Discover the terms that change the financial technology industry.
Bank Identification Number (BIN)
A bank identification number (BIN) is the first six digits of a Visa or MasterCard account number. The bank identification number is used to identify the card-issuing or the acquiring financial institution that participates in a transaction. Visa uses the term BIN and Mastercard uses the term ICA, but more broadly it is a financial account number to operate in each network.
Banking-as-a-Service is a business model where unregulated nonbanking entities offer financial services through third-party banking providers and technology enablers in a legal and regulated fashion. Nonbanking entities can select from a wide range of financial products and adapt them to the needs of their clients, creating their own financial platforms. BaaS services include multiple digital banking solutions such as savings and investment, online banking, foreign exchange and remittance management, digital payments such as POS terminals, P2P (person to person) transactions and utility payments, among others. These services are exposed via APIs that act as software connections allowing nonbanking entities access to their BaaS provider systems and tailor their offering to clients in an agile, cloud-based and scalable manner. As an industry leader in Banking-as-a-Service, at NovoPayment we provide solutions that allow our clients to seamlessly connect and adapt to the complexity of the financial ecosystem.
Big Data is a term to describe large and complex structured and unstructured data sets received from all types of sources. These datasets are large enough that traditional software used for data processing are incapable of properly managing and analyzing them, so new tools and software programs with larger computational capacities were created in response. The compilation of large amounts of data and the search for trends and patterns within it allow businesses to accelerate their decision-making processes. Big Data analyses help organizations leverage the diverse types of data they produce to identify new improvement opportunities. This in turns leads to better business strategies, more efficient operations, better profits, and enhanced customer service.
Biometrics is the set of physiological and behavioral characteristics that can be used to confirm the identity of an individual. This includes digital fingerprints, iris recognition, hand geometry and visual recognition. The use of biometrics offers an added layer of security and precision to identity confirmation. In contrast to passwords, identity plates or documents, biometric data cannot be forgotten, interchanged, stolen, or falsified.