Society for Worldwide Interbank Financial Telecommunication
- A co-operative owned by the international banking community that operates a global data processing system for the transmission of financial messages.
Related Terms and Acronyms
- Electronic Commerce — Definition,
- The purchase or sale of products and services through an electronic system such as the Internet.
- Electronic Data Interchange (EDI) — Acronym,
- EDI is a system that companies use to exchange business information electronically, virtually eliminating paperwork.
- Encryption — Definition,
- A method for ensuring the privacy and security of a consumer's personal finance information at a bank or financial institution Web site. Encryption is the process of scrambling data so that only the intended receiver can use it. To be effective, encryption needs to be used by both the sender and the receiver. Consumers should make sure it is being used when sending sensitive information. CanEquity uses a encrypted server for all of our online applications.
- International Organization for Standardization (ISO) — Company Est. 1946, Geneva, Switzerland,
- An international organization created to promote standardization around the world.
- Large Value Transfer System (LVTS) — Acronym,
- System being created by the Canadian Payments Association that will settle large value payments, possibly $50,000 and over, at the central bank on a same-day basis.
- Secure Socket Layer (SSL) — Acronym,
➥ Seen as 'https' in a web address (URL).
- A standard form of encryption used over the Internet for e-commerce and banking transactions.