Glossary

The International Bank Account Number (IBAN) is an international of identifying bank accounts across national borders to facilitate the communication and processing of cross border transactions.

ICO, which stands for “initial coin offering” and is coined from IPO, is a new digital method for raising financial resources. Using an ICO, individual or company can crowdfund any project or become an investor. Every ICO has two mandatory attributes – issuance of a fixed amount of the new cryptocurrency unit (token or coin) dedicated to the ICO and blockchain based transactions.

KYC stands for “Know Your Customer”. In banking, it is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused.