Glossary of Common FinTech Industry Terms


A set of laws and regulations designed to prevent money laundering and illegal income generation.


An abbreviated term for application programming interface, API refers to the way an application functions. APIs are important because they set the requirements for how one application can talk to another.

Big Data

Any set of data that is so large and complex that it is too difficult to process using traditional applications. New, more powerful resources may be needed to process.


The process that allows a person’s unique traits to be detected by an electronic device to confirm their identity.

Card Not Present

A credit or debit card transaction where the cardholder is not physically present. Typically conducted over the phone or Internet.


Policies put in place to combat the financing of terrorism through prevention, tracing and recovery of criminal assets.


A refund made by the credit card company to the credit card holder. Typically occur when the card holder disputes an item on their credit card statement.


A form of digital currency that uses advanced cryptography for security.

Data Breach

The release of secure information into an untrusted environment. Data breaches can be performed intentionally or unintentionally.


An abbreviation for electronic identity verification, eIDV is a form of online identity proofing.


An abbreviated term for financial technology. Fintech is the name given to the industry responsible for merging software, technology and finances. From bank ATMs to Bitcoin, the fintech industry is ever-changing.


An abbreviation for knowledge-based authentication, KBA is an online security measure used by banks and many other businesses with online-portals. KBA involves the use of personalized security questions to confirm the identity of the user and provide them access to their personal, password-protected information on the site.

PCI Compliance

An abbreviation for payment card industry compliance. PCI compliance refers to the adherence to the specific security standards set to protect credit card information during and after a financial transaction occurs.