Fintech buzzwords

open API

- Open Application Programming Interface

lend

1. to give something to someone or allow them to use something that belongs to you, which they have to return to you later

IAV (Instant Account Verification)

an easy and secure way for users to verify their bank account details using online banking credentials

KYC

Know Your Customer - the process of identifying and verifying clients and assessing risks when providing financial services

borrow

To receive for temporary use

online banking

Using the Internet and a bank's website to keep track of bank accounts, moving money from one account to another, and paying bills.

neobank

a completely digital bank that operates entirely online, with no branches

Blockchain

a database of records of transactions that is maintained by a network of computers rather than a central authority

Split payments

a service that allows users to pay for goods or services using more than one payment method, for example, a debit card and cash

payment gateway

a service that sends payment information securely from a website or application to the payment network for processing and authentication to prevent fraud

Bitcoin

a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

fintech

financial technology

RegTech

information technology that is used to improve the regulatory processes within the financial services industry

P2P

peer-to-peer

Crowdfunding

raising money for a project or venture by obtaining many small amounts of money from many people

P2P Transfers

the process of transferring money from one person's bank account to another person's bank account via the internet, using a mobile phone or computer