Adaptive Selling
A sales method where the offer is changed to better match a prospective customer or situation. Online merchants can take advantage of this through analysis of both general and user specific patterns.
Micropayment
A low-value financial transaction that can range from a few pennies to a few dollars.
Smart Card
A smart card allows electronic money to be stored in a secure, but portable medium. It is a credit card with a built-in microprocessor and memory used for identification and financial transactions. When inserted into a reader, it transfers data to and from a central computer. It is more secure than a magnetic stripe card, and can be programmed to self-destruct if the wrong password is entered too many times. As a financial transaction card, it can store transactions and maintain a bank balance.
Maestro International
A joint venture between MasterCard International and Europay International to deliver to banks around the world an acceptance mark that offers customers of those banks global access to their deposits at both ATMs and the point of sale. All such transactions can take place under full control of the card-issuing bank.
Financial Products Markup Language
A protocol for Internet-based electronic dealing and information sharing of financial derivatives, initially handling interest rate and foreign exchange products. FPML can be found at www.fpml.org.
Financial Services Technology Consortium
A research organization comprised of banks, financial services firms, universities, and government agencies that sponsors collaborative research and development on technical projects affecting the entire financial services industry.
Private Key Cryptography
An encryption method which uses a single key for both encoding and decoding a message.
Source: Globeset.com