Banking & payments glossary

35 terms

Aadhaar Enabled Payment System AEPS Financial Inclusion

A payment system that allows customers to perform basic banking transactions using Aadhaar authentication, widely used for assisted and doorstep banking.

Anti-Money Laundering AML Compliance

A set of controls and processes used to detect and prevent money laundering, including screening and transaction monitoring.

Application Programming Interface API Technology

A defined interface that allows software systems to communicate, central to integrating banking and payment platforms.

Bharat Bill Payment System BBPS Payments

An integrated bill payment system under NPCI that offers interoperable bill payment services across categories such as utilities, telecom and education.

Bharat QR Merchant Acceptance

An interoperable QR code standard that supports multiple payment networks for merchant acceptance.

Capital to Risk-Weighted Assets Ratio CRAR Core Banking

A measure of a bank's capital adequacy expressed as a ratio of capital to risk-weighted assets.

Cash Reserve Ratio CRR Regulation

The portion of a bank's deposits that must be held as reserves with the central bank.

Central KYC Registry CKYC Compliance

A centralized repository of KYC records that allows institutions to retrieve and reuse verified customer information.

Core Banking System CBS Core Banking

The central software platform that processes a bank's daily banking transactions and posts updates to accounts and financial records.

Credit Line on UPI Payments

A facility that allows approved customers to access a pre-sanctioned credit line through UPI transactions.

Current Account Savings Account CASA Core Banking

A measure of the proportion of a bank's deposits held in low-cost current and savings accounts.

Customer Due Diligence CDD Compliance

The process of identifying and verifying customers and assessing their risk as part of AML compliance.

Dynamic QR Merchant Acceptance

A transaction-specific QR code generated for a particular payment amount, improving reconciliation and tracking.

e-NACH Payments

The electronic mandate version of NACH, enabling paperless setup of recurring debit instructions.

Enhanced Due Diligence EDD Compliance

Additional due diligence measures applied to higher-risk customers or relationships.

Immediate Payment Service IMPS Payments

An instant, 24x7 interbank electronic fund transfer service operated by NPCI, supporting transfers via mobile, internet and other channels.

Know Your Customer KYC Compliance

The regulatory process by which institutions verify the identity of their customers before and during a relationship.

National Automated Clearing House NACH Payments

A centralized system operated by NPCI for bulk, repetitive electronic transactions such as salary, dividend and bill payments.

National Financial Switch NFS Payments

India's largest interoperable ATM network, operated by NPCI, connecting banks for ATM transactions.

National Payments Corporation of India NPCI Regulation

The umbrella organization for operating retail payments and settlement systems in India, responsible for UPI, IMPS, BBPS, AEPS, RuPay and more.

Non-Performing Asset NPA Core Banking

A loan or advance on which interest or principal has remained overdue for a specified period.

Politically Exposed Person PEP Compliance

An individual entrusted with a prominent public function, subject to enhanced due diligence under AML rules.

Re-KYC Compliance

The periodic re-verification of existing customers' KYC information as required by regulation.

Reconciliation Operations

The process of matching transactions across systems and records to ensure accuracy and accurate settlement.

Reserve Bank of India RBI Regulation

India's central bank and primary regulator of the banking and payments system.

RuPay Credit Card on UPI Payments

A capability enabling customers to make UPI payments using a linked RuPay credit card.

Settlement Operations

The process by which funds are transferred between parties to complete a payment transaction.

SoftPOS Merchant Acceptance

Software that turns a standard smartphone into a contactless payment acceptance device, reducing hardware cost.

Static QR Merchant Acceptance

A pre-generated QR code displayed by a merchant to accept payments of varying amounts.

Statutory Liquidity Ratio SLR Regulation

The minimum percentage of deposits a bank must maintain in the form of liquid assets.

Unified Payments Interface UPI Payments

A real-time payment system developed by NPCI that enables instant fund transfers between bank accounts through mobile devices using a Virtual Payment Address.

UPI AutoPay Payments

A UPI feature enabling customers to set up recurring mandates for automatic payments such as subscriptions, EMIs and utility bills.

UPI Lite Payments

A feature for fast, low-value UPI transactions using an on-device balance, reducing dependence on the core banking system.

Video KYC Compliance

A remote customer verification process using live video, face matching, liveness detection and consent recording.

Virtual Payment Address VPA Payments

A unique identifier (such as name@bank) used in UPI to send and receive money without sharing bank account details.

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