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Remittance & Fintech Glossary
A searchable reference for the terminology used across remittance software, payments and compliance.
- AML
- Anti-Money Laundering — the legal and operational framework for detecting and preventing money laundering.
- API
- Application Programming Interface — the contract through which software components communicate.
- Beneficiary
- The recipient of a remittance transaction.
- Cross-border payment
- A payment sent from one country to another, often involving currency conversion.
- Currency corridor
- A specific sender-to-receiver country and currency pair, e.g. USD to MXN.
- FX
- Foreign Exchange — the conversion of one currency into another.
- FX markup
- The margin added to a base exchange rate, a source of revenue for remittance providers.
- KYC
- Know Your Customer — identity verification of individuals.
- KYB
- Know Your Business — verification of corporate customers.
- Ledger
- The accounting record of balances and transaction movements.
- Money Service Business
- A business providing money transmission, exchange or payment services, often regulated.
- Money Transfer Operator
- A business specializing in cross-border money transfers.
- Payment institution
- A regulated entity authorized to provide payment services.
- Payment processor
- A service that executes payment transactions on behalf of a merchant.
- Payout
- The disbursement of funds to a beneficiary.
- PEP
- Politically Exposed Person — an individual with prominent public functions, subject to enhanced due diligence.
- PSP
- Payment Service Provider — enables businesses to accept payments.
- Quote
- An offer to transfer a specific amount at a specific rate and fee.
- Reconciliation
- Matching internal transaction records against external provider records.
- Remittance
- A cross-border money transfer, typically by individuals to family or recipients.
- Sanctions screening
- Checking parties against sanctions and watchlists.
- Source code
- The human-readable program files of a software application.
- Transaction monitoring
- Ongoing surveillance of transactions for suspicious activity.
- White label
- A product rebranded and sold by another company as its own.
- Webhook
- An HTTP callback notifying a system of an event.
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