GLOSSARY
KYC / KYB (Know Your Customer / Business)
Identity and business verification required to onboard customers or merchants and prevent financial crime.
KYC/KYB are checks that verify individuals (KYC) or companies (KYB) before providing financial services. They include ID verification, ownership structure, sanctions/PEP screening, and risk scoring.
Payment providers must complete KYB on each merchant before processing, and may re-verify periodically. Strong KYC reduces fraud and chargebacks, while clear risk controls keep onboarding fast for legitimate businesses.
Related
Related terms.
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Acquirer
Bank or payment institution that signs merchants and routes their card transactions into the card networks.
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Apple Pay
Mobile wallet by Apple that tokenizes cards for contactless and in-app payments.
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Card Fraud
Unauthorized card use or theft of credentials to initiate transactions.
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Card Network
Payment network (e.g., Visa/Mastercard) that sets rules and routes card transactions between issuers and acquirers.