What Is Financial Technology (Fintech)? Financial technology (better known as Fintech) is used to describe new tech that seeks to improve and automate the delivery and use of financial services. At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives by utilizing specialized software and
What Is FINTRAC? FINTRAC is an acronym for the Financial Transactions and Reports Analysis Centre of Canada, the financial intelligence unit that monitors monetary transactions to identify and prevent illegal activities such as money laundering and financing of terrorist organizations. The center reports to the Minister of Finance, who in turn is accountable to Parliament.
What Is the FIRE Economy? FIRE refers to a sector of the economy composed of finance, insurance, and real estate – hence the acronym, “FIRE”. Businesses that make up the FIRE economy include banks and credit unions, credit card companies, insurance agencies, mortgage brokers, investment brokerages, real estate agencies, hedge funds, and more. The FIRE
What Is Fire Insurance? Fire insurance is a form of property insurance that covers damage and losses caused by fire. Most policies come with some form of fire protection, but homeowners may be able to purchase additional coverage in case their property is lost or damaged because of fire. Purchasing additional fire coverage helps to cover the
What Is a Firewall? A firewall is a legal barrier preventing the transference of inside information and the performance of financial transactions between commercial and investment banks. Restrictions placed on collaborations between banks and brokerage firms under the Glass-Steagall Act of 1933 acted as a form of firewall. One purpose of a firewall is to ensure banks do
What Is a Firm? A firm is a for-profit business organization—such as a corporation, limited liability company (LLC), or partnership—that provides professional services. Most firms have just one location. However, a business firm consists of one or more physical establishments, in which all fall under the same ownership and use the same employer identification number (EIN).
What Is a First Mortgage? A first mortgage is a primary lien on a property. As the primary loan that pays for a property, it has priority over all other liens or claims on a property in the event of default. A first mortgage is not the mortgage on a borrower’s first home; it is
What Is the First Amendment? The First Amendment, passed by Congress on Sept. 25, 1789 and ratified on Dec. 15, 1791, protects the freedoms of Speech, Religion, Press, Assembly, and Petition for Americans. Key Takeaways The First Amendment, passed by Congress on Sept. 25, 1789 and ratified on Dec. 15, 1791, protects the freedoms of
Thomson First Call: An Overview Thomson ONE Analytics, formerly called Thomson First Call, is an investment research and data service. It is widely used by professionals in the financial services industry and is a source of news and information for many in the financial media. Some of its features are still branded with the First
What Is a First Mover? A first mover is a service or product that gains a competitive advantage by being the first to market with a product or service. Being first typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena. Other advantages include additional time to perfect
