Account consolidation: A process that combines several different bank accounts or account types under one profile, often simplifying your financial management.  

Account group: A set of accounts that you define to give your users access to view account summaries and statements. It’s associated with the job roles and permissions assigned to users. 

Accounting software: Aternet Banking Solutions for Businesses platform to make it easier to track and manage finances. 

Administrator: An individual or group of individuals with the power to manage and supervise all the operations of a bank account.   

An administrator's respons type of computer program that helps businesses track their financial transactions and manage their books. Some accounting software can be integrated with our Inibilities may include making decisions about financial transactions, changing account information, managing the users authorized to access the account and resolving any problems with the account.  

The administrator has the highest level of access to a bank account and is often responsible for its security and compliance with banking regulations. It is often a trusted person in an organization or a legal representative of a business. 

Approve transactions: A process for approving a financial transaction, usually carried out by the bank or account manager. 

Audit: A formal review of a business' accounts and financial transactions, usually conducted by an independent external auditor. 

Authorized user: An authorized user has access to specific information or features of the banking application. Authorized users can generally carry out transactions, consult accounts or access other features defined by the administrator. As authorized users can perform more actions than regular users, National Bank must identify them beforehand and create their access. 

Balance sheet: A statement of a business' assets, liabilities and equity at a specific point in time. 

Bank draft: A payment instrument that carries a guarantee of funds from your financial institution. 

Business account: A bank account intended for the use of a business rather than an individual. It’s used to manage a business' deposits and payments. 

Business group: A collection of separate businesses, often linked by common ownership, that operate as a business unit.  

In online banking for business, an administrator can define specific permissions or access for a business group. 

Business loan: An amount of money lent to a business by a bank or other financial institution. 

Business savings account: An account that helps businesses earn interest on their money while keeping funds readily available. 

Cashed cheque: A cheque deposited by the recipient in their account to allow them to receive the money. 

CDIC: The Canada Deposit Insurance Corporation (CDIC) is a federal corporation that insures deposits of clients of member banks up to a certain amount in the event of the bank's failure.  

Cheque reconciliation: A process to verify the accuracy of transactions in your chequebook against your bank statement. 

Chequing account: A type of account that allows unlimited deposits and withdrawals. 

Corporate line of credit: An agreement between a bank and a business that establishes the maximum lending limit that the bank can lend to the business. 

Credit assessment: An assessment of a business' ability to repay its debts. 

Credit reference: A credit reference is a report from a reliable source that confirms a borrower's ability to repay a loan.  

Depositor: An individual or business that makes a deposit. 

Digital deposits: A process where you can scan images of your cheques (items) using a scanner and deposit them directly into your bank account. These images can be transmitted through the Digital deposits feature in your online banking for business. 

Direct deposit: A way to digitally send funds to another bank account. 

ERP (Enterprise Resource Planning): Business management systems that integrate and manage many aspects of a business’ operations, including accounting, procurement, project management, client relationship management and human resources. 

Exchange rate: The cost of one currency compared to another. 

Foreign exchange transactions: Transactions involving the purchase or sale of foreign currencies. 
Learn more about Foreign exchange transactions. 

Government remittances: A government remittance allows a business to pay the various levels of government: federal, provincial, and municipal. Remittances for other provinces are made through the platform of our partner Assure Pay Tax Filing Service (CanAct). The client must subscribe to the other provinces’ discounts since this option is not activated by default when signing up. Subscription fees apply. 

Interac e-Transfer: A service that allows clients to send and receive money electronically between Canadian banks. 

Interest rate: The percentage of the amount borrowed that the borrower must repay to the lender. 
Learn more about rates and returns on banking products.

Job role: A job role is a set of permissions that allow you to perform certain tasks in online banking for business.    

The administrator of a business account must assign a role to each user.   

Letter of guarantee: Your international transactions may sometimes require certain commitments to demonstrate your solvency. A bank guarantee is an irrevocable promise from a bank that your debtor will be compensated should you fail to fulfill your contractual obligations. 

National Bank will make a payment to your client (the beneficiary) once you present documents attesting to a default or breach on your part. 

Mobile payment: A type of payment made with a mobile device. 

Mutual funds: A type of professionally managed investment where several investors put their money in a mutual fund.  

Other permissons: Additional permission to grant transactional rights to a user. 

Other suppliers: Companies or individuals who are not part of National Bank's supplier directory. You will need their banking information to add them as beneficiaries. 

Payment notification: A message sent by email or fax to the payment recipient, immediately after the transaction is submitted. Payment can take up to 24 to 48 business hours. 

Permission: An authorization allowing a user to perform an action or task. Each permission has one or more rights, for example: the permission to manage statements with the right to view. 

Prime rate: The minimum interest rate set by the Bank of Canada that guides interest rates for loans and deposits across the country. 

Right: Authorization for a user to carry out a specific task, for example: consult, create, edit or delete information. The right is accompanied by permission. 

Secured loan: A loan that is backed by an asset or guarantee from the borrower. 

SecurID token: An access token available to all online banking for business clients.  

SecurID is an authentication system (token) produced by RSA Security and designed to provide strong authentication for users accessing an information system.  

With a user code, the user accesses a password, and an identification number is generated every 60 seconds by the SecurID token. This authentication method prevents any access to the site without a SecurID token (mandatory for users who authorize electronic transfers). 

Service agreement: An agreement may include one or more grouped entities. An entity that participates in a service agreement may authorize users to make transactions in online banking for business. In each service agreement, users are granted authorizations to perform specific tasks. Authorizations are granted through permissions and rights in a job role. 

Service providers: National Bank chooses companies or individuals (located on its list of suppliers) who support the Bank's service needs. 

Stop a payment: A request made by an account holder to their bank to stop a cheque or pre-authorized payment that they had previously authorized. 

Transfer: A method of electronically transferring funds from one account to another. 

Type A admin role: This is the role assigned to administrators by National Bank. It contains  

Type B admin role: This is the role assigned to administrators by National Bank. It contains permissions that cannot be withdrawn. 

Unsecured loan: A loan that is not backed by an asset or a guarantee from the borrower. 

User: An individual who uses an application or system. In the context of our online banking for business, a user would be an individual, added by a person with additional user rights. This person is authorized to access the application and perform specific tasks.   

User ID: Your user ID allows you to sign in to your online banking for business account. Your ID is unique and will be given to you by the bank if you are an administrator, a user, or have been given access by an administrator. 

Please remember that you should never share your user ID. 

Wire transfer: An option in our online banking for business platform that allows a business to make transfers to beneficiaries in Canada and abroad using the SWIFT network, in CAD, USD, or other currencies. 

Working capital: The amount of money available to a business to manage its day-to-day operations.  
Learn more about working capital.