Glossary
Plain-language explanations of the words you will see in Vav.
- Banking partner
- The licensed company that handles bank transfers for Vav, such as receiving USD and paying out to bank accounts.
- Card partner
- The licensed company that issues Vav cards.
- Confirm it's you
- The extra password check Vav asks for before sensitive actions like showing card details or sending money.
- CVV
- The 3-digit security code of a card, used to confirm online payments.
- Deposit
- Money coming into your business’s account, for example a bank transfer from a client.
- Freeze
- Temporarily blocking your card so every purchase is declined. You can unfreeze it at any time.
- IBAN
- An international bank account number, used in many countries to identify a bank account.
- KYB (Know Your Business)
- The check regulated financial services run on a business before its account can move money: its company details and registration documents, and its owners and directors.
- KYC (Know Your Customer)
- The identity check regulated financial services must run before an account can move money. In Vav, the person setting up your business’s account verifies an ID document and a selfie, then answers a short set of compliance questions.
- Minor units
- The smallest unit of a currency, like cents for dollars. $5.00 is 500 cents.
- Pending / On its way
- A transaction that has started but is not finished yet.
- Proof of address
- A document that shows the address of the person verifying your business’s account, like a utility bill, bank statement, or government letter.
- Recipient (or beneficiary)
- A business, person or account you send money to, such as a supplier’s saved bank account or mobile wallet.
- Settled
- A transaction that is fully complete. The money has arrived.
- SWIFT
- The international system banks use to send money across borders. SWIFT transfers usually take 1–3 business days.
- Top up
- Adding money to your card from your balance so you can spend it.
- Verification partner
- The regulated company that checks identity documents for Vav.
- Virtual card
- A card that exists in the app instead of in your pocket. It has a number, expiry date, and CVV, and works for online and in-app purchases.