Brief description about buzz words in finance and technology

1. WHAT IS BUZZING AROUND
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Sandeep Gupta | PM

2. Mobile
banking
NFC
E-
Wallet
KYC
CDD
PCI-
DSS
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BUZZ WORDS
MFA

3. Mobile
banking
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4. Mobile banking provides a secure, instinctive and
faster method for accessing banking and payments to
customers. It runs on different type of devices and
mobile. With the emerging cutting edge technology
we leverage the capabilities of mobile, tablet and
multitude of devices.
It will help to generate a deep customer relationship
and would help in achieve a great customer
experience of mobile banking.
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5. E-wallet
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6. Example : Google Wallet is a mobile payment system developed by Google that allows its users to
store debit cards, credit cards, loyalty cards, and gift cards among other things, as well as redeeming sales
promotions on their mobile phone.
A digital wallet refers to an electronic device that allows an individual to make electronic
commerce transactions. This can include purchasing items on-line with a computer or using a smartphone to
purchase something at a store. Increasingly, digital wallets are being made not just for basic financial
transactions but to also authenticate the holder's credentials. For example, a digital-wallet could potentially
verify the age of the buyer to the store while purchasing alcohol.
It is useful to approach the term "digital wallet" not as a singular technology but as three major parts:
o The system (the electronic infrastructure)
o The application (the software that operates on top)
o The device (the individual portion)
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DIGITAL WALLET

7. NFC
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8. Near field communication (NFC) is a set of
standards for smartphones and similar devices to
establish radio communication with each other by
touching them together or bringing them into
proximity, usually no more than a few inches.
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9. PCI-DSS
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10. PCI-DSS: Payment Card Industry Data
Security Standard - The Payment Card
Industry Data Security Standard (PCI DSS) is
a proprietary information security standard
for organizations that handle cardholder
information for the major debit, credit,
prepaid, e-purse, ATM, and POS cards.
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11. MFA
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12. Multi-factor authentication (also MFA, two-factor
authentication, two-step verification, TFA, T-FA or 2FA) is an
approach to authentication which requires the presentation of
two or more of the three authentication factors:
a knowledge factor ("something only the user knows"),
a possession factor ("something only the user has"), and
an inherence factor ("something only the user is"). After
presentation, each factor must be validated by the other party
for authentication to occur.
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13. Money
Laundering
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14. Money laundering
An act which: A person also commits an offence of money laundering if he
enters into or becomes concerned in an arrangement which facilitates the
retention or control by or on behalf of another person of terrorist property:
• By concealment
• By removal from the jurisdiction
• By transfer to nominees, or
• In any other way
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15. KYC
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16. Know your customer (KYC) is the process of due diligence
that Financial Services Institutions and regulated companies
need to undertake around certain types of transactions.
The objective of KYC guidelines is to prevent banks from
being used, intentionally or unintentionally, by criminal
elements for money laundering activities.
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17. CDD
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18. Customer due diligence
Before onboarding customer, a due diligence needs to take place. These
could be simple or extended to access the customer’s identity and risks
associated. Due diligence is required under money laundering regulation. In
this process customer’s evidence of identity is obtained and verified to
comply with money laundering regulations.
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19. What are the types ?
Simplified : It applies where the customer is considered
to present a low risk of money laundering.
Enhanced : In situations that present a higher risk of
money-laundering, enhanced due diligence is
applicable.
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Simplified due
diligence
Enhanced due
diligence

20. Thank you
very much
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21. Sandeep Gupta
http://linkedin.com/lifedotsan
http://facebook.com/lifedotsan
Email: life.san@gmail.com