Discover the terms that change the financial technology industry.
Two-Factor Authentication (2FA)
An extra layer of security used to make sure that people trying to gain access to an online account are who they say they are. First, a user will enter their username and a password. Then, instead of immediately gaining access, they will be required to provide another piece of information, adding a second authentication method such as an email or SMS. This results in a two-factor authentication process.
Agreement between two or more parties, usually a buyer and a seller, to exchange goods, services, or financial instruments.