Glossary

HyperVerge leverages a wide range of abbreviations and terms commonly used within the fintech domain. This glossary page provides a concise and comprehensive overview of these terms, facilitating a deeper understanding of the financial technology concepts and solutions used by various product offerings at HyperVerge.

By familiarizing yourself with these abbreviations, you will be better equipped to navigate the technical intricacies of the fintech landscape as presented by HyperVerge.

Aadhaar: A unique 12-digit identification number issued by the Indian government. To read further, visit Official page.
Account Aggregator: A system that facilitates secure data sharing across financial institutions. To read further, see Docs.
AML (Anti-Money Laundering): It is a screening module that accepts user information and searches for a match in all major sanction lists (such as UNSC, OFAC, Interpol, IRDAI, and FIU) and the PEP database.
API (Application Programming Interface): is a set of protocols that enable different software components to communicate and transfer data. For read further, see API.
AppId and AppKey: Most HyperVerge's SDKs & APIs support two kinds of authentication. Authentication using appId and appKey is one of the methods. appId & appKey are non expiring keys and can be found on the credentials tab of the dashboard.

BAV (Bank Account Verification): It is a verification service that checks for potential issues and inconsistencies related to an insured's bank account when it is saved to be used for payment. To read further, see BAV page.
Biometrics: Biometrics are biological measurements — or physical characteristics — that can be used to identify individuals.

CKYC (Central Know Your Customer): It is a centralised storehouse of KYC records of customers getting various financial services across institutions, like banks, insurance companies, Non-banking Financial Companies (NBFCs), etc.
Central KYC Records Registry (CKYCRR): Central KYC Registry is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector with an objective to reduce the burden of producing KYC documents and getting those verified every time when the customer creates a new relationship with a financial entity.
Chassis Number: All vehicles are assigned a Chassis Number when they are manufactured. They are used to uniquely identify all vehicles. Chassis Numbers are recorded in accidents, insurance records, and when work is done on a vehicle by a body shop, dealership or mechanic.The Chassis Number can be found on the dashboard, driver's side door and on the registration certificate. All cars and light commercial vehicles built after 1981 have a unique 17-character Chassis Number that provides access to valuable information about that vehicle's history.
Contract Lifecycle Management (CLM): It is a automates and streamlines contract processes during key stages. These stages include: initiation, authoring, process and workflow, negotiation and approval, execution, ongoing management and compliance (within the repository), and contract renewal.
CDSL Ventures Limited (CVL): is a wholly owned subsidiary of Central Depository Services (India) Limited (CDSL), a leading securities depository in the country. To read further, see their official page
CIBIL Score: CIBIL Score is a 3 digit numeric summary of your credit history, derived by using details found in the 'Accounts' and 'Enquiries' sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.
Corporate Identification Number (CIN) is a unique 21-character alphanumeric code that contains information about a company's registration details, including state, year of incorporation, and registration number.
Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI): CERSAI is a Government of India company, licensed under section 8 of the Companies Act, 2013. Its Registered Office is at New Delhi. The company has been incorporated with majority shareholding of the Central Government, Public Sector Banks and National Housing Bank initially for the purpose of operating a Registration System under the provisions of Chapter IV of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Later, CERSAI was entrusted upon the responsibility of operating and maintaining a KYC Registry, governed under PML Rules 2005 (Maintenance of Records). To read further, see their official page.

Dedupe: is a process that removes duplicate copies of data. For financial systems handling millions or even billions of transactions daily, deduplication is not merely an optimization; it is an operational necessity.
DigiLocker: DigiLocker is a flagship initiative of Ministry of Electronics & IT (MeitY) under Digital India programme. DigiLocker aims at 'Digital Empowerment' of citizen by providing access to authentic digital documents to citizen's digital document wallet. DigiLocker is a secure cloud based platform for storage, sharing and verification of documents & certificates. To read further, see their official page.
Director Identification Number (DIN): It is a unique number given to a person who is appointed as a director of a company. To read further, see this page.

eFIR: eFIR (Electronic First Information Report) is a digital platform in India for filing police complaints online, primarily for non-cognizable offenses.
EIN (Employer Identification Number): A unique nine-digit number assigned by the Internal Revenue Service (IRS) to business entities operating in the United States. It's used for tax purposes and is similar to a Social Security Number (SSN) for businesses. EINs are required for businesses that have employees, operate as corporations or partnerships, or meet certain other criteria.
EPFO: EPFO (Employees' Provident Fund Organisation) is a statutory body in India that manages retirement savings, pensions, and insurance benefits for salaried employees. Read more about EPFO, here
eSign: eSign is an online electronic signature service which can be integrated with service delivery applications via an API to facilitate an eSign user to digitally sign a document. To read further, refer this page
EVN: Vietnam Electricity (EVN) is the national and the sole public power company in Vietnam.

Face Match: The process of comparing two facial images to determine if they belong to the same individual. To know more, read on
Field Match: The process of comparing specific fields in data sets to verify consistency or accuracy. Read on
Fintech: Refers to technology-driven innovations in financial services and solutions.
FIP: Financial Information Provider (FIP) are institutions that hold user data. These are the banks, or NBFCs that share customer’s financial information with Financial Information User (FIU) via requests through an Account Aggregator.
FIU: Financial Information Users (FIU) receive digitally signed data from Financial Information Providers (FIP) via Account Aggregators. FIU use the data to provide various services to the consumer like loans, insurance, or wealth management.
Form 16: A tax certificate issued by employers in India, sumarizing an employee's income and TDS (Tax Deducted at Source) for a financial year.
FSSAI: The Food Safety and Standards Authority of India (FSSAI) is a statutory body under the administration of the Ministry of Health and Family Welfare, Government of India. It regulates the manufacture, storage, distribution, sale, and import of food articles, while also establishing standards to ensure food safety.

Geolocation: Geolocation refers to the identification of the geographic location of a computing device using a variety of data collection mechanisms. Typically, most geolocation services use network routing addresses or internal GPS chips to determine this location. Geolocation is a device-specific API. This means that browsers or devices must support geolocation in order to use it through web applications.
GKYC: The GKYC (Global KYC) API offers a seamless way to integrate workflows and simplify SDK integration. It acts as a wrapper on Internal Stack and centralises OCR, liveness detection, face matching through Internal Stack.
GST: Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and service. Both VAT and GST have the same taxation slabs. To read further, see their official page.

HyperVerge One: Also referred to as Platform, is a product offering from HyperVerge. Read further here.
Hyperturing: A comprehensive platform that empowers AI teams to rapidly develop and prototype document intelligence solutions. It streamlines the process of packaging these solutions into accessible REST API endpoints, enabling seamless execution of complex intelligence tasks and delivery of structured results. Known for its exceptional frontend interface.

IDV (Identity Verification): is the process of confirming a customer's identity by checking their personal documents and information against trusted databases.
IFSC: IFSC (Indian Financial System) Code is a unique 11-character alphanumeric code that identifies the branch for online financial transactions through NEFT, RTGS, and IMPS.
ITR: ITR (Income Tax Return) is the form in which assesses file information about his/her income and tax thereon to Income Tax Department.

KYC: KYC, or Know Your Customer, refers to the process of verifying the identity and financial status of clients.
KRA: KRA (KYC Registration Agency) is holds a comprehensive database of KYC information within the securities market. This database is regulated by the Securities and Exchange Board of India, ensuring its accuracy and security.
KYB: KYB (Know Your Business) is a process that banks use to verify the legitimacy of a business or organization.
Kibana: Kibana is a source-available data visualization dashboard software for Elasticsearch.

Liveness: Liveness detection, or a liveness check, is a security method that ensures an entity presenting a biometric, like a face or fingerprint, is a live human being and not a fake image or recording.
Lex: A powerful tool that can be used to extract information in a structured manner from images of unstructured documents.

MCA (Ministry of Corporate Affairs): is an Indian government ministry primarily concerned with administration of the Companies Act 2013, the Companies Act 1956, the Limited Liability Partnership Act, 2008, and the Insolvency and Bankruptcy Code, 2016.
MRC (Motor Registration Certificate): is a document that banks and financial institutions use to verify a vehicle owner's identity and address. It is also commonly called as RC.

Name Match: This is an API that is used to compare a name from one source with the same name from another source. Eg: Comparing name from user input with name from OCR extraction.
NSDL (National Securities Depository Limited): It is an Indian central securities depository, based in Mumbai. It was established in August 1996 as the first electronic securities depository in India with national coverage.

OKYC: It is a secure and legally compliant method of Know Your Customer (KYC) verification based on the Aadhaar system in India. It allows customers to provide their Aadhaar number and verify their identity by receiving a one-time password (OTP) on their Aadhaar-linked mobile number.
OCR (Optical Character Recognition): The process of reading the textual information from an image containing text. Often interchangeably (albeit wrongly) used in context of information extraction from an image of a document.
OTP (One Time Password): A one-time password, also known as a one-time PIN, one-time passcode, one-time authorization code or dynamic password, is a password that is valid for only one login session or transaction, on a computer system or other digital device.
OVD (Officially Valid documents): It is a document that can be used to verify a person's identity or address. For example, a passport, driving licence.

Platform: Also referred to as HyperVergeOne, is a product offering from HyperVerge. Read further here.
PEP (Politically Exposed Persons): A Politically Exposed Person is someone who, through their prominent position or influence, is more susceptible to being involved in bribery or corruption.
PAN (Permanent Account Number): A permanent account number is a ten-character alphanumeric identifier, issued in the form of a polycarbonate card, by the Indian Income Tax Department, to any person who applies for it or to whom the department allots the number without an application.
Personal Identifiable Information (PII): Is any information connected to a specific individual that can be used to uncover that individual's identity.
Pennyless: The Pennyless Verification module validates a bank account number and the Indian Financial System Code (IFSC) associated with it using Pennyless mechanism. To read further, visit our official page.

Quality Checks: Parameters to be added in the headers of the API calls to enable various checks. List: Quality Checks GSheet

RegTech: RegTech is the management of regulatory processes within the financial industry. The main functions of regtech include regulatory monitoring, reporting, and compliance.
Ratelimit: Rate limiting is a defensive technique that limits the number of requests that can reach your API in order to protect it from unintended or malicious overuse.
RC: is a document that banks and financial institutions use to verify a vehicle owner's identity and address.

Selfie Validation: Selfie identity verification is a biometric verification process that confirms a person's identity. To read more, visit our official page.
SDK (Software Development Kit): is a set of platform-specific building tools for developers.
SKYC (Simplified Know Your Customer): SKYC is a simplified KYC process that streamlines customer verification by reducing documentation requirements and simplifying the onboarding process for financial services.
SSN (Social Security number): In the United States, a Social Security number is a nine-digit number issued to U.S. citizens, permanent residents, and temporary (working) residents under section 205(c)(2) of the Social Security Act.

TAT (TurnAround Time): refers to the duration required to complete a specific process or transaction from start to finish.
TIN (Taxpayer Identification Number): A Taxpayer Identification Number (TIN) in India is a unique eleven-digit number assigned to businesses for tax-related purposes, primarily for tracking Value Added Tax (VAT) transactions. It is issued by the state's Commercial Tax Department where the business is registered.

UPI (Unified Payments Interface): It is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing & merchant payments into one hood.
UAN (Universal Account Number): The UAN acts as an umbrella for the multiple Member IDs allotted to an individual by different establishments. It is allotted by EPFO.
UDID (Unique Disability ID): UDID is a unique identification number issued to persons with disabilities in India. It is part of the Swavlamban Card scheme that provides a single document for disability certification and identification. To read further, visit Official page.

VIN: VIN is short for Vehicle Identification Number. All vehicles are assigned a VIN when they are manufactured. They are used to uniquely identify all vehicles. Vehicle Identification Numbers are recorded in accidents, insurance records, and when work is done on a vehicle by a body shop, dealership or mechanic. (Also known as Chassis Number)
VKYC: Video KYC is the process of verifying a customer’s identity remotely through a live video call and eliminating the need for physical presence. It combines the convenience of remote verification with the security and authenticity of face-to-face interactions.

Wet Signature: A wet signature means you've physically “signed” a document with a pen, seal, or other identifying mark on a physical piece of paper.
Wallet: is a software-based system or an application that runs on any connected device. It stores your payment information and passwords of numerous payment methods and websites.
Webhook: In web development, a webhook is a method of augmenting or altering the behavior of a web page or web application with custom callbacks.
Workflow Builder: A workflow is a series of steps configured for an end user to complete their onboarding journey. HyperVerge provides several out-of-the-box workflows optimised for various business use cases across geographies. You can either select an exisiting workflow or customise a new workflow to suit your business requirements.