IBAN
International Bank Account Number. A unique identifier for a bank account; a standard in Europe and other countries.
Glossary
Every term, explained clearly
Quick dictionary of concepts we use at Kunga. Banking, crypto and regulatory.
ACH
Automated Clearing House. A U.S. interbank network for USD payments; settlement in 1-2 business days.
FedNow
A Federal Reserve service for instant USD payments 24/7, launched in 2023.
Wire transfer
An international bank transfer. In the USA, typically via FedWire or SWIFT.
SEPA
Single Euro Payments Area. A unified zone for euro payments; covers 36 countries.
SEPA Instant
A variant of SEPA with settlement in seconds, 24/7.
SPEI
Interbank Electronic Payment System. The Mexican network for MXN payments in seconds.
Pix
The Brazilian instant payments system 24/7, managed by the Central Bank.
Faster Payments (FPS)
The British system for near-instant GBP payments.
CHAPS
Clearing House Automated Payment System. Same-day high-value GBP payments.
USDC
A stablecoin issued by Circle, backed 1:1 by USD and Treasury bonds. Monthly attestation.
USDT
A stablecoin issued by Tether. The most liquid in global markets.
Stablecoin
A cryptocurrency pegged to an asset (usually USD) to maintain a stable value.
On-ramp / Off-ramp
Conversion from fiat to crypto (on-ramp) or from crypto to fiat (off-ramp).
KYC
Know Your Customer. Identity verification of an individual.
KYB
Know Your Business. Verification of a company, its beneficial owners and administrators.
AML / CTF
Anti-Money Laundering and Counter-Terrorism Financing. The regulatory framework to prevent money laundering and the financing of terrorism.
MiCA
Markets in Crypto-Assets. The European regulation of crypto-assets in force since 2024.
1:1 custody
A model in which each custodied unit is backed by a real unit of the asset.
OTC
Over The Counter. High-volume trades negotiated directly with a desk, outside the public order book.
T+0 settlement
Settlement on the same day as the transaction.
Multi-sig
A wallet that requires several signatures to authorize an operation. Adds security and governance.
Spread
The difference between the buy and sell price. In FX, it is usually the hidden real cost of an exchange.
Gas fees
The fee paid to a blockchain network for processing a transaction.