Note from the Publisher: The following overview provides some basic terminology for fintech, lest you periodically feel bewildered by all the industry acronyms, as we confess we do on occasion as well. It’s not SUPER comprehensive, but still a great beginner’s priimer.
“FinTech is easy to get wrapped up in. It’s an exciting field that’s taking power away from traditional, bloated banks and giving the industry a much needed facelift. It’s helping the underbanked (as any FinTech enthusiast will tell you a hundred times), and many popular FinTech technologies are becoming integrated into everyday life. But what’s with all the lingo? Despite the excitement, understanding exactly what’s happening in the field can be hard. There’s banking terms, tech lingo, and pure FinTech jargon. Here’s a primer to get you ready for the next time you encounter FinTech.
AML: Anti-Money Laundering (AML) refers to existing laws or procedures meant to reduce illegally obtained income.
API: Application Programming Interface (API) represents the functionalities of a certain program. These are important because they enable other programmers to use components of existing software, allowing for faster and more reliable software development—a major component of the FinTech movement!”