Regtech
The use of technology to facilitate and enhance regulatory compliance.
Real-time gross settlement (RTGS)
The real-time settlement of payments, transfer instructions, or other obligations individually on a transaction-by-transaction basis.
QR code
Quick response (QR) codes are two-dimensional barcodes that contain information that consumers or merchants can scan using the camera on their smartphones.
Prepaid card
Payment card provided in exchange of prior deposit of funds specifically for use through this card product.
Payment service provider (PSP)
An entity that provides payment services, including remittances. Payment service providers include banks and other deposit-taking institutions, as well as specialized entities such as money transfer operators and e-money issuers.
Over-the-counter (OTC) service
Services in which a mobile money agent performs the transactions on behalf of the customer, who does not need to have a mobile money account to use the service.
Open banking
The sharing and leveraging of customer-permissioned data by banks with third party developers and firms to build applications and services, including for example those that provide real-time payments, greater financial transparency options for account holders, marketing and cross-selling opportunities.
Online money
E-money product where the record of funds is stored on a central computer system, and which can be drawn down through accessing this central computer system via Internet connection via a variety of devices (e.g., desktop PC, laptop, tablet, smart-phone).
Non-bank-led model
A digital financial services business model in which the non-bank (usually an MNO) is the primary driver of the product or service, typically taking the lead in marketing, branding and managing the customer relationship.
Money transfer operator (MTO)
A non-deposit taking payment service provider where the service involves payment per transfer (or possibly payment for a set or series of transfers) by the sender to the payment service provider (for example by cash or bank transfer) – i.e. as opposed to a situation where the payment service providers debits an account held by the sender at the payment service provider.