ACH - Automated Clearing House (ACH) is an electronic network for financial transactions in the United States. ACH processes large volumes of credit and debit transactions in batches. ACH credit transfers include direct deposit, payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills.
AML - Anti-Money Laundering (AML) is a system that detects and prevents the illegal act of hiding or concealing the origins of money.
API - Application Programming Interface
AWS - Amazon Web Services (AWS) is Sila’s node host.
Blockchain - a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network
CIF - Customer Information File (CIF) is an electronic file that contains important information of a customer.
CIP - Customer Identification Program (CIP) is a system used by financial institutions to facilitate the verification of the identities of customers.
ERC-20 - is the type of 'smart contract' that the SILA token is written on.
Ethereum - is a blockchain wherein Sila is written using ERC20 Token.
FK/Foreign Key is a data point that is used in two data tables to match up data. For example, if we had all the databases in the world, your SSN would be a fk and could be used to join a bunch of data about you.
FBO - For Benefit Of (FBO) normally refers to an account holding funds for multiple entities.
Gas - is the cost of processing a transaction on the blockchain.
Handle - is a unique identifier for an application or user on the Sila network.
Mainnet - is the production “live” version of Ethereum.
PCI - Payment Card Industry (PCI) compliance is a set of standards developed to ensure that the credit card industry is securing customer data uniformly throughout the industry.
Rinkeby - is a Sandbox version of the Ethereum blockchain
SILAUSD - is our ERC-20 token which is equivalent to $0.01 USD.
SAR - Suspicious Activity Report (SAR) is a tool provided under the Bank Secrecy Act (BSA) of 1970 for monitoring suspicious activities that would not ordinarily be flagged under other reports (such as the currency transaction report).