This glossary clarifies key terms powering the NEMS Core payment solutions – from cryptographic settlement protocols to PayFac compliance models. Understand how our systems enable secure bulk disbursements, merchant boarding automation, and fraud-resistant software licensing.
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Blockchain is a distributed digital ledger technology that securely records, stores, and verifies transactions across multiple computers, ensuring enhanced security, transparency, and immutability of data. There are two primary types: Public (permissionless) and Private (permissioned). NEMS Fabric operates with a private blockchain.
A permissioned blockchain infrastructure with modular architecture and designed for enterprise use cases, scalability, and privacy.
A third-party payment processing company authorized to handle merchant accounts and payment processing services on behalf of larger financial institutions or payment processors.
A merchant service provider that simplifies the merchant account enrollment process by allowing sub-merchants to process payments under the PayFac's master merchant account.
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A model that allows non-banking companies to offer financial services by integrating digital banking services directly into their own products using APIs provided by licensed banks.
An electronic network for financial transactions that processes large volumes of credit and debit transactions in batches, including direct deposits and payments.
A set of security standards designed to ensure that all companies that accept, process, store, or transmit credit card information maintain a secure environment.
A set of protocols, routines, and tools for building software applications that specify how software components should interact, allowing for seamless integration of payment services into various platforms.
A standard due diligence process used by financial institutions and other companies to verify the identity, suitability, and risks involved with maintaining a business relationship with a client.
A centralized digital hub that empowers businesses to streamline their payment operations, from onboarding and transaction monitoring to compliance and risk management, enabling efficient multi-channel payment processing and customer support.
A standardized alphanumeric code that uniquely identifies a bank account across borders, facilitating secure and accurate international financial transactions.
A financial entity licensed to issue, store, and manage electronic money, enabling digital transactions through services like digital wallets and prepaid cards, allowing users to make cashless payments online or in-store. EMIs are similar to banks but with a specific focus on digital transactions and e-money issuance.
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A specialized type of bank account that allows a company or organization to manages funds on behalf of one or more beneficiaries without assuming legal ownership of the account, facilitating secure and transparent fund administration.
A type of user account designed to enhance security by restricting the user's privileges and permissions within a banking system or application. LUAs allow account holders to grant limited access to their accounts without adding someone as a full owner.
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A cloud-based solution that provides businesses with comprehensive tools for managing multi-channel payment processing, merchant onboarding, risk assessment, and transaction monitoring, all in once place.
A cloud-based solution that enables businesses to create, manage, and integrate digital wallet functionalities into their applications, offering secure payment processing, a tailored user experience, and user-friendly financial services.
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A cloud-based offering that allows businesses to leverage blockchain technology for developing, hosting, and managing the transactions within their applications without the need for in-house blockchain infrastructure.
