Terms

Billing ID

–

Unique identifier for the customer's billing account.

A billing account is the primary account for invoicing and payments. It may include one or more customer profiles (for example, family members or business users) who share the same billing arrangement.

Charge

–

A charge can be a fee or a penalty.

Fees are charged for services. For example, a home loan setup fee.  Penalties are charged to discourage clients from deviating from the terms of a product. For example, an early withdrawal penalty for a fixed deposit or a late payment penalty for a loan.

Financial product

–

Financial products include various financial instruments such as savings accounts, loans (personal and business), term deposits and other financial instruments. A financial instrument is a contract between two parties—the account holder and financial institution. It represents a financial asset for the account holder and a financial liability for the institution.

Fineract

–

Fineract is an open-source platform for delivering financial services. It provides a robust and flexible architecture for core banking functionalities such as savings, loans and other financial products.

Fineract serves as the backbone for EFP providing the back-end and APIs.

Member ID

–

Primary identifier of the wallet account

Mifos

–

Mifos, also an open-source platform, provides the user interface and reporting plugin for EFP.

Mobile Station International Subscriber Directory Number

MSISDN

Your mobile number

One-time password

OTP

An automatically generated numeric or alphanumeric string of characters that authenticates you for a single transaction or browser or app session. OTPs are more secure than user-created passwords, which can be weak and/or reused across multiple accounts. Typically, OTPs are delivered through SMS and are valid for 3-5 minutes.

Time-based one-time password

TOTP

A type of OTP. TOTPs are delivered through an authenticator app installed on your device, such as Authy or Google Authenticator. The authenticator app generates a new six-digit code every 30-60 seconds.

Two-factor authentication

2FA

A security feature that requires you to provide two means of identification to access your account. For example:

• Your username and password, plus

• The answer to a secret question or a fingerprint scan or a code sent to your email address, mobile phone or authentication app

The second form of authentication is intended to prevent unauthorised access to your account in the event that your password is compromised.

Also known as Multi-factor Authentication (MFA).

Wallet ID

–

The customer's mobile phone number, without the leading zero, but including the country code (64 for New Zealand).

For example, if the phone number is 0275416745, then the Wallet ID is 64275416745.