Definition: Exchange


From the official doc, an Exchange is :

The entity/service that gives out digital cash in exchange for some other means of payment.

In some contexts, using “Issuer” could also be appropriate. When showing a balance breakdown, we can say “100 Eur (issued by”. Sometimes we may also use the more generic term “Payment Service Provider” when the concept of an “Exchange” is still unclear to the reader.

From What is an Exchange, Banking and Exchanges interrogations :

[…] when using Euro or other CBC (Central Bank Currencies), there are legal rules and norms that need to be respected. At European level, an e-Money Issuer (EMI) license is at least required, or a Banking license. Depending on the country, additional specific regulations apply.
Therefore, an Exchange usually is a bank but is not necessarily one.