Glossary

A bank or financial institution that can process card payments on behalf of a merchant.

According to the Article 26 of eIDAS Regulation, Advanced Electronic Signatures (AES) are uniquely linked to and capable of identifying the signatory, created in a way that enables, with a high level of confidence, the signatory to have sole control of it, and linked to the data signed in a way that any subsequent change in it is detectable.

At LOQR, our platform and journeys are enabled by Artificial Intelligence techniques that allow us to perform a series of actions and deliver our compliant journeys.

A set of legislation and policies to fight attempts to circulate and disguise funds obtained from illegal or criminal activities.

Anti-Money Laundering screening is one of the methods used to assess the risk of a company’s client, according to AML guidelines.

Application Programming Interface.

AI refers to a simulation of human intelligence, which means that machines can learn and adjust to new inputs and perform tasks like humans.

A live interview conducted by operators during the identity verification stage, to check for liveness, veracity of information and ID Documents.

A model that allows any company – regardless of its area of activity – to provide its customers with banking products and services.

Everything related to the customer’s experience while using products and services from banks.

The process of verifying of a person’s identity, based on physical characteristics, using biometric techniques.

A service that allows customers to make purchases and pay for them later (offering new credit alternatives).

Counter-Financing of Terrorism, also known as Counter Terrorist Financing, is the set of rules to combat the transfer of funds to terrorist groups or organizations. The main differences between Money Laundering and Terrorist Financing are that in the latter the funds used are usually in smaller amounts, and those funds do not necessarily come from illegal activities.

A company that provides clients with resources over the Internet and that can deliver them on-demand.

In a broad sense, compliance is related to the policies, measures, and departments responsible to ensure that an institution is following the applicable laws, regulations, and/or avoiding law or policy violations.

For example, AML, CTF, KYC, KYB, CDD/EDD, among others, are subjects related to financial compliance and play an important role on helping authorities to prevent the occurrence of crimes or misconducts.

LOQR solution is a compliance enabler, providing our clients with the tools to meet legal and regulatory requirements.

It refers to how likely a consumer could be approved for a credit deal.

The protection of internet-connected systems such as hardware, software and data from cyberthreats. Cybersecurity is one of LOQR’s biggest concerns, to be secure and compliant with specific guidelines.

One of LOQR’s journeys, in which end-users can update their legal information online.

Demonstration of our journeys on a simulation environment.

The process of associating a device to a user, allowing customers to replace their current device or enroll additional devices online.

The process of opening a digital account by submitting personal data and other documentation in accordance with the applicable regulations of that country.

A collection of information about a person in digital format.

A process that consists of guaranteeing that a digital identity is trustworthy and that belongs to the person who is creating it. It can be used for individual or business purposes.

Software that allows people or businesses to store digital identities, which can be used in authentications or electronic transactions.

A European Union regulation for electronic identification and electronic transactions within the European Market.

An electronic indication of an individual’s intent to agree to the content of a document or a set of data to which the signature relates.

A way of verifying if the email used can be accessed by the user of the journey.

A technique that allows face recognition and can compare an image with a face to one or more images that also have faces in them by using AI.

Face recognition verifies the identity of an individual by processing a video or a digital image in which the individual’s face is visible.

A term originated by the merging of the words financial and technology. It refers to technological solutions applied to the financial field, like banks, crypto, insurance, and so on.

(4 Eyes Check) A widely used internal control mechanism that requires any activity performed by an individual to be controlled by a second individual. As an example for the use of the 4 eyes check at LOQR, during the identity verification stage, the operator conducting the interview and the operator approving it must be different.

The acronym stands for General Data Protection Regulation. It’s a European regulation, created to protect the data of any person residing in the European Union. It applies to organizations and entities all over the world if they are collecting data regarding people in the EU.

A process that ensures that there is a real individual behind a process, such as online account opening, and that proves that they are who they claim to be.

A way of verifying a person’s data through IP verification.

LOQR's tagline, representing its core business and product: Journey-as-a-Service.

The term has a similar idea to Software/Banking-as-a-Service. In BaaS, banks provide services to third parties. With JaaS, LOQR delivers journeys to banks and financial institutions.

LOQR’s core business. The Journey-as-a-Service platform is used to build, set and deliver our journeys. 

LOQR’s core product. It refers to the banking customer path while performing a series of acts digitally and remotely. Ex: opening an account; recovering access to an account; updating data.

Following the same principles as KYC, Know Your Business (KYB) is a set of procedures or standards used by financial institutions to collect data and verify businesses’ identities Besides the checks related to relevant persons of the company (e.g., Directors, Board of Members, Power of Attorney holders), there is an additional verification: identification of Ultimate Beneficial Owners; legal status; nature of the activity; location; sanctions; black and grey lists, among others.

A set of procedures or standards used by financial institutions to collect data, verify customers’ identities, register information, and assess money laundering, fraud, corruption, and terrorist financing-related risks. It is an important step of Anti-Money Laundering (AML) policies of Financial and Non-Financial Institutions.

A type of KYC verification with less intrusive checks for the customer and less time-consuming verifications.

Analysis based on algorithms to verify if the biometric data is real and not spoofed.

Verifications performed by automated systems that use Machine Learning and Artificial Intelligence to identify if the person in the photo/video is real and alive.

A form of Artificial Intelligence that allows applications to use data and algorithms to imitate the way humans learn and gradually improve its accuracy.

Also known as challenger banks, the neobanks are companies that can offer apps, software, and other technologies for mobile banking activities.

A technology that recognizes characters in an image, whether they be scanned, printed, or handwritten. Through OCR, it is possible to read any sentences or forms of text present in an image.

An omnichannel approach refers to different ways of interacting with products or services through different channels.

The process of integrating systems or people into an organization or service.

One of LOQR’s journeys, in which end-users can recover their credential through a seamless online process.

The act of asking for a loan through an online channel. With LOQR’s KYC platform, banks can grant online loans, with the ability to prove their clients’ identity.

A system that allows control and access of consumer banking and financial accounts through third-party applications.

Political Exposed Person screening refers to the process used to identify and conduct customer due diligence on any person that is political exposed as part of an AML and KYC procedure.

A way of verifying if the phone number used can be accessed by the user of the journey.

A way of proofing if the person using a certain identity is still alive. Some institutions perform this verification regularly.

Relatives and Close Associates screening refers to the process used to identify and conduct customer due diligence on RCAs, as they may be vulnerable to actions such as bribery, blackmail, or corruption due to their relationship with someone in a position of authority and influence.

A method used to specify the level of risk of an individual or organization can expose an organization, such as banks.

A screening used to verify the individual’s identity and identify whether that person presents a risk for an organization such as banks or not.

The overall experience of a person using a product, such as a website or computer application, especially in terms of how easy or pleasing it is to use.

When a product or platform is made and developed by one company and sold by another without the brand name of the creator.