Banking Domain Technologies & Terminologies (UAE)

1. Core Banking Systems (CBS)

Finacle – A core banking solution from Infosys used for retail and corporate banking.
T24 (Temenos) – Another core banking system

Payments Hub – A centralized system for routing various bank payments.
FTS (Funds Transfer System) – Used for intra-bank and inter-bank fund transfers.
SWIFT (Society for Worldwide Interbank Financial Telecommunication) – International network for secure financial messaging.
RTGS (Real-Time Gross Settlement) – Instant settlement of high-value transactions between banks.
ACH (Automated Clearing House) – Batch-based clearing of electronic fund transfers.
Way4 – A digital banking and payment platform by OpenWay for payment processing.

Base24 – A transaction processing system for ATMs and POS transactions.
BPC SmartVista – A competitor to Base24 used for card and payment processing.
NI (Network International) – A major UAE payment processor for credit/debit cards.
Bawaba – A platform for digital payments and banking transactions.

CIF (Customer Information File) – A unique file containing customer account and banking details.

Fawri / Fawri+ – UAE-based instant money transfer systems.
UAEFTS (UAE Funds Transfer System) – The central bank’s clearing system for financial institutions.

AML (Anti-Money Laundering) – Systems for preventing financial crimes.
KYC (Know Your Customer) – Process for verifying the identity of clients.
Sanctions Screening – Checking transactions against international blacklists (OFAC, EU, UN, etc.).

Open Banking APIs – APIs enabling third-party integrations (UAE Open Banking framework).
ISO 20022 – A global standard for electronic data interchange in financial transactions.