Open Banking

Open banking is the practice of sharing a client’s financial information to third parties using Application Programming Interfaces (APIs), in a way that is secure and guarantees the client’s explicit authorization.The Open Banking framework is regulated under the European Directive on digital payments (See PSD2) which came into effect in 2019. The directive establishes that clients are the owners of their financial information and can therefore authorize access to it with the goal of having third parties provide new services or improve existing ones. As an example, a car dealer might access a client’s financial information digitally in order to deliver offers that fit the client’s financial profile in real time. Third parties accessing financial information must be necessarily regulated by financial authorities.

Orchestration

Orchestration is the process of automating the configuration, coordination and management of computer systems, applications and software services. Orchestration simplifies complex workflows and tasks involved in larger IT processes. IT teams usually handle several servers and applications manually, which results in a development and service delivery strategy that is not scalable over time. Orchestration is therefore the alternative that allows them to automate processes to allow scalability, precision and reliability formore complex software services.

Original Credit Transaction (OCT)

Original Credit Transaction (OCT) is a payment method initially created to provide “push” or direct fund transfers to credit, debit or prepaid Visa or Mastercard backed cards. OCT payments are usually referred to as Visa Direct and Mastercard Moneysend services and can reach over a billion Visa and Mastercard accounts around the world. Cardholders can receive the funds via real-time payment schemes on accounts connected to their cards. The use of real-time payment push funds results in faster payouts, refunds and disbursements for many clients, employees or suppliers, reducing costs and significantly simplifying payment processes.

OAuth

Open-standard authorization protocol or framework that provides applications the ability to secure designated access.OAuth is an authentication protocol that allows the approval of an application interacting with another on behalf of someone without giving away any password data. Authorization protocol in the software industry, centered in simple, specific authorization flows for the development of applications. This protocol enables the interaction with a third party to obtain limited access to an HTTP service.

Outsourcing

The business practice of hiring a third party to perform operations, services, or products for your company, thus, increasing efficiency and reducing costs.