SEPA – Single Euro Payments Area – enables EUR transfers across European banks
IBAN – International Bank Account Number – standardized format for identifying accounts
SWIFT/BIC – Codes used to identify international banks for wire transfers
KYC – Know Your Customer – legal process for verifying a user’s identity
2FA – Two-Factor Authentication – adds a security layer requiring a code to log in
Fiat Currency – Government-issued currency (e.g., USD, EUR, GBP)
Cryptocurrency – Decentralized digital currency (e.g., Bitcoin, Ethereum)
Blockchain – Public ledger used to verify crypto transactions
Cold Wallet – Offline crypto wallet used to store funds securely
Stablecoin – A cryptocurrency pegged to a stable asset (e.g., USD)
Exchange Rate – Value of one currency in relation to another
FX Conversion – Converting one fiat currency to another
Internal Transfer – A payment between two Black Banx users
External Transfer – A payment to a non-Black Banx account
OTP – One-Time Password – used for confirming sensitive actions
AML – Anti-Money Laundering – regulations to prevent illegal activity
UBO – Ultimate Beneficial Owner – person who controls a company
Maintenance Fee – Monthly or annual charge to maintain an account
Cut-off Time – Time limit for same-day processing
Instant SEPA – Real-time SEPA transfer processed in seconds
Pending Transaction – A payment that’s been initiated but not yet finalized
Transaction Hash – A unique ID for tracking a crypto transaction
KYB – Know Your Business – verification process for companies
Onboarding – Process of registering and verifying a new customer
Multi-Currency Account – Account that holds multiple currencies
Internal Exchange – Currency conversion within a user’s wallet
Real-Time FX – Live currency conversion rate
Address Tag / Memo – Extra ID used in some crypto transactions
Wallet Address – Public address for receiving crypto
Gas Fee – Blockchain transaction fee (ETH, BTC, etc.)
Confirmation (Crypto) – Number of blocks confirming a transaction
Compliance Review – Security check for certain accounts or transactions
Settlement Time – Time for funds to fully arrive in account
Withdrawal Limit – Max daily or monthly withdrawal cap
Deposit Limit – Max allowed deposit into account
Recurring Payment – Auto-payment that repeats on schedule
Token – Digital asset on an existing blockchain (e.g. ERC-20)
Stablecoin Wallet – Wallet for holding assets like USDC or USDT
Tier Upgrade – Moving to a higher account level (Black, Gold, etc.)
Authentication – Verifying user identity before granting access
Mobile Wallet – Wallet accessed via smartphone
Chargeback – Reversal of a card transaction
Pending KYC – Status showing verification is still under review
Whitelist – Approved accounts allowed to receive funds
DeFi – Decentralized Finance – peer-to-peer financial services
IBAN Validator – Tool to check correct IBAN format
Service Fee – Cost for specific services like transfers or FX