ISO 20022
An ISO standard for electronic data interchange between financial institutions.
Resources and Support
Glossary
Journal Entry
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.
Know Your Customer (KYC)
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.
Liquidity
The degree to which an asset or security can be quickly bought or sold in the market at a price reflecting its intrinsic value.
Machine Learning
Utilises Artificial Intelligence (AI) to provide systems with the ability to automatically learn and revise from experience, without the need for explicit programming.
Minimum Viable Product (MVP)
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.
Non-Disclosure Agreement (NDA)
A contract that protects someone’s private and proprietary information from being shared with anyone who should not have access to it.
Not Sufficient Funds (NSF)
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.
Online Banking
Allows a user to conduct financial transactions via the Internet.
Open Banking
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).
Overdraft
When money is withdrawn from a bank account and the available balance goes below zero; additional fees may be charged.
Payment Fraud
Any type of false or illegal transaction completed by a cybercriminal. The perpetrator deprives the victim of funds, personal property, interest, or sensitive information.