Posted by Peter Brady on Fri 22nd September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
Sorting code is a six digit number that uniquely identifies the location of where an account is held.
Posted by Peter Brady on Thu 21st September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
Standing Order means an instruction proffered by a customer to their bank in order to facilitate a fixed amount payment on specified regular dates to a named individual or organisation.
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Posted by Peter Brady on Tue 19th September 2006 at 07:00 AM, Filed in Glossary
Working days is defined as English bank working days excluding Saturdays, Sundays and Bank Holidays. So if a bank says “expect a deposit in three working days” on a Friday morning, assume it will probably arrive on the Wednesday of the following week.
Posted by Peter Brady on Mon 18th September 2006 at 07:00 AM, Filed in Credit Tips, Glossary
Public Key Infrastructure (PKI) is a computer technology which facilitates secure exchange of information between individuals through computer systems. The system permits trusted parties such as a bank, to issue Digital Certificates to people that need to trust each other. The technology generally operates with the IP address. The purpose of the certificates is for holders to prove their identity. It is possible for them to also digitally sign transactions and documents. Authenticity of the transaction is substantiated by the signature and also proves that the data exchanged has not been tampered with or changed. The same technology is now being used to encrypt data in transit, which ensures that the intended recipient is the only one to have read access.
Note: Digital signatures are now acceptable in a court of law.
