FinTech Wiki

Application Programming Interface (API)

Definition API is a system access point or library function that has a well-defined syntax and is accessible from application programs or user code to provide well-defined functionality. Source(s): NISTIR 5153 under Application Program Interface  Application Programming Interfaces (APIs) connect software applications by exchanging data in a secured way. They work independent … Continue Reading Application Programming Interface (API)

Encryption

Definition Cryptographic transformation of data (called “plaintext”) into a form (called “ciphertext”) that conceals the data’s original meaning to prevent it from being known or used. If the transformation is reversible, the corresponding reversal process is called “decryption,” which is a transformation that restores encrypted data to its original state. … Continue Reading Encryption

FinTech

Definition FinTech is defined as technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services. Source: http://www.fsb.org/wp-content/uploads/R270617.pdf

Microservices

Definition Microservices are the latest trend in software service design, development, and delivery. They constitute an approach to software and systems architecture that builds on the well-established concept of modularization but emphasizes technical boundaries. Each module—each microservice—is implemented and operated as a small yet independent system, offering access to its … Continue Reading Microservices

Voiceprint

Definition The technology extracts and digitizes people’s voices into unique, identifiable biometric signatures, known as voice prints. It can be used to track phone calls, identify individuals from past communications, and flag calls deemed to be suspicious, for review. Source: MIT Technology Review References Citi Uses Voice Prints To Authenticate … Continue Reading Voiceprint