Sending money with Azimo is simple and easy to understand, even though some of the money transfer terms might sound a bit confusing. If you don’t work in the industry, you might not know what they mean.
To help you understand more about the way money transfers work, we clear up the meaning behind some of the most commonly used terms.
The term FinTech comes from combining two words – finance and technology. You might have seen the term a lot before, as Azimo is a FinTech company. We use new, innovative technology to create better financial services for both businesses and people like you. In today’s digital age, people want to have the convenience and ease of taking charge of their finances wherever they are, which they can easily do on their smartphones.
The way that money transfers work is when you make a transfer, we process it and then send it to your recipient’s bank, who then credit it into their actual account. This bank, which is in the country that you are sending to, is what we refer to as our “local partner”.
No matter what industry a business is in, compliance is an essential part of the day to day operations. They are the team who verify important documents and data to ensure that the company meets the required rules and regulations of the industry. Their work keeps all money transfers safe and secure in accordance to the most up to date standards.
The Financial Conduct Authority is critical in its role across financial institutions in the UK. It regulates thousands of businesses to ensure that the finance market works smoothly and fairly for all, protecting both business and the safety of their customers. So when you see that we are FCA regulated on our site, it simply means that we comply with the strict regulations they uphold, which therefore ensures the safety of your transfers.
The “Know Your Customer” policy is a standard practice for all financial services in the EU and the UK. It helps us verify that you are who say you are, and to make sure that your money is safe and secure. This is why we sometimes may ask for Proof of Identification of Proof of Address.
This stands for “Peer to Peer”, which is the revolutionary way of sending money to a recipient by simply using their mobile phone number. No more information is needed – and who actually knows their friends’ bank account details? The recipient then gets a link to download the Azimo app, fill in their own details and claim the money. Whether it’s for transferring money abroad or simply paying a friend back for dinner, this innovative option makes sending even easier.
An IBAN is an International Bank Account Number, which is just that – a bank account number. In different countries, bank account numbers used to have all sorts of different formats, which greatly slowed down the process of international money transfers. IBANs are used by all EU countries, EEA members, Switzerland, and many more countries across the Middle East, and Central America, helping to simplify cross-border payments. You can find even more information on IBANs here.
Also known as a BIC (Bank Identifier Code), it’s a specific code that helps to identify individual banks around the world – who they are and where they’re located, even down to a particular branch in small town. They’re used to transfer money securely between banks and are particularly useful for large international transfers. You can find even more information on SWIFT codes here.
Now that you understand a bit more about money transfer phrases and what they actually mean, why not head over to our homepage and start saving money while you send today?