Glossary
Access TokenAn access token is a digital key that allows access to specific resources or services online. It is commonly used for authentication and authorisation. When a user or application requests… More
Account Information Service (AIS)Account Information Service (AIS) is a financial service used by third-party providers to access a user’s financial information from multiple banks and institutions. AIS providers give an overview of things… More
Account Information Service Provider (AISP)Regulated Account Information service provider (AISP) offers Account Information Service (AIS). They help users manage their finances by blending account information from various banks and financial institutions in one interface. More
Account Servicing Payment Service Provider (ASPSP)Account Servicing Payment Service Provider (ASPSP) is a financial institution that provides and maintains payment accounts for customers. More
Account Takeover FraudOccurs when a fraudster gains unauthorized access to a victim’s bank account, often through phishing scams, and makes unauthorized transactions or withdrawals. More
Account VerificationAccount verification is the process of confirming the authenticity and accuracy of financial accounts. It involves checking ownership, balances, and account information. This is important for secure transactions and regulatory… More
Account-to-Account (A2A)Payments that involve the transfer of funds between two accounts owned by a single party. More
Accounts Payable (AP)Amounts due to vendors or suppliers for goods or services received that have not yet been paid for. More
Accounts Receivable (AR)Amounts owed for goods or services delivered that have not yet been paid for. More
ACH AuthorizationAn originator must obtain authorization from a receiver to originate one or more entries to the receiver’s account. More
ACH CreditA transaction pushing funds into an account (e.g., payroll direct deposit). More
ACH DebitA transaction pulling funds from an account. More
ACH ReturnA credit or debit entry initiated by a Receiving Depository Financial Institution (RDFI) or ACH Operator that returns a previously originated credit or debit entry to the Originating Depository Financial… More
ACH Reversal A credit or debit entry that reverses an erroneous entry. Must be transmitted to or made available to the RDFI within five banking days following the settlement date of the… More
Active Cyber AttackAn active cyber attack is perpetrated by an intentional threat source that attempts to alter a system, its resources, its data, or its operations. More
Acumen FundAcumen is a $64 million charitable fund which raises charitable donations to invest into companies, leaders, and ideas who tackle poverty in developing countries. The fund operates like a venture capital… More
Address Verification Service (AVS)A security service that checks the street address and zip code against the data on file with the issuer at the time of a card not present transaction. Certain responses… More
AlgorithmAt its most general level, an algorithm is a finite, deterministic, and effective problem-solving method suitable for implementation as a computer program. In modern equity and debt markets, many problems are solved… More
AltcoinAltcoins are alternative cryptocurrencies to bitcoin. Examples of altcoins include ripple, zcash, monero and dash. Altcoins can differ from Bitcoin in a number of ways. Some have a different economic model or a different… More
Alternative FinancingFinancing options that fall outside of the traditional product stack offered by big banks. More
Alternative lendingAlternative lending is a non-traditional method of providing loans or credit. This includes peer-to-peer lending platforms, online lenders, and crowdfunding. Alternative lending has more flexible terms compared to traditional banks,… More
Analytics SpecialistsThese are individuals with a high degree of competency in analytical skills with using data to conduct a structured report, utilizing Big Data Analytics, Tableau Software, SQL, SPSS, and SAS. More
Annual Percentage Rate (APR)Refers to the yearly interest generated by a sum charged to borrowers or paid to investors. More
Anti-money laundering (AML)Anti- Money Laundering Laws are intended to prevent criminals from disguising the origin of illegally obtained funds and make them look like legitimate income. More
Anti-Money Laundering Directive (AMLD)Anti Money Laundering Directive (AMLD) is a European Union Directive intended to prevent money laundering and combat terrorism financing. It provides that obliged entities shall apply customer due diligence requirements… More
API (Application Programming Interface)Application Programming Interface (API) is a set of rules that allows different software applications to communicate and interact with each other. It enables developers to access the functionality of other… More
API BankingApplication Programming Interface used in the financial industry is known as API Banking. It allows banks and financial institutions to offer their services and make seamless integration for programmers. It… More
Apple PayApple Pay is a digital wallet that allows users to store physical cards in their e-wallet, which they can use to make payments. It’s secure, convenient, widely used and accepted… More
Application Programming Interface (API)An intermediary set of protocols that enables two applications to communicate, and allows the creation of applications that access data and features of third-party services. A computing interface that defines… More
Artificial IntelligenceAI is a ground-breaking technology that will change the shape of technology and how humans interact with it and business in general. Encompassing machine learning to make a machine ‘think’… More
ASEANThe Association of Southeast Asian Countries is a regional body encompassing ten Southeast Asian countries, which promotes intergovernmental cooperation and facilitates economic, political, security, military, educational, and sociocultural integration among… More
Asset ManagementAsset Management involves professionally managing investments and assets for individuals, institutions, or entities. Asset managers make investment decisions to maximise returns while managing risk. This service is important for individuals… More
Authentication factorAuthentication Factors are different ways a user can verify their identity, Some of the factors include something a user knows (password), something they have (mobile device) or something they are… More
Authorised Push Payment (APP) fraudAuthorised Push Payment (APP) happens when a victim gets tricked into authorising a fraudulent payment. The victim approves the payment, usually due to social engineering or deception. Unlike unauthorised transactions. More
Automated Clearing House (ACH)An electronic network that coordinates automated money transfers and electronic payments. It is a way to move money between banks without using wire transfers, paper checks, card networks, or cash…. More
Automated Market Makers (AMMs)According to Cryptopedia, AMMs ‘are part of the decentralised finance (DeFi) ecosystem. They allow digital assets to be traded in a permissionless and automatic way by using liquidity pools rather… More
Automotive financeAutomotive finance is the financing option for purchasing vehicles. These include loans, leases and other finance products found in the automotive industry. More
AvalancheAvalanche is a high-performance, scalable, customizable, and secure blockchain platform. It targets three use cases: Building application-specific blockchains, spanning permissioned (private) and permissionless (public) deployments; Building and launching highly scalable… More
Acumen Fund
Analytics Specialists
Altcoin
Algorithm
Passive Cyber Attacka passive cyber attack is perpetrated by an intentional threat source that attempts to make use of data or learn information. More
Artificial Intelligence
B2B Payments EcosystemThe B2B Payments Ecosystem is the network of financial processes and transactions in business-to-business payments. It encloses payment methods, technologies and service providers that exchange funds between businesses. More
Baas marketplace
BACSBACS (Bankers’ Automated Clearing Services) is a payment system in the UK for electronic payments, including direct debits and credits. It automates financial transactions. More
BaFin
Balance
Bancor
Bank accountA bank account is a financial account provided by a bank. It allows depositing, withdrawing, and managing funds securely. More
Bank Identification Number (BIN)
Banking as a platformBanking as a platform is when banks open up their infrastructure and services to third-party developers and businesses through APIs. This promotes innovation and allows for the development of new… More
Banking as a Service (BaaS)Banking as a Service (BaaS) is when banks provide banking services, like payments, account management, and lending, to third-party providers through APIs. BaaS allows businesses to integrate financial services into… More
Banking charter
Banking licenseA banking license is a legal permit given by regulation authorities that gives an entity authority to operate as a bank and be able to offer banking services. More
Basel
BaselBasel is a city in Switzerland, but Basel III is an international regulatory framework for banks developed by the Basel Committee on Banking Supervision in response to the 2008 financial… More IlI
Big data miningThe task of extracting useful and valuable information from massive datasets. Mining is perceived as useful because with machine learning and algorithms one can not only detect patterns, and therefore… More
Biometric
BiometricBiometrics uses special physical or behavioural traits like fingerprints, facial recognition, and voice recognition to confirm a person’s identity, adding a very strong layer of security to authentication. More
BitcoinBitcoin, a digital currency functioning on blockchain technology, Bitcoin enables direct peer-to-peer transactions, it eliminates the necessity for intermediaries like banks. serving both as a store of value and a… More
BitpesaDigital foreign exchange and payment platform for frontier markets. BitPesa was founded in November 2013 by Elizabeth Rossiello with headquarters in Nairobi, Kenya and offices and staff in Lagos, London,… More
BlockchainA decentralized ledger technology that collects information into digital “blocks” that allow for easier and cheaper sharing. Blockchain can make immediate digitally signed transfers of anything virtual or web-based with… More
Blockchain TrilemmaThe Blockchain Trilemma refers to a widely held belief that decentralized networks can only provide two of three benefits at any given time with respect to decentralization, security, and scalability More
BLOXPOBlockchain event. For more details visit their website. More
BNB Chain
Bond InversionA Bond Inversion is when short term government debt trades at a premium to long term government debt. Widely perceived as a stark warning signal of an impending recession. More
Borrower
Business-to-Business (B2B)A model where a transaction or business is conducted between one business and another, such as a manufacturer and retailer. More
Business-to-Business-to-Business (B2B2B)A model where a business indirectly sells to another business through a middleman, such as a manufacturer sells to a wholesaler who then sells to a retailer. More
Business-to-Business-to-Consumer (B2B2C)This is an indirect distribution—it is a model where a business accesses the consumer market through another business, such as IT services to bank to bank’s customers. More
Business-to-Consumer (B2C)Also known as direct-to-consumer—it is a model where a business sells products or services to customers without a middleman. More
Buy now, pay later (BNPL)Buy now pay later (BNPL) is a payment option that lets customers make purchases and delay payment until a later date, making it an increasingly popular alternative to traditional credit. More
Buy Over Time
Byzantine FaultA Byzantine fault is a condition of a computational system, specifically of distributed computing systems. This condition occurs when one or more components have failed and there is no precise… More
САРТСНА
Card Acquiring
Card IssuingCard issuing is the creation and distribution of debit and credit cards by financial institutions, it involves activities like card production, activation, and management. More
Card Scheme
Cardano
CardholderThe cardholder is the individual or entity that holds and uses the payment card. This can refer to a debit card or a credit card and can be used to… More
Cardholder present (CP) and cardholder not present (CNP)Cardholder present (CP) and cardholder not present (CNP) refer to the different transaction modes that indicate whether a cardholder is physically present at the point of sale or not. CP… More
Central Bank Digital Currency (or CBDC)The term Central Bank Digital Currency (or CBDC) refers to a digital form of a country’s national currency that is issued and regulated by its central bank. The currency sits… More
Challenger bankA challenger or neobank is the term used to define a new firm which offers alternative banking services to traditional institutions. The rise of challenger banks began in 2013, after… More
ChargebackA chargeback is a dispute resolution process that is initiated by a cardholder to start the process of reversing a credit card transaction. This occurs when a cardholder believes that… More
Check Fraud
Checkout FinancingSimilar to point-of-sale financing, which refers to installment loans that are available at the point of purchase. In-store financing refers to loans obtainable at the POS in-store, checkout financing refers… More
Chip and PINThe technology referred to as Chip and PIN is a security technology that is used in modern payment cards. It is made up of a microchip that is embedded in… More
ClassificationClassification is a supervised learning technique which requires prior knowledge of the groups involved. A dataset with correctly labelled or classified data is used as a starting block, then divided… More
Clickstream logsClickstream logs are the recording of an Internet user’s path taken as they visit various websites. Software is available to allow companies to record the clickstreams of visitors on their… More
Client MoneyThe term ‘client money’ refers to funds that are held by a financial institution on behalf of an individual client or customer. These funds are separate from an institution’s own… More
CloseThe final step of a sale wherein documents are filled out to finalize a purchase. More
Closed-Loop Payment SystemClosed loop payment systems operate without intermediaries, where the end parties have a direct relationship with the payments system. More
ClusteringBased on artificial intelligence algorithms, clusteringmethods can be used to detect anomalies in customer purchasing behaviour. Clusters are identified electronically using an iterative computer programs and grouped thematically. When incoming… More
Coders
CoinPip
Commodity Futures Trading Commission (CFTC)The mission of the Commodity Futures Trading Commission is to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation. The CFTC organization consists of the… More
Companies RegisterA companies register is an official and public database or repository where information is stored about registered companies. This can include their legal status, ownership and financial data which is… More
ComplianceCompliance is used to refer to the adherence to laws, regulations and industry standards within a specific business or financial context. Compliance can involve implementing policies and procedures to ensure… More
Comprehensive Capital Analysis and ReviewThe Comprehensive Capital Analysis and Review, or CCAR, is a US regulatory framework which evaluates the capital planning processes and capital adequacy of the largest U.S.-based bank holding companies, including… More
Consumer Duty
Consumer Financial Protection Bureau CFPBThe U.S Department of Treasury announced the creation of the CFPB in 2010. CFPB creates clear rules to implement the law and preserve choices for consumers. CFPB enforces federal consumer… More
Consumer FinancingWhen a retailer has an option for the customer to finance a product using either the retailer’s funds or the funds of a bank or lending company. Consumer financing will… More
Consumer LendingThese loans come from various places, including lending platforms and financial institutions, and provide financing for personal, family, or household purposes. More
Consumer LoansAny kind of loan that is made by a creditor to a consumer, such as mortgages, credit cards, auto loans, personal loans, or student loans. More
Consumer-to-Business (C2B)A model where consumers provide a product or service to businesses. This is a rapidly growing model and often takes the form of brand sponsorships on social media. More
Consumer-to-Consumer
(C2C)
Conversion RateThe rate at which an entity or platform is able to turn leads into buyers. More
Cookie
Core BankingThe term core banking refers to a central infrastructure and software system that is used by a bank to manage core financial functions. These functions include deposits, loans and customer… More
Corporate Spend CardA corporate spend card is a payment card that is issued to employees of a company for all business-related expenses. A corporate spend card can help to manage and track… More
Counter financing of terrorism (CFT)Counter financing of terrorism (CFT) refers to measures and strategies undertaken to prevent terrorist organisations from accessing funds to support their activities. Financial institutions and companies play a critical role… More
Creator economyA creator economy encompasses individuals, often creators of content, influencers or artists who have monetised their skills, content or creations through digital platforms and technologies. It represents a shift in… More
Credit BureauA company that collects, researches, and maintains credit information, and sells that data to lenders, creditors, and consumers in the form of credit reports. The most recognizable credit bureaus are… More
Credit CardA credit card is a form of payment card that allows a cardholder to make purchases on credit. The card works on the promise that the cardholder will repay the… More
Credit ScoreA three-digit number that represents how likely a person is to pay back a loan based on their payment history. A higher score is better. A credit score is a… More
Cross-border paymentCross-border payments are financial transactions that occur between an individual, business or financial institution who are based in different countries. These transactions can involve currency conversions and are often subject… More
Crypto ScalabilityThis refer to the scalability of use by many different users across a vast geographical area. To a lesser extent, Cryptocurrency Scalability has been said to be the ‘largest hurdle’… More
CryptocurrencyThe term cryptocurrency refers to a digital or virtual form of currency that uses cryptography for security. Cryptocurrency operates on decentralised technology, typically this is the blockchain and allows for… More
Cryptocurrency ExchangeA cryptocurrency exchange is a platform that facilitates the trading of cryptocurrencies. This allows users to buy, sell and exchange different forms of cryptocurrencies in a secure and regulated environment. More
Cryptocurrency on/off rampCryptocurrency on/off ramp refers to a service or platform that enables individual users to convert traditional currency (on-ramp) into cryptocurrencies or vice versa (off-ramp). Cryptocurrency on/off ramps serve as an… More
Current AccountA current account is also referred to as a checking account and is a basic bank account that allows an individual or business to deposit, withdraw and use funds for… More
Customer Acquisition Cost (CAC)Customer Acquisition Cost (CAC) in fintech refers to the expenses of acquiring a new customer. It includes resources and financial outlays. It is an essential indicator in the fintech industry… More
Customer Experience (CX)Customer experience (CX) refers to the overall perception and satisfaction of customers when interacting with a brand, product or service. This can encompass all touchpoints and interactions, including but not… More
Customer Lifetime Value (LTV)Customer Lifetime Value (LTV) is a key metric, representing the total expected value a customer brings to a financial technology company throughout their relationship. LTV provides insights into the long-term… More
Customer or Client Due
Diligence (CDD)
Customer Relationship
Management (CRM)
CybersecurityThe protection of computer systems from theft or damage to their hardware, software or electronic data, as well as from disruption or misdirection of the services they provide. The field… More
dapp
Data AggregatorA data aggregator is an entity or service which collects, processes and consolidates data from multiple sources into one centralised repository. A data aggregator plays a crucial role in data… More
Data Privacy
Data ResearchersThose people that gain insights from big data, and are able to establish patterns in them that can have real world uses for NGOs, private companies and governments. More
Datarama
Debit Card
Decentralized Finance (DeFi)A global, open alternative to every financial service you use today — savings, loans, trading, insurance and more — accessible to anyone in the world with a smartphone and internet… More
Decision Tree
Deposit
Deposit Account
Deposit Insurance
DevOps
DevSecOps
Digital AssetA Digital Asset is a digital representation of a real-world asset. It includes cryptocurrencies, digital tokens, digital certificates, and more. Digital assets are usually very secure and transacted using technology… More
Digital BankingDigital banking is the digital technology and online platforms that are used by financial institutions. It provides a wide range of banking services to customers and enables customers to manage… More
Digital ContentThis is any content that is placed on the digital sphere of the internet and any content held on technology devices. This is in contrast to ‘hard copies’ of data… More
Digital Cultural CommentatorThis is a job whereby through the use of powerful imagery, a complex idea can be brought across to the target audience in social media. The importance of imagery in… More
Digital currency exchangeA digital currency exchange (DCE), also known as a crypto exchange, is a marketplace which allows for the purchasing, exchanging and selling of electronic currency as a legal tender. Digital… More
Digital WalletA digital wallet is a software application that allows users to store, manage, and organise the different forms of digital currencies, this also includes cryptocurrencies and traditional fiat currencies. It… More
Digital World
Direct Debit
Disbursed Funds
Distributed Ledger Technology (DLT)Distributed ledger technology (DLT) is one innovation that has been cited as a means of transforming payment, clearing, and settlement (PCS) processes, including how funds are transferred and how securities,… More
Dodd-Frank
Dynamic LinkingDynamic linking is a feature in payment authentication processes, this is where the transaction’s details are linked to the user’s identity or device. It increases security by making sure the… More
E-money
E-money institutionAn E-money institution (EMI) is a financial entity licensed to manage electronic money. It is very important in facilitating digital payments and electronic fund transfers. More
e-payment
e-TransformationThe e-Transformation Turkey Project was launched in 2011 as part of Turkey’s commitment to join the European Union and, in particular, to leverage Turkey’s potential to become an important player… More
EFL
Electronic Identity Verification (elDV)
Embedded paymentsEmbedded payments are financial transactions seamlessly woven into non-financial applications. Examples include purchases in-app, payments for ride-sharing, and online checkout processes. More
Embedder
Employee benefitsEmployee benefits are provided by employers to employees as compensation outside of their monetary compensation. Example benefits include health insurance, pension contributions, paid time off, and other rewards designed to… More
Encryption
End-to-End PlatformA software platform that covers every step of a process. More
Endpoint
Enhanced Due Diligence (EDD)Enhanced Due Diligence (EDD) is a risk management process characterised by greater scrutiny when assessing the customers’ backgrounds, particularly in the context of anti-money laundering (AML) and Know-your-customer (KYC) regulations…. More
Environmental, social, and corporate governance (ESG)Environmental, social, and corporate governance or ESG is a set of criteria employed by organisations and investors to measure a company’s impact on the environment, social responsibility, and corporate governance… More
ESG
Ethereum
Ethical Technology AdvocateThese are people that support and speak for Technoethics, a belief that technology should be ethical in the way that it shapes society. More
European Banking Authority (EBA)A regulatory agency of the European Union (EU), The European Banking Authority (EBA) is responsible for ensuring the integrity and stability of the European banking sector. With the ultimate objective… More
European Central Bank (ECB)The European Central Bank (ECB) is the European Union’s central bank of the 19 EU countries that have so far adopted the Euro. Headquartered in Frankfurt, Germany, it was formally… More
European Economic Area (EEA)The European Economic Area (EEA) is an extension of the EU’s single market that also incorporates non-EU countries in Europe such as Iceland, Liechtenstein and Norway. The agreement provides for… More
Expenses
False Positive
FATCA
Federal Deposit Insurance Corporation (FDIC)A U.S. government agency, The Federal Deposit Insurance Corporation (FDIC) provides insurance on deposits to banks and savings associations. It safeguards the funds of the depositor in the context of… More
Fiat Currency
Financial Conduct Authority (FCA)The Financial Conduct Authority is the conduct regulator for 59,000 financial services firms and financial markets in the UK and the prudential supervisor for 49,000 firms, setting specific standards for… More
Financial crime
Financial Inclusion
Financial Institution
Financial Services Compensation Scheme (FSCS)The Financial Services Compensation Scheme (FSCS) is a programme backed by the UK government. It protects consumers by compensating them when a financial institution cannot meet its obligations and is… More
Financial Stability Board (FSB)The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. The FSB promotes international financial stability; it does so by coordinating… More
FINRA
Fintech
Fintech sandboxA FinTech sandbox or an application program interface (API) sandbox is a safe environment where innovators can safely test products in an environment which will not enfringe on any regulatory… More
First-Party Fraud
FraudFraud is defined as a deliberate and deceptive act carried out with the intent to gain an unfair or unlawful advantage. Fraud is mostly associated with deceit, misrepresentation or concealment… More
Funding Source
General Data Protection Regulation (GDPR)The General Data Protection Regulation (GDPR) is a comprehensive data protection and privacy regulation in the European Union. The regulation establishes and enforces rules for the collection, processing, and storage… More
Gig Economy
Glint
Good Funds
Google Wallet / Google PayGoogle Pay (formerly Google Wallet) is a digital payment service developed by Google. They allow users to store payment information securely; usually on a mobile device and make online and… More
GovTech
Grameen Foundation
Green Bonds
Hedge Fund
HICP
High-Net-Worth Individual (HNWI)A high-net-worth individual (HNWI) is an individual defined as having substantial wealth and financial assets. Typically a HNWI will have a net worth well above the average for the country… More
Horizontal Market
Howey Test
IBAN
ICO
ICO token
Identity and Verification (ID&V)
Identity Theft
IFRS
Impersonation Scam
Inflation
Infrastructure as a Service or laaS
Innovator
Installment LoanInstallment loans can be commercial loans or personal loans that borrowers will repay with regularly scheduled payments or installments. These are loans that are paid back on a fixed plan…. More
Instalments
Instrument
InsurTech or Insurance TechnologyInsurTech is short for Insurance Technology, this encompasses the use of technology and innovation to help improve and streamline the insurance industry and its services. This often involves the use… More
InterchangeInterchange refers to the fees paid between banks for the processing of credit and debit card transactions. It plays a crucial role in the payment card industry’s functioning. More
Interchange FeeIn credit card processing, this refers to the fees paid by the acquiring bank to the issuing bank to compensate for transaction-related costs. Card networks like Visa and Mastercard establish… More
Interest Rate
Interest-Free LoansThe borrower will not be charged any interest for the life of the loan. More
International Organization of Securities Commissions (IOSCO)The International Organization of Securities Commissions (IOSCO) is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector…. More
International Swaps and Derivatives Association (ISDA)Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has over 950 member institutions from 76 countries. These members comprise a broad… More
Internet of Things
Investment
Invoice Financing
Issuer/Issuing Bank
iZettle
Klarna
Know your Business or KYB
Kubernetes
KYC
Last-Mile Disbursements
Latitude59
Layer 1
Layer 2
Lead
Ledger
Lender
Letter of Intent (LOI)
LIBOR
Liquidity
Liveness Check
LN
Loan DisbursementLoan disbursement releases approved funds to the borrower from the lender. Disbursement transfers the loan amount to the account of the borrower. Alternatively, in some cases, funds are disbursed directly… More
Loan Orientation
Loan Origination SoftwareSoftware used by lenders to generate and service a loan in front of the borrower. More
Loan Servicing
Machine Learning
Memecoin
Merchant
Mergers
Metaverse
Micro-Enterprise
MiFID
Mirabilis
Mobile Wallet
Modular BankingModular banking refers to the banking approach whereby financial institutions are able to build and customise their banking services using modular or interchangeable components. This enhances the flexibility and scalability… More
Monetary Policy Committee (MPC)
Money Laundering Reporting Officer or MLROA Money laundering reporting officer or MLRO is an individual designated within a financial institution who is responsible for overseeing and reporting suspicious transactions and/or activities that may involve financial… More
Multi-Currency SupportMulti-currency support is the financial system or service’s ability to process transactions and hold balances in multiple different currencies. This capability is crucial for businesses and individuals who engage in… More
Multifactor AuthenticationMultifactor authentication (MFA) is a type of security process that requires its users to provide two or more separate authentication factors in order to verify their identity. These factors usually… More
NanoDeposit
Natural Language Processing (NLP)Natural language processing (NLP) is an interdisciplinary domain which is concerned with understanding natural languages as well as using them to enable human–computer interaction. Natural languages are inherently complex and… More
NEC Capital
Neobank
NormalisationA process which involves reducing data duplication to a minimum, thereby reducing storage requirements. This is an important aspect of relational database which can allow for speedier queries and an… More
OECD
Offboarding
Office of Foreign Assets Control (OFAC)The Office of Foreign Assets Control is an office in the U.S. Department of the Treasury responsible for enforcing economic and trading sanctions based on U.S. foreign policy and national… More
Offshore Banking Unit (OBU)
Onboarding
Open API
Open Banking
Open Banking Payments
Open Finance
OriginationThe process by which a consumer applies for a new loan, and the lender or card issuer processes that application. More
Originator (ACH)
Overdraft
Passive Cyber Attack
Pay in 3
Pay in 4
Payee
Payer
Payment card industry (PCI)Payment card industry (PCI) compliance refers to the adherence to security standards set by the Payment Card Industry Data Security Standard (PCI DSS). PCI is crucial for an organisation that… More
Payment Execution
Payment Fraud
Payment GatewayA payment gateway refers to the technology that allows businesses and individuals to accept electronic payments, this can include credit card transactions through their website or mobile applications. More
Payment Initiation Service (PIS)The term Payment Initiation Service (PIS) refers to a financial service that allows authorised third parties to initiate payments from a user’s bank account with their consent. More
Payment Initiation Service Provider (PISP)
Payment Rails
Payment Service Provider (PSP)A payment service provider is a third party that provides merchants the ability to accept electronic payments, enabling connectivity to financial institutions and credit card acquirers. More
Payment Service User (PSU)A Payment Service User (PSU) is an individual or business entity that uses payment services to make or receive payments. PSUs can be customers or businesses. More
Payment Services
PCI-DSSPCI-DSS are security standards designed to protect payment card data and reduce the risk of data breaches. Compliance with PCI-DSS is mandatory for organisations that handle payment card information. More
Peer-to-peer lending
Penetration testing
Personal Identification Number (PIN)A confidential individual code used by a cardholder to authenticate card ownership for ATM. More
Platform Economy
Plug-and-Play Finance
Point-of-Sale (POS)The Point of Sale is the location of the system for customers to pay for goods or services. This can include physical cash registers in brick-and-mortar stores or digital payment… More
Point-of-Sale Financing
Point-of-Sale LendingThis Is a convenient lending option that allows consumers to make purchases with incremental payments over time. POS lending may be offered by traditional banks, credit unions, or online lenders. More
Politically Exposed Person (PEP)A Politically Exposed Person or PEP is an individual entrusted with a prominent public position, other than middle-ranking or more junior officials, or who has a close association with such… More
POP (Point-of-Purchase)Occurs when a consumer check is received at a point of sale and converted into ACH immediately. More
Predicate OffenceA Predicate Offence is a criminal offence that is the basis of another offence. In money laundering cases, a predicate offence is the underlying criminal activity which generated the property… More
Prepaid Card
Primary Account Number or PANPAN or Primary Account Number refers to a unique alphanumeric code that is assigned to a payment card. These cards can include credit, debit cards or other cards that store… More
Private keyA confidential cryptographic key which is used to enable the operation of an asymmetric (public key) cryptographic algorithm. More
Proceeds of CrimeProceeds of Crime are any assets or funds that have been obtained through illegal activity. Law enforcement agencies work to confiscate and recover these proceeds to disrupt any criminal enterprises. More
Product Innovators
PSD2 (Second Payment Services Directive)PSD2 is a European regulation for electronic payment services. It seeks to make payments more secure in Europe, boost innovation and help banking services adapt to new technologies. PSD2 is… More
Public Company Accounting Oversight Board (PCAOB)The PCAOB oversees the audits of public companies and SEC-registered brokers and dealers in order to protect investors and further the public interest in the preparation of informative, accurate, and… More
Push-to-Card Payments
Qualification
Qualified Foreign Institutional Investor (QFII)Foreign investments in China were restricted due to foreign exchange control. In 2002, China Securities Regulatory Commission (CSRC) and the People’s Bank of China (PBOC) jointly issued the Provisional Measures… More
Qualified Lead
Quantitative Analyst (Finance)A Quantitative Analyst or ‘Quant’ is an analyst that utilizes strictly mathematically-focused strategies of using qualitative data to model and price financial instruments, create algorithmic trading strategies and looking at… More
Quotation Data
RDBMS
Real-Time Lending
Recurring Payment
Red team
Regulatory Compliance
Regulatory Sandbox
Regulatory technology (Regtech)
Relative or Close Associate (RCA)A Relative or Close Associate (RCA) is an individual who has a close relationship with an influential figure or a PEP. The individual may be subject to similar scrutiny in… More
Remittance
Repayment
Repurchase Agreement (repo)A repurchase agreement (repo) is a form of short-term borrowing for dealers in government securities. In the case of a repo, a dealer sells government securities to investors, usually on… More
Reserve currency
Retail Banking
Return on Investment (ROI)Return on investment or ROI is a financial metric that is used to evaluate an investment’s profitability. The metric is used to measure the gain or loss relative to the… More
Revenue Finance
Revenue Sharing
Ripple
Risk Assessment
Risk Management
Risk-Based Approach (RBA)
Safeguarding
Same-Day ACH
Sanctions
Sandbox
Savings
SCT-Inst (SEPA Instant)
Security Program Management
SEO
Service organisation controls (SOC)Service organisation controls or SOC reports are independent assessments of a service organisation’s controls related to security, availability, processing integrity, confidentiality and privacy. These assessments provide assurance to the customers… More
Settlement
Silicon Valley (SV)
Single Sign-On (SSO)
Situational awarenessComprehending information about the current and developing security posture and risks, based on information gathered, observation and analysis, and knowledge or experience. In cybersecurity, comprehending the current status and security… More
Slack (Project Management)In project management ‘slack’ or ‘float’ time is the amount of time that a project can be delayed without hindering that of another project. This is used to ensure that… More
Smart Contracts
SME (Small to medium-sized business)SME is the term used to describe businesses smaller in scale than larger corporations and whose staff numbers and economic weight fall below certain limits. A medium-sized company has up… More
Software as a Service (SaaS)
Solana
Solidity
Source of Funds
Source of Wealth
Space X
Special Interest Entity (SIE)A Special Interest Entity or SIE is an entity or organisation with specific interests or objectives, that is often related to lobbying, advocacy or special causes. More
Special Interest Person (SIP)A Special Interest Person or SIP is an individual who is associated with or actively involved with special entities or causes. More
Spend Controls
Spend Limit
Split PaymentsSplit Payments is a method of transaction where payment is divided into multiple parts and is transferred to different recipients or accounts. More
Stablecoin
Standing OrderA standing order is a payment instruction that has been pre-authorised and directs a bank to make regular payments, often on a fixed schedule, to a particular person or organisation. More
Statement
STOX
Streaming Analytics
Strong Customer Authentication (SCA)Strong customer authentication or SCA requires customers to provide multiple forms of authentication and is used as a security measure to access sensitive online services. More
Structured versus unstructured dataThe majority of structured data is developed on the Web. Structured data can be generated by hand in the form of notes or contents from filing cabinets, but will invariably… More
Subprime Financing
SushiSwap
Suspicious Activity Report (SAR)
Suspicious Transaction Report (STR)
Sustainable Finance
Tapering
Technology Incubator ProgrammeAn incubator programme is a platform that gives new and innovative ideas the potential to enter into the market or have real-world uses through the development and funding of companies,… More
Tezos
The Alternative Investment
Management Association (AIMA)
The Faster Payments Service (FPS)
The Financial Action Task Force (FATF)
The Fixed Income, Currencies and Commodities Markets Standards Board (FMSB)The Fixed Income, Currencies and Commodities Markets Standards Board (FMSB) is practitioner led, funded by members and operated by the major participants in wholesale markets to improve standards of conduct… More
Third-Party Provider (TPP)A Third-Party Provider or TPP is an external entity that offers access to financial data or financial services on behalf of a customer, usually with consent from the customer. More
Time to Market (TTM)Time to market describes the time it takes to develop, produce and establish a product or service to the market and is a huge factor in competitiveness. More
Tipping Off
TokenizationData-security technology that substitutes non-sensitive random numerical sequences for sensitive data so it can be passed over the internet without exposing the raw data. This is similar to encryption. More
Tokyo Commodities Exchange
Total Cost of Ownership (TCO)Total cost of ownership or TCO is a financial estimate used to calculate the total costs of owning, operating and maintaining an asset or product over its entire lifecycle. More
Transaction
Transaction Confirmation Service (TCS)Transactional confirmation service or TCS confirms successful financial transactions, in real-time, to enhance transparency and security. More
Transaction Monitoring
TransferWise
TRON
Ultimate Beneficial Owner (UBO)
Underwriter
Unicorn
Uniswap
United Kingdom Financial Intelligence Unit (UKFIU)The United Kingdom Financial Intelligence Unit or UKFIU is a government agency responsible for receiving, analysing and disseminating financial intelligence in regards to money laundering and terrorist financing within the… More
Unsecured Lending
User experience (UX)
User Interface (UI)
UX designers
Variable Recurring Payment
Venture Capital Fund
Vertically Integrated
Virgin Galactic
Virtual Card
Virtual Currency
Vulnerable Customer
Web3
Web3.0
Webhook
White-Label Banking
White-Label Platform
White-Label POS Financing
Wire Transfer
World Economic Forum
World Federation of Exchanges (WFE)Established in 1961, the WFE is the global industry association for exchanges and clearing houses. Headquartered in London, it represents over 250 market infrastructure providers, including standalone CCPs that are… More
X-Efficiency
Yield
Zooz
Zopa
