What Is an Integrated Circuit Card? An integrated circuit card, or chip card, is a payment card that uses an embedded microchip to store data in addition to (or instead of) a traditional magnetic stripe. Integrated circuit cards are made of plastic or a similar material and are most often associated with specific credit cards known
What Is Intellectual Capital? Intellectual capital is the value of a company’s employee knowledge, skills, business training, or any proprietary information that may provide the company with a competitive advantage. Intellectual capital is considered an asset, and can broadly be defined as the collection of all informational resources a company has at its disposal that
What Is Intellectual Property? Intellectual property is a broad categorical description for the set of intangible assets owned and legally protected by a company or individual from outside use or implementation without consent. An intangible asset is a non-physical asset that a company or person owns. The concept of intellectual property relates to the fact
What Are Biotechnology Intellectual Property Rights? Biotechnology intellectual property rights are the legal ownership of an interest in a patent, trademark or trade secret. This means that another company cannot use those assets without permission from the company established as the official owner. In health care, intellectual property rights give their owners exclusive use of
What Is the Interbank Call Money Market? The interbank call money market is a short-term money market which allows for large financial institutions, such as banks, mutual funds, and corporations, to borrow and lend money at interbank rates, the rate of interest that banks charge when they borrow funds from each other. The loans in the call money market are
What Are Interbank Deposits? The term interbank deposit refers to an arrangement between two banks in which one holds funds in an account for another institution. The interbank deposit arrangement requires that the holding bank opens a due to account for the other. This is a general ledger account with funds payable to another party.
What Is the Interbank National Authorization System (INAS)? The term Interbank National Authorization System (INAS) refers to a bank network that is affiliated with Mastercard International. The network was introduced in 1973 by Master Charge the predecessor of MasterCard. The system allows authorizations to take place on the global exchange between different financial institutions for
What Is an Interchange? An interchange is the transfer of digital information from one computer to another. In business, this typically refers to an electronic data interchange (EDI), a system used to communicate strictly formatted messages that represent documents other than monetary instruments. An interchange should not be confused with the interchange rate, or “swipe fees,”
What Is an Interchange Rate? The term interchange rate refers to a fee that a merchant must pay with every credit and debit card transaction. Rates are set by payment card issuing companies in exchange for accepting the credit risk and handling charges inherent in these transactions. Interchange rates are set by financial companies and
What Is an Intercommodity Spread? An intercommodity spread is a sophisticated options trade that attempts to take advantage of the value differential between two or more related commodities, such as crude oil and heating oil, or corn and wheat. A commodity is a necessary good used in commerce that is interchangeable with other commodities of the
