Skip to main content
Welcome to our Glossary

Discover the terms that change the financial technology industry.


A cardholder is an individual that has been issued a banking card and is considered the owner of that card. The cardholder can use their card to engage in financial transactions both in-person and digitally, such as online and in-store payments, ATM fund withdrawals, online shopping or simply access to and management of their account information.

Card Verification Value (CVV)

A card verification value (CVV), sometimes referred to as the card verification value CVC or card security code (CSC), verifies the card’s validity and reduces the risk of fraud. In cards with magnetic stripes, the stripe holds a code recorded by the card issuer, in addition to the three or four-digit number printed on the card. Using the latest technology, NovoPayment issues cards featuring dynamic CVVs that change over time for increased fraud prevention.


Also known as a digital certificate, it is a password or ID card that allows the Exchange of data securely through the internet. It uses Public Key Infrastructure, or PKI, a set of hardware and software that is applied to digital security procedures that allows the control and administration of all kinds of digital certificates. A digital certificate should be issued by a trusted entity known as “Certification Authority”, which verifies that the certificate belongs to a specific individual or company. The advantages of digital certificates are based on the encryption of confidential data and the added security this provides for online transactions. This protects users from potential fraud or identity theft schemes when using web portals or media.


Clearing is the settlement of accounts or exchange of financial instruments especially between banks. As an example: If Bank A owes 100 USD to Bank B, and Bank B owes 120 USD to Bank A, the clearing process is used to determine that Bank B owes only 20 USD to Bank A.


In computer networking, a client is any network compatible device that accesses services provided by a remote computer or server. The laptop you check your mail in is the client device to the mail server that provides the e-mail service. An interface, such as the web browser for websites or the email application, is known as the client software. Networks also allow client-to-client communications, but the data flows through a router or switch. In Banking-as-a-Service models, client devices can be digital wallets, super Apps or administrative interfaces that connect to services hosted on the BaaS provider or bank servers.


The term cloud refers to a nonphysical entity that is composed of a global network of servers. These servers are scattered throughout the globe but are connected to work or operate on a single ecosystem. The internet provides access to these servers which provide a wide array of functionalities such as data administration and storage, software operation or streaming content to a platform. The advantages of using cloud services are that they don’t require physical servers or executing apps from local or personal computers. Information remains available as long as the device is connected to the internet.

Cloud computing

Computation model in which servers, networks, storage, development tools and even applications are enabled through the internet (See Cloud). Instead of having organizations make large investments in equipment, personnel training, and constant upkeep, some or all these needs are handled by a service provider on the cloud.

Cloud-Native Application

Cloud-native applications are a set of small, independent and highly decoupled services designed to take full advantage of cloud environments to accelerate the development of new apps and the optimization of existing ones. Cloud-native applications allow for highly versatile and scalable software development using cloud computing infrastructure (See: Cloud computing).

Cloud Service Provider

A company that provides a cloud-based platform, infrastructure, application, or storage services, usually for a fee. The main of these are Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure.

Cloud Storage

Cloud storage is the use of the internet or a private-network connection to store usually large amounts of data off-site. Cloud storage services are usually provided by a third party in charge of managing the data and providing access continuity. The use of cloud storage allows organizations to save on infrastructural costs and maintain a highly nimble, scalable environment for their processes and data.

Commodity Futures Trading Commission (CFTC)

Federal government agency in the United States in charge of regulating the exchange of commodities and futures, preventing or eliminating the possibility of market manipulation. The CFTC was created through the Commodity Futures Trading Commission Act of 1974, with the aim of regulating futures and options in the agricultural, technology, energy, environmental and global markets, as well as assessing market risks and failures, as well asabusive trade practices or fraud.

Core Banking

Is the back-end system that supports and processes daily banking transactions across the numerous sections of a bank. This system includes deposits, loans and credit processing features. Core banking systems provide the customer more freedom and a safer and faster way to make transactions. Core banking is an important aspect of modern banking, since transactions can be made remotely from location. NovoPayment has its own digital banking core and can help clients to set up account structures, account management lifecycles, authorizations, and reports.

Counter-Terrorist Financing

A group of laws and regulations that have been implemented to reign in the financing of terrorist activity. Under these policies, most financial institutions are required to fulfil many strict requirements regarding monitoring customers’ transactions and behavior, conducting proper due diligence, and maintaining appropriate records.


The customer is an individual or entity that receives, consumes or purchases products and services. The top objective of commercial activities is to attract customers. Companies also spend a great amount of effort working on client fidelity, that is, building a relationship where the customer will purchase products or services repeatedly due to high client satisfaction. Marketing research focuses on building a clear understanding of the needs and behavior of customers.


An individual that breaks into cybernetic environments using technological tools with the aim of damaging computer systems, stealing information, or installing malware that can hurt software operations.


Cybersecurity is an entire discipline within computer science and Information Technology aimed at preventing, neutralizing and anticipating cybercriminal activity aimed at damaging, violating or illegally overriding computer systems. Cybersecurity is also used to refer to the set of standards, practices and procedures organizations should take in order to safeguard the integrity of computer systems and data.