Key terminology

AML

Anti Money Laundering is a set of rules, principles, legislations, laws, regulations, processes, and tools specific to the financial sector, whose goal is to tackle actions of laundering illicitly obtained funds by criminal or terrorist organizations.
LinkCy is enforcing AML policies with different tools and procedures.

Beneficiary

A beneficiary is a company or a physical person that a transaction can be sent to from a LinkCy ledger.

Card

A physical or virtual card linked to an enduser ledger.

Clearing

Clearing describes the settling process that financial transactions must go through. Although paying for items with a paper cheque is increasingly uncommon, this provides one of the easiest clearing examples to understand. When a buyer pays a seller with a cheque, the seller deposits this cheque into his or bank account. It then takes several days for the cheque to ‘clear’ and the funds to appear in the account.

Consumer

A Consumer is a physical person Enduser. Consumer Ledgers and Cards will be given to this Enduser type. A Consumer Enduser has to go through a KYC process.

Corporate

A Corporate is a moral person Enduser. Corporate Ledgers and Cards will be given to this Enduser type. A Corporate Enduser has to go through a KYB process.

A Corporate Related Person represent all physical persons link to a company or a Corporate Enduser. Directors, Shareholders, UBOs, and Corporate's representative are considered by LinkCy as Corporate Related Person. Information must be reported during the KYB process.

Enduser

An Enduser is an entity that is the ultimate user of the platform that was developed by you to provide the service to the Enduser. Enduser can be a Consumer or a Corporate.

KYC

KYC (Know your customer) is the name given to the process of verifying the identity of a company's customers. The term is also used to refer to banking regulations that govern these activities.

KYB

The Know Your Business (KYB) process is not much different from the Know Your Customer (KYC). The difference is that KYB initially focuses on companies and suppliers, then on consumers or customers. Any financial institution dealing with money transfers must check the KYB of companies they do business with.

Ledger

A Ledger is an account linked to an Enduser.

Partner

A Partner is an entity that has access to the LinkCy platform through API keys. The entity that integrates to the API platform to provide a service.

SCA

Strong Customer Authentication (SCA) is a European regulatory (PSD2) requirement to reduce fraud and make online and contactless offline payments more secure. To accept payments and meet SCA requirements, you need to build additional authentication into your checkout flow. SCA requires authentication to use at least two of the following three elements. Something the Enduser knows, something the Enduser has, something the Enduser is.

Transactions

Transactions represents money movements from, to or between Ledgers. Transactions can be triggered from the API, by a Card usage, or by an external system.