Glossary

A

• ACH
  The Automated Clearing House (ACH) is a network that coordinates electronic payments and automated money transfers.

• ACH Operator
  The entity that processes transactions through the ACH network. Currently there are two operators in the U.S. - the Federal Reserve Bank and the Electronic Payments Network (EPN).

• AML
  Anti-Money Laundering (AML) refers to the laws, regulations and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. AML Examinations are conducted by Office of the Comptroller of the Currency (OCC).

• API Key
  An application programming interface (API) key is a unique identifier used to authenticate requests associated with your project for usage, and is required for every API call.

B

• BSA
  (1) The Bank Secrecy Act (BSA) is U.S. legislation aimed toward preventing criminals from using financial institutions to hide or launder money.
  (2) One of the Bond platform services handling know-your-customer/know-your-business (KYC/KYB) required by the Bank Secrecy Act.

• BOND Portal
  Bond Portal is the primary system of record for bank and brand partnerships, and provides the operating tools you need to build personal financial products seamlessly and simply.

• BOND Studio
  Bond Studio is banking-as-a-service APIs and SDKs giving the developers the tools to build financial innovations with just a few lines of code, and the bank partners to make it a reality.

C

• Customer
  One of the Bond platform services handling a consumer's personal information.
  (former Person service)

CVV

• Card Verification Value
  The CVV number is generated by debit card issuers (banks or other financial institutions) based on the following details: DEBIT CARD NUMBER. SERVICE CODE. This number is vital for completing online transactions and should never be shared with anyone.

E

• EPN
  Electronic Payments Network (EPN) is one of two Automated Clearing House (ACH) Operators in US.

F

• FDIC
  Federal Deposit Insurance Corporation (FDIC) is one of two agencies that provide deposit insurance to depositors in U.S. depository institutions.

I

• Idempotent
  Has the same result when called multiple times with the same idempotent key

• Inquiry
  A single instance of an identity verification check.

K

• KYB
  Know-Your-Business (KYB) is the compliance financial institutions put into their policies and procedures to verify the identity of the company they plan to have a business relationship with.

• KYC
  Know-Your-Customer (KYC) is the compliance financial institutions put into their policies and procedures to verify their customer's identity.

N

• NACHA
  The National Automated Clearing House Association (NACHA) manages the development, administration, and governance of the ACH Network.

O

• OCC
  The Office of Comptroller of the Currency (OCC) is the official US Government agency to ensure a safe and sound federal banking system for all Americans.

• ODFI
  Originating Depository Financial Institution (ODFI) is the banking institution that acts on your behalf to initiate an ACH transfer.

P

• person
  One of the the Bond platform services handling a consumer's personal information.
  (deprecated. changed to customer)

PAN

• Primary Account Number

R

• RDFI
  Receiving Depository Financial Institution (RDFI) is the banking institution that acts on behalf of the recipient of the transfer in context of an ACH transaction.