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Fintech & Security
Plain-language definitions from the time.money glossary.
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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, 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 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-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 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.