Terminology
Term | Definition |
|---|---|
Embedded Banking | Embedded Banking is when Financial Institutions (FIs) are empowered to offer financial services through various distribution channels to meet customers where they are – including through non-bank partner channels. |
Financial Institution | A financial institution (FI) is an organization that provides financial services and products to individuals and businesses. The primary function of these institutions is to help individuals and businesses manage their money and make informed financial decisions. A financial institution generally needs to have a charter in order to operate in the United States. |
Apiture | Apiture is the company that creates digital banking software for various FIs, and has created this specific embedded banking software. |
Embedded Banking Partner | The non-bank partner company whom a Financial Institution establishes a partnership with in order to provide financial services within the partner’s experience. |
Embedded Banking Partner application | An application an Embedded Banking Partner provides |
Embedded Banking Component | A specific display that can be added to an Embedded Banking partner’s application. |