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There are a lot of words, terms and concepts that are normalized in various settings. Every institution has their lingo — the language that guides them and though they sound foreign to someone who isn’t familiar with it, it’s perfectly understood and accepted among those that speak it. Today, we’ll be going over some words and terms we use at Kaoshi Network and what they mean. Yes! A Kaoshi Network Glossary.

A

Account Officer — An account officer is a person designated to a user account and oversees any complaints, issues or enquiries the customer may have. The name, contact number and email of your account officer can be found on the drop down at the top right of your screen.

Admin Poster — This is a boutique customer whom Kaoshi Network posts offers for in bulk.

B

Boutique Customer — A Boutique Customer is a Kaoshi Network User who wishes to send money in bulk from Africa to the diaspora.

C

CX — CX is short for Customer Experience. This is our customer representative team, and they work round the clock to ensure your user experience on Kaoshi Network is smooth as silk.

Completed Transaction — This is a Kaoshi Network transaction status. This indicates that a transaction is completed and all parties have received funds and are satisfied.

Cross Border Transfer — This is the movement of money from one country to another.

D

Delivery Method — This is the bank account a customer uses for receiving payments on Kaoshi Network.

Domiciliary Account — This is an account that lets you receive money in foreign currency all the while locally situated in your country or region.

H

Hybrid P2P — Hybrid transactions combine key features of the regular P2P systems with established remittance services like World Remit, Remitly and Sendwave. Hybrid P2P transactions leverage the extensive networks of remittance providers to facilitate money transfers across various countries and regions.

K

KYB — Know your Business is a form of Business identification where we verify if a business is compliant enough to perform transactions on Kaoshi Network.

KYC — Know your customer is a form of Customer identification where we verify if a customer is compliant enough to perform transactions on Kaoshi Network.

KaoshiPay™ Widget — This is a Kaoshi Network product that lets you initiate and complete transactions on the spot without having to visit a desired remittance service to finish the transaction.

L

Lien — This is a hold placed on a Poster’s account when he/she creates a transaction. This hold is placed until value is received by the Poster Beneficiary. When value has been confirmed as delivered to their Poster Beneficiary, the hold is converted to a debit, but if not, the hold/charge is released and the customer can access his/her funds.

M

Matcher — A matcher is a Kaoshi Network user who wishes to send money from the diaspora down to Africa.

Matched Peer — This is someone whom the Matcher sends money to in a transaction on Kaoshi Network. The person can also be called the Poster Beneficiary.

Matcher Beneficiary — A matcher beneficiary is a Kaoshi Network user that the matcher wants to send money to in Africa.

N

Non-Admin Poster — This is a poster that goes through the web app to create their transaction themselves.

O

Offer — An offer is a transaction initiated by a poster that can be matched on the Kaoshi Network web application.

P

P2P — Peer-to-Peer is a transaction type whereby the transaction is done from person to person digitally. The regular P2P transactions rely solely on direct exchanges between users.

Poster — A poster is a Kaoshi Network user who wishes to send money from Africa to the diaspora.

Partial Match — This is a Kaoshi Network feature that allows a matcher to match part of the money posted by the poster.

Payment Initiation — This is the start of a payment process. Payment initiation commences as soon as transaction details are confirmed.

Payment Method — This is the method by which a user makes payment on Kaoshi Network. It could be via debit card or bank transfer.

Payment Received — This is a type of transaction status that indicates the successful confirmation of funds sent by the matcher to the Poster Beneficiary.

Poster Beneficiary — This is a Kaoshi Network user that the poster wants to send money to.

Published Offer — This is when a Poster’s offer has been posted and ready to be matched.

Pay by Direct Transfer — This is a payment method that does not require you to manually enter your recipients details to do a transfer, rather with the click of a button, you are able to initiate and finish payment through a third-party provider.

Pay by Manual Bank Transfer — This is a Payment method option on Kaoshi Network that allows you send money to a Matcher Beneficiary by Bank Transfer.

R

Rate — This represents a value that enables a currency to be converted into another currency and shows their relationship.

Rate Alert — It’s a feature that lets users know when an offer that matches their set rate has been posted.

Remittance Services –Remittance service companies, also known as money transfer operators (MTOs), are financial institutions that specialise in facilitating the transfer of money from one location to another, typically across international borders.

Rate before fee — At Kaoshi Network, this is the rate for a certain currency conversion before a matcher fee is charged to the customer.

Rate after fee — At Kaoshi Network, this is the rate for a certain currency conversion after a matcher fee is charged to the customer.

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