Banking domain terminology (UAE)

Core banking systems (CBS)

  • Finacle - core banking solution from Infosys, retail and corporate banking
  • T24 (Temenos) - another core banking system

Payment systems & gateways

  • Payments Hub - centralized system for routing bank payments
  • FTS (Funds Transfer System) - intra-bank and inter-bank fund transfers
  • SWIFT - 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 - digital banking and payment platform by OpenWay

Card & ATM/POS systems

  • Base24 - transaction processing for ATMs and POS
  • BPC SmartVista - competitor to Base24
  • NI (Network International) - major UAE payment processor for credit/debit cards
  • Bawaba - platform for digital payments and banking transactions

Customer & account management

  • CIF (Customer Information File) - unique file containing customer account & banking details

Remittances & cross-border transactions

  • Fawri / Fawri+ - UAE-based instant money transfer systems
  • UAEFTS - central bank’s clearing system for financial institutions

Compliance & risk management

  • AML (Anti-Money Laundering) - systems for preventing financial crimes
  • KYC (Know Your Customer) - process for verifying client identity
  • Sanctions Screening - checking transactions against international blacklists (OFAC, EU, UN, etc.)

Digital banking & API integration

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