Fintech & Security
8 terms- API (Application Programming Interface)
- A secure, standardised channel that lets two software systems exchange data automatically. For example, a platform like time.money pulls bank or mutual fund data directly from an institution's systems instead of relying on a user to type it in manually.
- Biometric Authentication
- Identity verification using a unique physical trait, such as a fingerprint or iris scan, most commonly encountered in Indian fintech through Aadhaar-based eKYC.
- Cloud Security
- The set of practices and controls (encryption (opens in new tab), access management, monitoring) used to protect data and applications hosted on cloud infrastructure rather than on local servers.
- Data Encryption
- The process of converting data into a coded form that can only be read with the correct decryption key, used to protect financial information both while it's being transmitted between systems and while it's stored.
- Open Banking
- A regulatory model that lets individuals authorise third-party apps to securely access their financial data held by banks and other institutions, via APIs rather than shared passwords. India's Account Aggregator (opens in new tab) framework is its RBI-regulated implementation.
- Robo-Advisory
- An investment model that generates portfolio recommendations primarily through automated algorithms with limited or no human advisor involvement. It's a different model from time.money's advisory + technology approach, where SEBI (opens in new tab)-registered human advisory judgment, not an algorithm alone, sits behind every recommendation.
- Screen Scraping
- An older method of aggregating financial data by logging into an account on a user's behalf using their actual credentials and extracting information from the page. It's largely being phased out in India in favour of the consent-based, credential-free Account Aggregator (opens in new tab) framework.
- Two-Factor Authentication (2FA)
- A login or transaction security method requiring two separate proofs of identity (typically a password plus an OTP sent to a registered mobile number), making an account significantly harder to access even if one credential is compromised.
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