fintech
/ˈfɪn.tek/noun
A collective term for technology used to provide or support financial services, including payments, lending and digital banking.
The fintech application only shows a successful payment after the payment service has confirmed it.
Fintech is short for financial technology. The term describes both digital financial services and the companies developing them. Examples include payment apps, online investment platforms and software that processes bank transactions.
More than a payment form
A financial transaction often involves several systems. An application might request a payment through an Glossary · In briefAPIAn API is a defined way for software to exchange data or call functions in other software without needing to know how that software works internally.Read more and receive its final status later through a Glossary · In briefwebhookA webhook is an automatic HTTP request that one application sends to another when a configured event occurs.Read more. A temporary outage should not cause a duplicate charge or mark an unpaid order as paid.
Clear transaction states, access permissions and an auditable history matter here. Which regulations also apply depends on the service and the provider's role. A webshop using a payment provider performs different activities from a company that provides payment services itself.