A particular type of data structure used in some distributed ledgers which stores and transmits data in packages called “blocks” that are connected to each other in a digital ‘chain’. Blockchains employ cryptographic and algorithmic methods to record and synchronize data across a network in an immutable manner.

A bank account that is typically focused on payment services and characterized by low-cost and no-frill features. These accounts are often offered in combination with a debit card.

A digital financial services business model in which the bank is the primary driver of the product or service, typically taking the lead in marketing, branding and managing the customer relationship.

An electronic clearing system in which payment orders are exchanged among financial institutions, primarily via magnetic media or telecommunications networks, and then cleared amongst the participants. All operations are handled by a data processing center. An ACH typically clears credit transfers and debit transfers, and in some cases also cheques.

An Application Programming Interface (API) allows software programs to interact by exchanging data which can prompt certain actions such as making a transaction.

Third-party business arrangements of banks and non-bank payment service providers that are typically local entities, such as small shops, to provide basic payment and transaction account-related services on their behalf.