Glossary
This page provides definitions for key terms used throughout the Banking Suite API . If you come across any unfamiliar terms while reading our docs, you can refer back to this page for clarification.
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A​
Account​
A financial arrangement between a customer and a bank for holding and managing funds.
Amortization​
The process of gradually paying off a loan over time through regular payments.
ATM (Automated Teller Machine)​
A self-service machine that allows customers to perform basic banking transactions.
Afor​
Refers to a specific financial product or service, related to tax-exempt savings.
B​
Balance​
The amount of money in an account at a given time.
Beneficiary​
A person or entity designated to receive funds or benefits from an account or financial instrument.
BIC (Bank Identifier Code)​
An international standard code used to identify specific banks worldwide.
Bill Payment​
The process of paying bills through a bank's services.
C​
Card​
A plastic payment card issued by a bank for making purchases or withdrawing cash.
Charge Bearer​
The party responsible for paying transaction fees in a financial transaction.
Cheque​
A written order instructing a bank to pay a specific amount to a named recipient.
Credit Card​
A card allowing the holder to purchase goods and services on credit.
Credit Transfer​
The process of moving funds from one account to another.
Currency​
The system of money used in a particular country.
D​
Debit Card​
A card that deducts money directly from a bank account when making purchases.
Direct Debit​
An arrangement where a third party is authorized to collect varying amounts from a person's account.
Direct Order​
A standing instruction to make regular payments of a fixed amount.
E​
E-Commerce​
Electronic commerce, typically referring to online transactions.
Exchange Rate​
The rate at which one currency can be exchanged for another.
F​
Foreign Currency​
Any currency that is not the local currency.
Fully Amortizing Loan​
A loan that is completely paid off by the end of its term.
I​
IBAN (International Bank Account Number)​
A standardized international numbering system for identifying bank accounts.
Interest Rate​
The percentage charged on a loan or paid on savings.
Installment​
A part of a debt that is paid in regular intervals over time.
Iris Payment​
Likely refers to a specific type of instant payment system.
J​
Joint Account​
An account shared by two or more individuals.
Joint Credit​
A loan or credit shared by multiple borrowers.
L​
Loan​
Money borrowed that is expected to be paid back with interest.
Linked Account​
An account that is connected to another account for various purposes.
M​
Mandate​
An authorization given by a customer to a company to collect payments directly from their account.
Mobile Banking​
Performing banking activities via a mobile device.
O​
Overdraft​
An extension of credit when an account reaches zero balance.
P​
PIN (Personal Identification Number)​
A secret numeric password used in electronic transactions.
Payment Product​
A specific type of payment service offered by a bank.
S​
Savings Account​
An interest-bearing deposit account used for saving money.
Standing Order​
An instruction to a bank to pay a set amount at regular intervals.
Strong Customer Authentication​
Enhanced security measures for verifying the identity of users in electronic payments.
T​
Time Deposit​
A savings account that holds a fixed amount of money for a specified period with a guaranteed interest rate.
Transaction​
Any financial operation that affects a bank account.
Transfer​
Moving money from one account to another.
V​
Voucher​
A document that serves as evidence of a transaction or entitles the holder to a discount or free item/service.