Glossary

• Bank Identifier Code (BIC): A code of eight to eleven digits used to identify a financial institution during any global business transaction
• Client: Usually used to refer to a company that is an end-user. Users of credit products.
• Consumer: Person or private individual that is an end-user. Users of cards, transfers, accounts, etc.
• Corporate: Company or legal entity that is an end-user. Users of cards, transfers, and accounts.
• Distributor/Partner: Bankable’s direct distributor/partner clients provide accounts, cards, payments, and/or credit services to their clients.
• International Bank Account Number (IBAN): A code based on a standard international numbering system that uniquely identifies an individual account. The number starts with a two-digit country code, then two numbers, followed by several more alphanumeric characters. Note that an IBAN does not replace a bank’s own account numbering, as it’s only meant to provide additional information that helps in identifying overseas payments.
• Know Your Business (KYB): A step in the AML/CFT compliance process that validates Corporates. Designed to eliminate risks related to money laundering, terrorist financing, corruption, fraud, bribery, and other illegal financial activities.
• Know Your Customer (KYC): A step in the AML/CFT compliance process that validates Consumers. Designed to eliminate risks related to money laundering, terrorist financing, corruption, fraud, bribery, and other illegal financial activities.
• Physical Account: A bank account where funds reside. Held by a Sponsor Bank. Reflected within Bankable systems in Trust Accounts.
• Primary Account Number (PAN): Also known as a payment card number. A unique identifier on cards, typically embossed or laser-printed on the front of the card. Between 11 and 19 digits long. The first set of numbers in a PAN identifies the industry, processing network, and specific financial institution that issued it. The remaining numbers (except for the very last one) identify the individual cardholder. Consists of a Bank Identification Number (BIN), Individual Account ID Number, and PAN check digit.
• Sort Code: A 6-digit number that identifies a bank.
• Sponsor Bank: Bank that provides distributors with their Physical Accounts and account details, including their BIC. Required for operation as Bankable is not a bank. Bankable is not a regulated institution but we can act as a processor on behalf of a Bank. Bankable issues cards and processes transactions on behalf of the Sponsor Banks.
• Trust Account: A virtual representation of a Physical Account held by the Sponsor Bank where the funds reside. Separated into Virtual Accounts for the Distributor’s clients.
• Virtual Account: Also called Virtual Bank Account or VBA for short. Account held by an end-user, Corporate or Consumer. No balance is physically held on this account. The funds are directly routed to a Trust Account (master account). Every account has a unique number (Virtual IBAN), which helps to separate funds in the Trust Account (master account). Can be a single or multiple currency, both have only one IBAN. Multi-currency accounts have multiple virtual account codes to identify them.
• Virtual IBAN (vIBAN): Unique number which helps to separate funds of different Virtual Accounts in a master account (Trust Account). It looks exactly the same as a regular IBAN and performs the same routing function for payments.