Digital Wallets and Accounts

Seed Phrase (SP)

What is Seed Phrase Seed phrase is a sequence of randomly generated words created by a cryptocurrency wallet that acts as the master key for accessing, restoring, and controlling a user’s funds.

For Benefit Of (FBO)

What is For Benefit Of (FBO). For benefit of (FBO) refers to a banking and financial arrangement where one party holds funds on behalf of another. In an FBO setup, the account is opened in the name of an intermediary, but the money legally belongs to the underlying clients or beneficiaries.

Float Management (FM)

What is Float Management. Float management refers to the practice of controlling and optimizing the timing gap between when money is received and when it is actually settled or paid out.

International Bank Account Number (IBAN)

What is an International Bank Account Number (IBAN). An international bank account number (IBAN) is a standardized format used to identify bank accounts across national borders.

Digital Wallet

What are Digital Wallet. A digital wallet is an electronic platform that allows users to store, send and receive money securely using smartphones, computers, or wearable devices.

Global Accounts in Banking

What Are Global Accounts in Banking. Global accounts in banking are banking structures designed to help businesses manage funds across multiple countries and currencies through a unified framework.

Virtual IBANs

What are Virtual IBANs in Money Transfer. A virtual International Bank Account Number is a unique banking identifier linked to a primary physical account.

Custodial vs. Non-Custodial Wallets

What Is the Difference Between Custodial and Non-Custodial Wallets. The distinction between Custodial vs. Non-Custodial Wallets centers on one critical question: who controls the private keys. Private keys are the cryptographic credentials that grant access to digital assets.

Payment Account

What is Payment Account A payment account is a financial account specifically designed to store money and enable everyday transactions such as receiving funds, making payments, withdrawing cash and transferring money domestically or across borders.

Gaming Payments

What are Gaming Payments Gaming Payments refer to financial transactions within the gaming industry that involve the exchange of money for gaming-related goods or services, such as in-game purchases, subscriptions, downloadable content, virtual currencies, or wagering activities.

Electronic Money (EM)

Explore the comprehensive guide on Electronic Money: its definition, evolution, and impact in the banking and financial services sector globally. Learn about its applications, advantages, stakeholders, and future trends in e-money technology.

Custodial Wallet (CW)

What Is a Custodial Wallet. A custodial wallet is a type of digital asset wallet where a third party holds and manages the cryptographic credentials on behalf of the user.

Stored Value (SV)

What is Stored Value Stored value is a financial arrangement in which money is prepaid and held on a card, device, or digital account so it can be used later for transactions.