Glossary

Information and explanations for some of the terms used in the world of fintech, payments and security.

Glossary

Information and explanations for some of the terms used in the world of fintech, payments and security.

A

ACH (Automated Clearing House)

The Automated Clearing House (ACH) is an electronic network used for processing and transferring funds between banks and financial institutions. It facilitates the direct transfer of money between accounts, typically used for transactions such as payroll deposits, bill payments, and other types of electronic transfers

B

B2B (Business-to-Business)

Transactions and interactions between businesses, involving the exchange of goods, services, or information.

C

Cardholder

A cardholder is an individual or entity that possesses and is authorized to use a payment card, such as a credit card, debit card, or prepaid card.

D

DALL-E

DALL-E is an AI model developed by OpenAI that generates images from text descriptions.

E

E-commerce

The buying and selling of goods and services conducted over the internet, involving online transactions.

F

Faster Payments

Faster Payments is a service used by businesses to make and receive payments in real-time.

G

Gateway

Software or hardware connecting online merchants to payment processors for transaction authorization.

H

Housing association

A housing association is a non-profit organization that provides and manages affordable housing for individuals and families.

I

Integration

The process of combining different systems or software to work together seamlessly, enhancing efficiency and functionality.

K

KYB

a process used to verify the identity and legitimacy of a business entity, similar to KYC (Know Your Customer) but focused on companies rather than individuals. It involves checking business details such as registration, ownership, and financial status to prevent fraud and ensure regulatory compliance

M

Masking

Hiding sensitive data such as payment and personal information is best practice.

N

Nacha

Nacha stands for the National Automated Clearing House Association. It is a nonprofit association that governs the ACH network, which enables the electronic transfer of funds between bank accounts in the United States.