Glossary

The glossary provides a shared language for us to describe our products and their features. Where possible we stick to industry-standard terms, but there will always be some Griffin-specific ones.

TermDefinition
AMLAnti Money Laundering.
Available BalanceThe available balance is the balance available to a customer once all holds have been taken in to account. As such, it represents the amount of money that can be withdrawn from the account at this moment in time.
Bank"A firm with deposit-taking permissions. There is no such thing as a ""bank license"", although that term is often used - instead a firm has the permission to take deposits. Implicit in the term deposit is the right to take that money and lend it out (thereby earning net interest income - the difference between any interest earned vs interest paid on the deposits). As a simple matter of fact, banks almost always have a number of other regulatory permissions, such as the permission to make payments. "
Banking as a Service (BaaS)An API platform that enables companies to consume, integrate with, and offer banking services.
CASSClient Assets [refers to the FCA's Client Assets Sourcebook]. CASS can refer to: a firm holding client money or assets, a bank account used to hold client assets, and the bank holding client assets. CASS accounts are typically managed by a Custodian.
CheckThe evaluation of one or more Claims against one or more pieces of Evidence. The check may involve acquiring evidence from a Legal person (e.g. a selfie).
ClaimA purported fact about a Legal person. Claims about a Natural person include their contact details, identity, and residential address. Claims about legal entities include their Companies House registration, their board of directors, and (for custodians) their FCA registration. Claims need to be verified before a legal person can be onboarded.
Client Money AccountA special kind of bank account, where the account is in a firm's name, but holds money for one or more clients. For example, a robo-advisor or insurance company might hold money on behalf of their client, in a bank account. Accounts may be pooled in which case multiple clients share the same account.
CompanyA company is a Legal person representing a legal entity such as a limited company. This definition also includes entities such as charities. A legal person that isn't a corporation is likely an Individual.
Demand accountA bank account from which deposited funds can be withdrawn at any time, without advance notice.
Electronic-Money Institution (EMI)"A firm that is authorised to issue electronic money. The term electronic money is confusing if you haven't studied the history of banking. Basically, an EMI controls 1 or more ""safeguarding"" bank accounts in which their customers' funds are held and has the ability to issue payment instructions for the cash in those accounts. It is not allowed to lend customer funds out. EMI firms are potential customers of ours."
EvidenceSupport for a Claim, for example a photo of a passport, birth certificate, residence permit, etc. Multiple claims can refer to the same item of evidence, and a single claim can be supported by multiple items of evidence.
FCAFinancial Conduct Authority. The FCA is one of our regulators, the other being the PRA. The FCA's focus is on the conduct of the firms providing financial services to consumers and maintaining the integrity of the UK's financial markets.
ID&VID&V stands for Identification and Verification, which is the most basic of the checks we must run when onboarding a new customer. Identification is determining who the customer is, and verification is confirming that this is their real identity.
IndividualA Legal person representing a Natural person. Where multiple people make up an entity, it is likely they form a Company.
KYCKnow Your Customer.
Legal entityA legal entity is a Legal person which is not a natural person. They are an incorporated company of some description.
Legal personA legal person may be an Individual (a natural person), an Company, or a Sovereign entity (a government agency, like the Bank of England).
Natural personA Legal person who is an individual human being.
OnboardingPerforming KYC checks to decide whether to accept a Legal person as a Direct Customer or Nested Customer.
Payment Institution (PI)"A firm that is authorised to take or make payments. Stripe is a good potential example - they make it possible for an e-commerce firm to take card payments from any number of places and then can forward those funds on to the ultimate firm. Stripe is a bit weird in that normally PIs are required to send the funds on immediately; companies like Stripe or PayPal more often hold a balance. Generally the difference between an EMI and a PI here is that the PI tries to hold funds for less than 24 hours."
PRAPrudential Regulation Authority. The PRA is one of our regulators, the other being the FCA. The PRA is responsible for the prudential regulation of financial services firms, meaning its primary concern is that that the firms it regulates are engaged in sound risk management, which in turn helps ensure the stability of the UK financial system.
PSCPerson of Significant Control. A Natural person who either own more than 25% of the shares or voting rights in the company, or have the right to appoint or remove the majority of the board of directors.
RLERelevant Legal Entity. A Legal entity who is capable of satisfying one or more of the PSC conditions and required to keep a PSC Register itself.
Safeguarding accountA special kind of segregated account, where clients’ funds are kept separate from the company’s operational funds. PIs and EMIs require safeguarding accounts, opened with a licensed credit institution or a central bank, to hold their customers’ money.
SettlementThe process of actually moving money. Many payments rails and financial contracts distinguish between the time when a deal was made / payment was initiated, and when the money actually changes hands.
Settlement DateThe date when Settlement happens
SovereignA special class of Legal person. This classification is reserved for entities such as the Bank of England, i.e. government-regulated bodies.
Term deposit"A deposit held at a financial instution for a fixed period of time, during which the depositor cannot withdraw it without giving notice and incurring a penalty. The ""term"" is typically not more than a few years. The depositor receives a guarateed rate of interest on their deposit, which means they know exactly what the return on investment will be once the deposit reaches maturity. Term deposits are also referred to as time deposits or fixed deposits."
UBO"Ultimate Beneficial Owner. Natural person who exercises ultimate control over the management of the company ultimately owns or controls more than 25% of the shares or voting rights in the company; and otherwise controls the body corporate."
VerificationThe process of verifying a set of Claim against items of Evidence. A verification is composed of a set of Checks, each of which may be associated with one or more claim and one or more item of evidence. The result of the checks inform the overall status of the verification.