Glossary of terms commonly used in the Wallet

Terms starting from I

5 Information

IBAN code

IBAN code is an internationally standardized code that identifies the country, branch, and account number of a bank account. IBAN stands for “International Bank Account Number”.


ICANN stands for Internet Corporation for Assigned Names and Numbers, the name of a private, non-profit organization headquartered in the United States.

installment payment

The method of paying the full amount required for a purchase at one time is called lump-sum payment, whereas the method of paying in installments is called installment payment. Since all payments made in installments fall under the installment payment category, the number of installments, such as two or ten, is irrelevant.

intermediary Bank

Generally, when remitting money overseas, money is transferred through an intermediary bank. Remittances through intermediary banks are made when there is no deposit account at the central bank of the foreign country to which the remittance is being sent.

intermediary bank fee

When sending money overseas, one of the fees incurred is an intermediary bank fee. Since international money transfers go through multiple banks, there are fees to be paid to intermediary banks.

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