Glossary

Applications Selection

FinTech is an abbreviation for finance technology, merging the first syllables of “financial services” and “technology”. FinTechs are mainly startups that use innovative technologies for the acceleration and simplification of financial...

Challenger Bank

Challenger banks are small but innovative banking institutions providing modern, customer-oriented services. Thus, established banking institutes are challenged. Examples: the Fidor-bank and the banking institutes Monzo or Atom from Great Britain.

Collaborative Finance

The “Collaboration Finance” is based on the principle of collabrative consumption. The increasing networking and communications development by digitalisation enables private persons, companies and institutions to share, exchange, rent and to trade products...

Cryptocurrencies

Cryptocurrencies are digital means of payment used to globally deal and pay over the internet. This digital currency applies the methods of crypthography in order to encrypt the data, guaranteeing security and reliablility. The most frequently from is the currency...

Electronic Identity Verification (eIDV)

“Electronic Identity Verification” (in short eIDV) is an alternative name for identity check. With hardly any costs, the web-based system may be used to verify the identity of persons.

Europay International, Mastercard, Visa (EMV)

The abbreviation EMV also stands for “Europay International, Mastercard, Visa”. These three credit card operators developed a standard for integrating a microchip into the credit and debit cards to make transactions more secure. Through the microchip, the...

Host Card Emulation (HCE)

The Host Card Emulation (HCE) creates a copy of the Secure Elements responsible for data protection in case of mobile payments. Thus, the use of special SIM-cards becomes redundant. To do so, HCE needs to be built into the operation system of the mobile or tablet and...

International Bank Account Number (IBAN)

The IBAN (International Bank Account Number) is an internationally valid bank account number. It has an ISO-standardised format. With the integration of the SEPA-procedure, the money transfer with the old bank account number and bank code was redeemed. In Germany, the...

Know Your Customer (KYC)

The term “Know Your Customer” (KYC) has its origin in the fight against money laundering. KYC includes various legal regulations for the legitimation and identification of customers. For banking institutions, there are strict rules, for service provider,...