Key terms and definitions for cross-border payments, international banking, and fintech.
Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations that financial institutions must follow.
The difference between the highest price a buyer will pay and the lowest price a seller will accept for a currency.
A decentralized, distributed ledger technology that records transactions securely and transparently across multiple computers.
A financial transaction that involves transferring money from one country to another, across international borders.
The price at which one currency can be exchanged for another currency.
The global market where currencies are traded. Also the rate at which one currency can be exchanged for another.
International Bank Account Number - a standardized international bank account identifier used across European and many other countries.
The real exchange rate between two currencies as determined by the global market, without any markup or margin.
A cryptocurrency designed to maintain a stable value, typically pegged to a currency like USD or a basket of assets.
An international bank transfer using the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network.
A cross-border transfer that settles a commercial obligation - a supplier invoice, contractor fee or intercompany payment.
A bank account that exists only in digital form, without a physical presence or location. Used for collections and payments.
An electronic method of transferring money directly from one bank account to another, usually internationally.
