Mobile Commerce

• Unified Payments Interface (UPI) is a smartphone banking application in India.

• The 3-6-3 rule is a slang term for an informal practice in banking, especially in the 1950s, 1960s and 1970s, that was the result of the industry’s uncompetitive and simplistic conditions.

• The account balance represents the available funds or present value of an account of a particular financial account, such as a checking, savings or investment account.

• The account number is a unique identifier of the owner of the service and allows access to it.

• An account statement is a periodic statement that summarizes account activity over a specified period of time.

• Advanced Internal Ratings (AIRB) is a way to accurately measure the risk factors of a financial firm.

Financial advisors and banks combine information about their clients to be able to easily get a clear picture of that client’s finances. In addition, it adds an extra layer of protection for the client. Consultants and planners hit a wall when their clients don’t give them full access, and they claim it doesn’t give...

• Algorithmic trading is the use of algorithms based on processes and rules to apply trading strategies.

• The annual equivalent rate (AER) is the actual interest rate on investments, loans or savings accounts that can be obtained after compounding interest.

• The annual interest rate (APR) is the annual rate charged on a loan or earned by an investment.

• The Application Programming Interface (API) establishes an online connection between the data provider and the end user.

• ATMs (ATMs) are electronic banking points that allow people to make transactions without going to their bank branch.

• Available balance is the balance available for immediate use in the client’s account.

• A back-to-back letter of credit includes two letters of credit to provide financing for one transaction.

• Bancassurance is an agreement between a bank and an insurance company, through which the insurer can sell its products to the bank’s customers.

• A bank is a financial institution licensed to accept deposits and issue loans.

• A bank loan is the total amount of funds that an individual or legal entity can borrow from a financial institution.

• Savings and current accounts accept bank deposits.

• A bank draft is a negotiable document, the payment of which is guaranteed by the issuing bank.

• A bank guarantee is when a credit institution promises to cover losses if the borrower defaults on the loan.

• A bank rating is a letter or number rating assigned to banks and other savings institutions.

• The bank reconciliation report summarizes the banking and commercial activities by reconciling the organization’s bank account with its financial statements.

• Bank reserves are the minimum amounts of cash that banks are required to keep on hand in case of unexpected demand.

• A bank run occurs when large groups of depositors withdraw their money from banks at the same time, out of fear that the institution will become insolvent.

• A bank statement is a list of all bank account transactions for a set period, usually monthly.