IIBF Digital Banking key terms

Delivery of banking products and services through electronic channels such as internet, mobile apps, and ATMs, often with minimal or no reliance on physical branches.

A service allowing customers to access account information and conduct transactions such as transfers and bill payments via a secure website using a computer or browser.

Banking transactions performed through a smartphone application or mobile web, enabling balance checks, fund transfers, and payments on the go, often using SIM binding for security.

An Indian instant payment system that allows money transfer between bank accounts using a virtual payment address (VPA) on a mobile platform, operated by NPCI.

A unique identifier like name@bank used in UPI to send or receive money without sharing bank account details, functioning as a payment alias.

An umbrella organization for retail payments in India, operating systems such as UPI, IMPS, NEFT, and RuPay, set up by RBI and IBA.

A real-time interbank electronic funds transfer service in India available 24x7, accessible through mobile, internet, and ATM channels, operated by NPCI.

An electronic funds transfer system in India for one-to-one transfers, settled in batches at designated times, suitable for transactions of any amount.

A funds transfer system where interbank payments are settled individually and immediately in real time, typically used for high-value transactions with a prescribed minimum amount.

A security process requiring two different forms of identification, such as a password plus a one-time password (OTP), to verify a user's identity before granting access.

A password valid for only one login session or transaction, often sent via SMS or generated by a token, used as a second factor in digital banking authentication.

A security system that requires more than one method of authentication from independent categories of credentials to verify a user's identity for a transaction or login.

A security measure linking a mobile banking application to the customer's registered SIM card, ensuring that transactions can only be initiated from that specific device and number.

An on-screen keyboard used in internet banking login pages to enter sensitive information like passwords, helping to prevent keylogging malware from capturing keystrokes.

A fraudulent attempt to obtain sensitive information such as usernames, passwords, and card details by disguising as a trustworthy entity in electronic communications.

Voice phishing where fraudsters use telephone calls to trick individuals into revealing confidential banking information, often impersonating bank officials or law enforcement.

Phishing conducted via SMS text messages, where attackers send deceptive messages containing links or phone numbers to steal personal and financial information.

Malicious software such as viruses, worms, or trojans designed to disrupt, damage, or gain unauthorized access to a computer system or mobile device.

A type of malware that encrypts a victim's files or locks their system, demanding payment (often in cryptocurrency) to restore access.

The process of verifying the identity of customers, typically through documents like Aadhaar, PAN, or passport, to prevent money laundering and fraud.

A method of customer identification conducted through a real-time video call with a bank official, allowing remote verification of identity and documents without physical presence.

An electronic Know Your Customer process using Aadhaar number and biometric or OTP authentication to instantly verify a customer's identity and address with consent.

Laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income, including monitoring and reporting suspicious transactions.

A report filed by a financial institution with the Financial Intelligence Unit (FIU) when it suspects that a transaction may be related to money laundering or terrorist financing.

A national agency responsible for receiving, analyzing, and disseminating financial information related to suspected money laundering and terrorist financing activities.

A set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment.

A transaction where the cardholder does not physically present the card at the point of sale, such as online or over the phone, requiring additional security measures.

The process of replacing sensitive card data with a unique, non-sensitive token that can be used for transactions without exposing the actual card details.

A digital application that stores payment card information and allows users to make payments through their mobile device, often using near-field communication (NFC) or QR codes.

A protocol used by mobile phones to communicate with a service provider's computers, enabling banking services like balance inquiry and fund transfer without internet, often called *99# in India.

A set of rules and protocols that allows different software applications to communicate and exchange data, enabling services like account aggregation and payment initiation in digital banking.

A system that allows third-party financial service providers to access banking data through APIs with customer consent, fostering innovation and competition in financial services.

An entity in India that enables individuals to share their financial data across institutions securely and with consent, using a standardized API framework regulated by RBI.

An electronic method of signing documents that uses encryption to verify the signer's identity and ensure the document's integrity, legally valid under the IT Act in India.

Any electronic process that indicates acceptance of an agreement or record, including scanned signatures, clicked checkboxes, or digital signatures, with varying legal validity.

A framework of policies, procedures, and technologies that enables secure electronic transactions through the use of digital certificates and public-key cryptography.

An Indian domestic card payment network launched by NPCI, offering debit, credit, and prepaid cards accepted across India and internationally.

A mobile payment app developed by NPCI that facilitates instant bank-to-bank transfers using UPI, allowing users to send and receive money via a virtual payment address.

A payment system that allows bank customers to use their Aadhaar number and biometric authentication to perform basic banking transactions like balance inquiry and cash withdrawal.