ISO 20022
An ISO standard for electronic data interchange between financial institutions.
An ISO standard for electronic data interchange between financial institutions.
Used to record a business transaction in the accounting records of a business; usually printed and stored in a binder of accounting transactions, with backup materials attached that justify the entry. This information may be accessed by the external auditors as part of their year-end investigation of a company’s financial statements and related systems.
The process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship.
The degree to which an asset or security can be quickly bought or sold in the market at a price reflecting its intrinsic value.
Utilises Artificial Intelligence (AI) to provide systems with the ability to automatically learn and revise from experience, without the need for explicit programming.
An early stage when developing a product that sees it released with the bare minimum functions to satisfy early adopters and allow them to provide feedback and testing for the next stage of product or service development.
A contract that protects someone’s private and proprietary information from being shared with anyone who should not have access to it.
A check that has been returned by the bank on which it was drawn because the checking account balance was less than the amount of the check.
Allows a user to conduct financial transactions via the Internet.
An emerging banking practice that provides third-party financial service providers open access to consumer banking, transaction, and other financial data from banks and non-bank financial institutions through the use of application programming interfaces (APIs).
When money is withdrawn from a bank account and the available balance goes below zero; additional fees may be charged.
Any type of false or illegal transaction completed by a cybercriminal. The perpetrator deprives the victim of funds, personal property, interest, or sensitive information.