Glossary

Overview

This glossary explains the financial, technical, and regulatory terms used throughout the Nova Platform Guide.

Definitions are written in plain language to help both technical and non-technical readers understand the platform and the financial services it supports.

Account Identifier

A unique value used to identify a user or account when sending or receiving funds within the Nova platform.

Affiliate

An individual or organization that promotes products or services in exchange for commissions or other incentives based on qualifying activities.

AML (Anti-Money Laundering)

Regulatory processes designed to detect and prevent money laundering and other forms of financial crime.

API (Application Programming Interface)

A set of software interfaces that allows different applications to communicate and exchange information securely.

Audit Log

A chronological record of actions performed within the platform, used for monitoring, troubleshooting, and regulatory compliance.

Cashback

A financial reward that returns a percentage of an eligible purchase to a user's account.

Card Issuance

The process of creating and providing virtual or physical payment cards to eligible users.

Cryptocurrency

A digital asset that uses cryptographic technology and blockchain networks to facilitate secure electronic transactions.

Currency Conversion

The process of exchanging one currency for another using the applicable exchange rate.

Digital Wallet

A secure account that allows users to hold, receive, send, and manage funds within the Nova platform.

Fiat Currency

Government-issued currency such as the US Dollar (USD), Euro (EUR), or British Pound (GBP).

Foreign Exchange (FX)

The process of converting one currency into another.

Global Bank Account

A bank account provided through Nova that enables users to receive, hold, and transfer funds in supported jurisdictions.

KYC (Know Your Customer)

Identity verification procedures used to confirm the identity of individuals before they access regulated financial services.

KYB (Know Your Business)

Verification procedures used to confirm the identity and legitimacy of business entities.

Merchant

A business that accepts payments for goods or services.

Multi-Currency Account

An account capable of holding balances in more than one supported currency.

Payment Card

A virtual or physical card linked to a user's available wallet balance for making eligible purchases.

Peer-to-Peer (P2P) Transfer

A direct transfer of funds between two eligible Nova users without relying on traditional banking infrastructure.

Spendback

Nova's wallet-based payment capability that allows users to pay participating merchants directly from their available wallet balance.

Stablecoin

A cryptocurrency designed to maintain a relatively stable value by referencing another asset, such as a fiat currency.

Transaction Monitoring

The ongoing analysis of financial transactions to identify suspicious or potentially fraudulent activity.

Wallet Balance

The amount of funds currently available within a user's Nova Wallet.

White-Label

A product or service provided by one organization that is branded and presented as another organization's own offering.