Glossary

A fintech sandbox or an application program interface (API) sandbox is a safe environment where innovators can safely test products in an environment which will not infringe on any regulatory bodies. This enables banks and fintech players to experiment with innovative financial products or services within a well-defined space and duration. Moreover, the presence of appropriate safeguards helps in containing the consequences of failure. Essentially, the sandbox allows for the pilot testing of newly developed technologies.

A firewall is hardware or software which uses a defined rule set to constrain network traffic to prevent unauthorized access to (or from) a network.

A fiscal year is the period that a government body or company use for accounting and reporting purposes. A fiscal year usually does not align with a calendar year.

Fixed income essentials refers to investment vehicles that offer a fixed payment over time. Bonds, or fixed income securities, fall under this category.

A fixed-income security is an investment that guarantees fixed periodic interest payments and the repayment of the principal investment at maturity.

The General Data Protection Regulation (GDPR) is a regulatory framework enacted in the European Union that sets guidelines for the collection and processing of personal information of and about individuals who live in the EU. The regulation must be heeded by all sites that attract European visitors.