Glossary - Financial & Banking Terms

A set of laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income.

An electronic network for financial transactions in the United States that processes large volumes of credit and debit batches.

A tool that extracts data from PDF bank statements and converts it into Excel or CSV formats.

A summary of financial transactions that occurred at a bank account during a specific period.

A metric used in OCR and data extraction to indicate how certain the system is about the accuracy of the extracted data.

A simple file format used to store tabular data, such as a spreadsheet or database.

The process of retrieving data from various sources (like PDFs or images) for further data processing or data storage.

A financial transaction in which one person (or company) withdraws funds from another person's bank account.

A financial instrument provided by banks which offers a higher rate of interest than a regular savings account until a given maturity date.

An internationally agreed system of identifying bank accounts across national borders.

A lightweight data-interchange format that is easy for humans to read and write and easy for machines to parse and generate.

A mandatory process of identifying and verifying the identity of the client when opening an account and periodically over time.

Magnetic Ink Character Recognition code used to identify a specific bank branch and facilitate the processing of checks.

The primary electronic fund transfer systems used in India for moving money between bank accounts.

Technology that converts different types of documents, such as scanned paper documents, PDF files, or images captured by a digital camera, into editable and searchable data.

The amount of money in a bank account at the beginning and end of a statement period.

An extension of credit from a lending institution when an account reaches zero.

The process of comparing two sets of records to ensure they are in agreement.

The text description associated with a transaction on a bank statement, providing details about the sender, receiver, or purpose.

Standard identification codes for banks used for international wire transfers.

An instance of buying or selling something; a business deal.

A means of collecting income tax in India, where the person responsible for making specified payments is required to deduct tax at source.

The default file format for Microsoft Excel, based on the Open XML standard.