People work in different domains and often associate terms with different meanings depending on their domain. This glossary defines what is meant by what in the context of the finX Playground.

Terms

Account

The account at a given bank, that is administrated by a person or company. It is accessed via Online Banking

Account Owner

Account owner is an entity where a person can connect multiple banks and/or sub-accounts of these banks. It can be created for a given consumer and can be populated using Online Banking account connection APIs.

BIC

Bank Identifier Code. See also ISO 9362

Consumer

A person that owns accounts. Consumers are the ones who are being offered financial services.

IBAN

International Bank Account Number. See also Wikipedia

Media Type

https://www.iana.org/assignments/media-types/media-types.xhtml

https://tools.ietf.org/html/rfc6838

Online Banking

The usage of banking with the help of electronic devices, such as PCs, smartphones and other ways.

Standing Order

An instruction to a bank to pay a particular amount of money at regular times from a person’s bank account to another bank account.

Direct Debits

An instruction to your bank to allow someone else to take money from your account, usually as part of a regular arrangement.

Active Standing Orders

Standing orders, which are still active on the old bank account.

Transaction

Movement of money on an account.