Glossary
Bank Identifier Code (BIC)
A bank's unique identification code. A BIC is also called a SWIFT code.
Beneficiary
A beneficiary receives monetary or other forms of assets. Beneficiary refers to an individual who receives transfers through banks, electronic wallets, and transfer companies.
Customer
A merchant who receives services from a Partner. A Customer can access the WorldFirst website and perform business operations.
International Bank Account Number (IBAN)
A combination of 16-34 alphanumeric characters that identifies an account at a particular bank and branch in a specific country.
Know Your Customer (KYC)
KYC is the mandatory process of identifying and verifying the client's identity. The intensive examination of account holders in the KYC policy is the institutional basis for anti-money laundering to prevent corruption.
Onboarding
The process of Customers or Partners becoming WorldFirst participants through KYC, KYB authentication, or contract signing.
Partner
A third-party agency authorized by WorldFirst that integrates with WorldFirst and supplies services to Customers such as remittance, disbursement, account binding, online tripartite, etc.
Payer
The party that makes the monetary payment during a transfer process.
Prefunding
The process to make payments in advance for a transfer. A Partner needs to ensure the prefunding deposits are sufficient before initializing a transfer request.
Quote
A price or exchange rate WorldFirst offers to Customers and Partners.
Receiving account (RA)
The account assigned by WorldFirst to receive funds within the WorldFirst Global Funding Network. A unique receiving account is assigned to the customer once the onboarding process is completed.
Routing number
The number used to identify a financial institution and specific bank branch where an account is held, including ABA routing number, BSB routing number, SORT code.
Virtual Account (VA)
An account that is assigned by a banking institution to WorldFirst for making and receiving monetary transfers.
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