Account

From Open Risk Manual

Definition

Account. It is a record of financial transactions for an asset or individual, such as at a financial institution, brokerage, credit card organization, or retail store. In general, it is an arrangement between a buyer and a vendor in which payments are to be made in the future.

An account indicates a business relationship between two entities; one entity is the account owner, the other entity is the account servicer.


Issues and Challenges

Review session notes: A container that contains assets and/or commitments?

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.

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