Glossary

Financial Institution

Any public or private bank, credit union, or savings and loan, subject to national and state banking laws, and capable of both accepting deposits and making loans. These institutions collect funds from the public or other institutions, and invest them in financial assets.

Related Terms

  • Bank Secrecy Act (BSA)

    Requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.

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  • Web Services

    Web service is part of a SOAP architecture and is defined as "a software system designed to support interoperable machine-to-machine communication”.

    Learn more

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