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Banking-as-a-ServiceLive
Card IssuingLive
Payment Processing & AcquiringComing soon
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Lending & Credit DecisioningComing soon
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Reference

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Glossary

Fintech infrastructure glossary

The vocabulary of this market is used loosely, often deliberately. These definitions say what each term means, and what to ask once you have heard it.

B

BIN sponsorshipBIN sponsorship is the arrangement where a licensed scheme member lets you issue cards on their Bank Identification Number, so you can run a card programme without being a principal member yourself.

C

Core banking ledgerThe ledger is the authoritative record of balances and transactions. In embedded finance it decides what your product can do — and whether you can ever change provider.

E

Embedded financeEmbedded finance is the delivery of financial products inside a non-financial company's own product — accounts, payments, cards or credit offered where the customer already is.

I

InterchangeInterchange is the fee paid by the merchant's acquirer to the cardholder's issuer on every card transaction. For card programmes it is a primary revenue line — and a capped one in Europe.

K

KYB (Know Your Business)KYB is the process of verifying a business customer: its legal existence, its ownership, its directors and the legitimacy of what it does. It is the corporate counterpart to KYC.

S

SafeguardingSafeguarding is the regulatory requirement for payment and e-money institutions to keep customer funds separate from their own, so those funds survive the firm's failure.

V

Virtual IBANA virtual IBAN is an account identifier that routes to an underlying real account. It gives each customer their own payment reference without opening a separate bank account for every one.