务操作标准成立的协会。其宗旨是建立通用的电子商务语言使全球供

应链伙伴的流程保持一致(详见www.rosettanet.org)。

地区财务中心 regional treasury centre (RTC): 地区财务中心。

实时大额清算 real-time gross settlement (RTGS): 一种支付结算方法，通过对

往来支付分开提供即时有效价值，可消除买卖双方的潜在结算风险(即常说

的赫斯特风险)及其对其他银行的连锁反应。


TMI_China_4.indb 32 10/28/2009 11:40:10 AM



same-day value: A value date equal to the date on which a transaction is initiated.

SCM: Supply chain management – the management of goods, information and finances as they move from supplier to manufacturer, and to the distributor and end user.

secondary market: A market in which existing securities are traded, as opposed to a primary market, in which securities are sold for the first time.

senior debt: Debt that must be paid off before others in the case of bankruptcy.

settlement assurance: In an e-commerce environment, deals may be struck at a faster pace with increasing anonymity among buyers. This makes the certainty of payment an even more important issue. Banks that find ways to guarantee a larger portion of the payment and, at the same time, reduce the “payment up front” obligation of buyers will perform better.

settlement date: The date on which a security transaction is completed by actual exchange of securities for cash.

smart card: A microcomputer embedded within a conventional bank card used as a security device on controlling payments via electronic banking and clearing systems.

spot: The exchange of one currency for another, at the agreed current rate of exchange of one currency, normally for payment and receipt of the funds in two working days.

spread: The extra interest charge above the standard or risk-free rate to compensate for extra risk.

SSC: Shared service centre – a single unit providing common services to a number of subsidiaries. This may be a domestic arrangement or an international/regional one. The SSC performs a broad range of finance activities, including domestic and cross-border payables and receivables. Treasury may also be incorporated into such a structure. (See in-house bank.)

standing order: A written payment instruction passed to the bank by the payer. These instructions are for repetitive payments of the same value. Payments will only cease upon instruction from the payer to the bank.

STP: Straight-through processing – a process (usually payments) that is completed electronically without any manual intervention.

subordinated debt: Debt over which senior debt takes priority; in bankruptcy, subordinated debt-holders receive payment only after senior debt is paid off in full.

swap: An agreement between two businesses to exchange commodities, payments or other financial products to reduce the risk of volatile market conditions.

sweeping: See cash concentration.

SWIFT: Society for Worldwide Interbank Financial Telecommunication – a cooperative organisation established and owned by member banks to facilitate the transfer of information and payments/advice instructions between each other via a global data network. Standard formats are:• MT103 – payment instruction (customer);• MT202 – payment instruction (bank);• MT210 – advice of funds/pre-advice (customer);• MT940 – detailed bank statement information; and• MT950 – summary bank statement information.

syndicated loan: A loan made available by a group of banks in pre-defined proportions under the same credit facility in order to share the risk in a large transaction.

同日收款 same-day value: 交易发生当日作为收款日。

供应链管理 supply chain management (SCM): 指对货品丶信息及资金由供应商

到制造商，再到分销商及最终用户整个转移过程的管理。

二级市场 secondary market: 现有证券交易市场，是相对证券首次发售的一

级市场而言。

优先债务 senior debt: 企业破产时必须优先清偿的债务。

结算担保 settlement assurance: 在电子商贸环境下，各种与日益增加的匿名

买家达成的交易也越来越多，这使得支付确定性变得更为重要。能设法对

支付作出较大比例担保，同时能降低买方「预付」责任的银行较具优势。

结算日 settlement date: 证券交易中现金与证券实际完成交收的日期。

智能卡 smart card: 传统银行卡内植入微型计算机芯片作为保安装置，用于

控制通过电子银行及结算系统的支付。

即期交易 spot: 一种货币与另一种货币按定当时汇率进行的交易，通常在两

个营业日后完成资金交收。

差价 spread: 超出标准利率或无风险利率的额外利息费用，用于补偿额外

风险。

共享服务中心 shared service centre (SSC): 向多家子公司提供共同服务的单

独单位，可以是国内设置，也可以是国际/地区设置。共享服务中心处理广

泛的财务往来业务，包括本地及跨境应付账款及应收账款。财务管理也可

纳入这一架构(见内部银行)。

按期付款委托书 standing order: 付款人递交银行的书面按期付款指示，这类

定额按期付款银行只有接到付款人指示后才会停止支付。

电子化处理 straight-through processing (STP): 没有任何人为干涉，完全电子

化完成的处理(通常为支付处理)。

次要债务 subordinated debt: 清偿次序排在优先债务之后的债务。企业破产

时，次要债务持有人要在优先债务全部偿还后才能获得清偿。

互换 swap: 两家企业之间进行商品丶付款或其他金融产品互换的协定，以

降低市场波动风险。

资金转移 sweeping: 见资金合流条目。

环球银行同业金融电信协会 Society for Worldwide Interbank Financial

Telecommunication (SWIFT): 非盈利组织，由成员银行经营，使成员行之间

的信息及支付通知/指示可通过全球数据网络传递。标准格式为：

• MT103 －付款指示(客户)；

• MT202 －付款指示(银行)；

• MT210 －资金通知/预通知(客户)；

• MT940 －详细银行结单；以及

• MT950 －银行结单摘要。

银团贷款 syndicated loan: 在同一信贷安排下，由一组银行按预先约定的比

例提供的贷款，目的是分担大额交易的风险。

TMI_China_4.indb 33 10/28/2009 11:40:10 AM


systemic risk: The risk that a specific large counterparty (such as a country), a certain market or a settlement system should experience a crisis, and that there will be widespread spillover into the financial markets as a whole.

target balance: A method of cash concentration where collection and disbursement sub-accounts are swept to/from a master (concentration) account leaving a target (residual) balance at the sub-account level and an aggregated balance at the master account – also known as compensating or cap accounts.

thick client solutions: Proprietary solutions that are generally delivered through third-party (bank) software installed at a client’s office. The software and related database are located at the client’s site and file updates and new information are delivered via CD-ROM or downloaded from the provider’s web site.

thin client solutions: Typically delivered via the Internet. A thin client refers to a network computer, a low-cost computing device that works in a server-centric computing environment. Thin clients do not require state-of-the-art, powerful processors and large amounts of memory as actual software and information reside at a remote location.

transaction exposure: The income statement exposure to a change in foreign exchange rates between the time a transaction is booked and the time it is settled.

TWIST: The Treasury Workstation Integration Standards Team is a not-for-profit industry group delivering non-proprietary integration standards to facilitate an efficient, controlled and open dealing marketplace for financial instruments and commercial payments. (See www.TwistStandards.org.)

value date: The value date on which the payer is debited and the payee is credited (although these may differ if there is a float). A compensation characteristic of international cash management.

VaR: Value at Risk – an estimate of the maximum that a company can lose in a defined period under normal market conditions. It is generally based on correlation of currency rate, security price and commodity price movements.

VOIP: Voice over Internet protocol – the use of the Internet for making telephone calls.

WAP: Wireless application protocol – a technology that allows portable wireless devices to access the Internet and communicate with each other.

warrant: Option to purchase or sell (normally the former) an underlying instrument at a given price and time.

white-labelling: The outsourcing of an institution’s services to a third party, which then onsells the services to its own clients, using its own brand.

withholding tax (WHT): Tax on payments that is deducted by the payer at source and paid directly to the relevant revenue authority. Typically on interest, dividend and royalty flows, tax is for the account of beneficiary. WHT rates vary country by country.

working capital: A company’s investment in short-term assets such as cash, inventories, marketable securities and accounts receivable.

Zengin System: The Japanese nationwide domestic funds transfer system – automated, with the payee being credited on the same day, although bank settlement occurs the following day.

zero balance accounts (ZBA): A method of cash concentration whereby collection and disbursement sub-accounts are swept to or from a “header” or master account to leave a zero balance at the sub-account level and an aggregated balance on the master account.

(For terms A to P, please refer to the last 3 issues of TMI China.)

系统风险 systemic risk: 指某一庞大的交易对手(如一个国家)丶某一市场或

某一结算系统一旦遇到危机且会对整个金融市场造成广泛影响的风险。

目标余额 target balance: 一种资金合流方法，资金在各收款及支付分账户与

一总(集中)账户间资金转移，在分账户层面留下目标(剩余)余额，而总计余

额则放在总账户中，也称作补偿或上限账户。

复合型用户解决方案 thick client solutions: 通过在客户办公室安装的第三方(

银行)软件，提供专用解决方案。该软件及相关数据库设于客户公司内，文

件更新及新信息通过CD-Rom或从供应商网站下载提供。

精简型用户解决方案 thin client solutions: 通常通过互联网提供，精简型用

户指网络计算机，是在以服务器为中心的计算机环境下工作的低成本计算

装置。精简型用户不需要先进的大功率处理器及大容量存储器，因实际软

件及信息均设于别处。

交易风险 transaction exposure: 指损益表在交易入账与交易结算这段时间内

面对的汇率变动风险。

财务终端整合标准组 The Treasury Workstation Integration Standards Team

(TWIST): 财务终端整合标准组是非盈利行业团体，其目的是为金融工具交

易和商业支付建立非专有整合标准。该组织对金融市场参与者和服务供应

商开放(详见www.twiststandards.org)。

收款日 value date: 款项记入付款人借项及收款人贷项的日期(若有在途期则

可能有所不同)，是国际资金管理的一种补偿特点。

风险值 value at risk (VaR): 一家公司在限定时期内，及正常市况下的最大亏

损预测，通常根据货币汇率丶证券价格及商品价格变动相关因素进行估算。

网络电话 voice over Internet protocol (VOIP): 利用互联网进行电话通讯。

无线应用协议 wireless application to protocol (WAP): 使手机装置能上网的

一种通讯技术。

认股权 warrant: 按约定价格及时间买卖(通常为前者)相关金融工具的期权。

white-labelling: 将一个机构的服务外包给第三方，然后第三方用自己的品牌

将服务转售给自己的客户。

预扣税 withholding tax (WHT): 由付款方扣除后直接付给相关税务当局的付

款涉及税项。利息丶股息及专利权使用费，通常向受款人征税。预扣税税

率每一个国家都不相同。

营运资本 working capital: 一家公司在短期资产如现金丶存货丶可买卖证券

及应收账款等投放的资金。

日本全国国内转账系统 Zengin System: 自动化转账系统，银行结算为交易发

生次日，但有关款项在交易发生当日即记入收款人贷项。

零余额账户 zero balance accounts (ZBA): 一种资金合流方法，将收款及支付

分账户(零余额账户)金额转移至一总账户，在分账户层面留下零余额，总

计余额则放在总账户内。

(词汇表中A至P已刊登在首三期的《TMI中国》杂志。)

TMI_China_4.indb 34 10/28/2009 11:40:13 AM

chinese finance glossary

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