Personal Finance
Tier 2 Capital
Tier 2 Capital Tier 2 capital refers to any capital that is subordinate to tier 1 capital. Tier 1 capital consists of common equity shares and preferred stock that are not subordinate to any other security. Tier 2 capital includes various instruments, such as subordinated debt, convertible debt, and hybrid securities. Characteristics of Tier 2 […]
Credit Card Encryption
Credit Card Encryption Credit card encryption is a security process that safeguards sensitive credit card information from unauthorized access, alteration, or disclosure. This encryption occurs both during transmission and storage. Encryption Methods: 1. Transport Layer Security (TLS) Protocol:– TLS is a cryptographic protocol that ensures secure communication between web servers and clients.- It uses SSL/TLS […]
Merchant Category Codes (Mcc)
Merchant Category Codes (MCC) Merchant Category Codes (MCC) are three-digit numerical codes used by credit card processors to categorize businesses into specific industry categories. They are used to facilitate transaction routing, fraud detection, and reporting. Categories: MCCs are divided into 13 categories, including: Retail: Grocery stores, department stores, clothing stores, etc. Services: Restaurants, hotels, transportation, […]
Banking
Definition: Banking is a financial service that involves the collection, storage, and transfer of money. Banks are intermediaries between borrowers and lenders, providing a safe and convenient way to manage money. Types of Banks: Central banks: National or international monetary authorities that regulate the banking system. Commercial banks: Provide services to individuals and businesses, such […]
Batch Credit Card Processing
Batch Credit Card Processing Batch credit card processing is a type of credit card processing that groups transactions together and processes them as a single batch at a specific time. This is in contrast to real-time credit card processing, which processes each transaction individually as it occurs. Key Features of Batch Credit Card Processing: Grouped […]
Credit Scoring
Credit Scoring Credit scoring is a process of evaluating an individual’s credit history to determine their credit worthiness. It is a numerical representation of a borrower’s credit behavior, typically ranging from 300 to 850. Factors Affecting Credit Score: Payment History: Payment behavior on bills and loans, including the timely payment of due dates. Utilization Ratio: […]
Open-End Credit
Open-End Credit Open-end credit is a type of credit that allows the borrower to borrow money as needed, up to a certain limit. The lender does not specify how the borrower will use the credit, but does require that the borrower repay the principal and interest charges on the borrowed amount. Types of Open-End Credit: […]
Hsbc,Hong Kong And Shanghai Banking Corporation
HSBC Hong Kong and Shanghai Banking Corporation (SHBC) are two major banks operating in Hong Kong and Shanghai, respectively. They are both international banking giants with a strong presence in the Asia-Pacific region. HSBC Hong Kong: Founded in 1864, HSBC is a global banking and financial services provider with a long history in Hong Kong. […]
Irda – Insurance Regulatory And Development Authority
The Insurance Regulatory and Development Authority (IRDA) is a statutory body established in India in 1999 under the Insurance Regulatory and Development Authority Act, 1999. It is the primary regulator of the Indian insurance industry. Key Functions: Regulation: Setting and enforcing regulations for the insurance industry, including: Minimum solvency norms for insurers Standards for insurance […]
Insurance Deductibles
Definition: An insurance deductible is the amount you have to pay out of pocket before your insurance company starts paying for covered damages or losses. It’s like a buffer zone between you and your insurer. Examples: Car Insurance: You have a $500 deductible for collision damage. If you get into a car accident and the […]
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