The Finexio Glossary

These are words you will commonly see when you use Finexio.

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Aggregated Unique ID assigned to the aggregate payment

 

AWS Cloud Security — Trusted by thousands of companies worldwide, Amazon’s AWS cloud service keeps all Finexio data secure, compliant, and encrypted. As the largest cloud services provider in the world, Amazon’s digital security infrastructure is unmatched, letting Finexio and it’s customers rest assured of best practice data security.

 

Buyer The subsidiary of the customer who is paying the supplier

 

Customer The parent company

 

FISMA Moderate — is defined as having a serious adverse impact on organizational operations, individuals, or government entities. A serious adverse effect means that, for example, the loss of confidentiality, integrity, or availability might result in significant damage to organizational assets.

 

HIPAA — The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was enacted by the 104th United States Congress and signed by President Bill Clinton in 1996. It was created primarily to modernize the flow of healthcare information, stipulate how personally identifiable information maintained by the healthcare and healthcare insurance industries should be protected from fraud and theft, and address limitations on healthcare insurance coverage.

 

Instant Bank Verification — Instant Bank Verification supports seamless payments for our customers and their suppliers. The tool provides real-time verification of valid, active and correct bank accounts, allowing for wholly informed decision making when it comes to your company’s payments.

 

Instrument number The last four digits of the virtual card

 

Invoice number — ID provided on the Invoice from the supplier

 

Invoice amount — The dollar amount on the invoice


Invoice date — The date the supplier provided the invoice to the buyer


Invoice due date Date the payment is due to the supplier

 

ISO 27001 — (formally known as ISO/IEC 27001:2005) is a specification for an information security management system (ISMS). An ISMS is a framework of policies and procedures that includes all legal, physical, and technical controls involved in an organization's information risk management processes.

 

KYC Due Diligence — Finexio performs Know-Your-Customer (KYC) due diligence on its customers and suppliers that are paid electronically to ensure the accuracy and safety of payment accounts. As an extra layer of security, Finexio leverages data appending and cleansing tools to validate 2nd and 3rd party information.

 

Memo The notes from the payment file

 

Network Isolation — Finexio leverages a network isolated group of apps and data services that allow for industry-leading processing performance. A faster and more secure platform allows our customer’s real-time data visibility while maintaining the data security they require.

 

Order date The date a payment file was submitted

 

Order reference Unique reference ID created by Finexio’s system

 

Order status Orders are in process or complete


Order time — The time a payment file was submitted

 

Payment age The number of days for a payment to settle from an order status of complete

 

Payment issued to date — The date payment is sent to a supplier


Payment issued time — The time a payment is sent to a supplier

 

Payment method The type of payment received by the supplier. Check, Card, or ACH


Payment status Transactions are in process or complete

 

PCI DSS (Payment Card Industry Data Security Standard) Covered entities and business associates that accept credit, debit, or other payment cards

 

PCI Compliance — Finexio processes transactions in a PCI Level 1 Certified Environment, providing a secure environment for all transmitted payment card information. PCI Level 1 compliance is the highest certification standard available for the financial industry.

 

SOC 1 and SOC 2/SSAE 16/ISAE 3402 (Previously SAS 70 Type II) — SSAE 16 mirrors the International Standard on Assurance Engagements (ISAE) 3402.[3] Similarly, SSAE 16 has two different kinds of reports. A SOC 1 Type 1 report is an independent snapshot of the organization's control landscape on a given day. A SOC 1 Type 2 report adds a historical element, showing how controls were managed over time.

 

Supplier name The Business name of the supplier

 

PCI Level 1 — The Payment Card Industry Data Security Standard (PCI DSS) defines a “Level 1” merchant as one that processes at least 1 million, 2.5 million, or 6 million transactions per year, depending on which credit cards the merchant accepts. It is the highest, and most stringent, of the PCI DSS levels.

 

Sarbanes-Oxley (SOX) — The U.S. Congress passed the Sarbanes-Oxley (SOX) Act of 2002 to help protect investors from fraudulent financial reporting by corporations.

 

Supplier Payment Program — The Supplier Payment Program is an electronic accounts payable process that enables suppliers to receive ongoing payments with a single-use card number delivered via email. Suppliers receiving payments enter the card number into their card payment system each time an invoice is paid. The card number is valid for one payment only and expires after each use.

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