Glossary of Nium terms
This is a compilation of brief explanations of terms used throughout the Nium One platform.
| Term | Description |
|---|---|
| — A — | |
| Allowlist | An allowlist is a list of email addresses or domains that you want to receive emails from. |
| Applicant | An authorized representative or a signatory of the corporate customer who fills out the application for onboarding on the corporate customer's behalf. |
| — C — | |
| Chargeback | A chargeback—also called a reversal—is the return of credit-card or direct-debit funds used to make a purchase to the buyer. |
| CoP | Confirmation of Payee. |
| Corporate customer | A business organization that's being onboarded by a client on the Nium One platform. The corporate customer includes Small and Medium Enterprises (SME). |
| Customer | The entity who onboards to Nium through a client and whom Nium has verified their identity and assigned them a wallet. An individual customer is the end user who holds the balance. A corporate customer is the business entity that holds the balance. |
| — D — | |
| Denylist | A denylist is a list of email addresses or domains that you don't want to receive emails from. |
| Direct debit | A way to pay someone by allowing Nium to take money directly from a customer's bank account. |
| — E — | |
| E_DOC_VERIFY | A real-time Know Your Customer (KYC) process where a selfie photograph and document are uploaded on the vendor's page. The vendor verifies the authenticity of the documents provided. This is available for individual customers or for applicants of corporate customers. |
| eKYB | Electronic Know Your Business (eKYB) is a process of verification of the corporate customer and its associated entities real time using Nium APIs. Using eKYB application can get approved in few minutes. |
| E_KYC | Electronic Know Your Customer (E_KYC) is the real-time KYC verification process applicable for applicants or stakeholders of a corporate customer or individual customers. E_KYC is usually done via database verification apart from SG where E_KYC involves authentication in Singpass portal. |
| EOR | An employer of record (EOR) is an entity that legally employs workers on behalf of another business. An EOR takes full responsibility for all aspects of employment including compliance, payroll, taxes, and benefits. |
| — F — | |
| FAST | Fast and Secure Transfers. |
| FI | Financial Institutions (FI) are business entities that provide services as intermediaries for different types of financial monetary transactions. |
| Fund | To make provision of monetary resources for discharging the interest or principal of. To provide funds for something. The act of a Nium customer using a direct debit or funding transaction to pull money from the end customer’s bank account and adding it to the end customer’s Nium wallet. |
| — G — | |
| GL | A general ledger, or GL, is a means for keeping record of a company's total financial accounts. Accounts typically recorded in a GL include: assets, liabilities, equity, expenses, and income or revenue. |
| GPI | Global Payments Innovation. |
| — I — | |
| ICC | Inward Credit Confirmation. |
| — K — | |
| KYB | Know Your Business (KYB) is a process of collection of information and verification of information of a corporate customer. The process is part of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regulations. eKYB and Manual KYB are available options |
| KYC | Know Your Customer (KYC) is a process that requires Nium to collect and verify information about applicants or stakeholders of a corporate customer or individual customers. The process is part of AML/CFT regulations. E_KYC, MANUAL_KYC, E_DOC_VERIFY are available options |
| — M — | |
| Manual KYB | Manual Know Your Business (KYB) refers to the KYB flow in which the client needs to submit all the data and documents of the corporate customer which are manually verified by Nium's compliance team. |
| Manual Review | In any process, if the automatic verification isn't successful, the onboarding application or transaction is sent for manual review. The compliance agent manually verifies the information. This applies to the eKYB flow for onboarding a corporate customer or in the eKYC flow for the individual customer or in any transaction. |
| MCC | Merchant Category Code. |
| MCW | Multicurrency wallet (MCW) is the storage mechanism for all the configured currencies. |
| — O — | |
| OCT | Original Credit Transfer. |
| — P — | |
| Payin | The Nium product that puts money in an account as a result of making a deposit. |
| Payout | The Nium product that lets you make payments to more than 190 markets all over the world. |
| PEP | Politically Exposed Person. |
| PP | Payment Processor. |
| — R — | |
| RFI | Request for information (RFI) are requests the compliance agent asks for more information. The customer then submits the requested information. |
| — S — | |
| Screening | All individual and corporate customers undergo screening during onboarding and periodically. They're screened against global and Nium-maintained sanctions, PEP lists, and deny lists. |
| Stakeholder | A stakeholder is an individual or entity that's declared in the registration documents of the business as an officer or director or shareholder. |
| — T — | |
| T&C | Terms and Conditions (T&C) represent an existing agreement between parties such as a person or individual which includes corporate bodies, unincorporated associations, partnerships, and individuals. |
| T&E | Travel and expenses |
| — V — | |
| VAN | A virtual account number (VAN) is linked to a central account and allows incoming funds for collection or funding to be reconciled into the customer's wallet. |
| — W — | |
| Wallet | The storage mechanism to keep balances in multiple currencies. A Nium application for organizing cards and bank accounts. |
| Withdrawal | A withdrawal is when the client initiates a payout request where Nium debits the customer's Nium wallet and credits it to their own bank account. |
NOTE
We're constantly improving and updating our products. Due to older code that's still being migrated, you may see an outdated term that hasn't been updated yet.
Updated 3 months ago