A transformation, in general, is just a function: y= f(x) "transforms" x to y. In linear algebra at least, a transformation usually means a linear transformation: f(ax+ by)= af(x)+ bf(y). I don't you can use the terms "direct" and "inverse" transformation without more specification. If I start with the transformation f, then its inverse function, f-1(x) is its "inverse transformation" and I guess one would call f the "direct transformation". Of course, one could as easily think of g(x)=f-1(x) as the "direct transformation" and its inverse, g-1(x)= f(x), would be its "inverse transformation".
I don't see what "generating function" has to do with a "transformation".
In general, if you have a sequence of numbers (such as the moments of a probability distribution), then the generating function is the function whose Taylor series has those numbers as coefficients.