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Financial Terms

EMV (Europay, Master Card & Visa)

 EMV stands for Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or “chip cards”) and IC card capable point of sale (POS) terminals and Automated Teller Machines (ATMs), for authenticating credit and debit card transactions. It is a joint effort between Europay, MasterCard and Visa to ensure security […] Continue reading →

Federal Discount Rate

 Federal Discount Rate. What is Federal Discount Rate? The interest rate set by the Federal Reserve that is offered to eligible commercial banks or other depository institutions in an attempt to reduce liquidity problems and the pressures of reserve requirements. The discount rate allows the federal reserve to control the supply of money and is […] Continue reading →

Standing Instruction: What is Standing instruction?

 Standing Instruction. What is Standing instruction or Standing Order? A standing instruction or standing order is an instruction a bank account holder (“the payer”) gives to his or her bank to pay a set amount at regular intervals to another’s (“the payee’s”) account. The instruction is sometimes known as a banker’s order. The Standing Instructions feature […] Continue reading →

PIN: Personal Identification Number

 Personal Identification Number (PIN). What is PIN? Where it is used? A personal identification number (PIN) is a secret numeric password shared between a user and a system that can be used to authenticate the user to the system. PINs are most often used for automated teller machines (ATMs) but are increasingly used at the […] Continue reading →