| Account | A top-level entity representing a client or business. Accounts can manage multiple users and portfolios. |
| User | The end users of the product or service. Users may be businesses or private individuals. |
| Portfolio | A logical container for organizing user wallets and assets. One user may have multiple portfolios. |
| Wallet | A digital container that holds the balance of all enabled assets (e.g., USD, BTC). There are several types of wallets available that have different functions within the system, including Client Admin, Omni and General. |
| General Wallet | A basic wallet used for holding and transferring assets, without product linkages. |
| Asset | A unit of value held in a wallet. Can be fiat (USD) or digital (BTC). |
| Virtual Account | A banking account linked to a wallet, enabling deposits and withdrawals via ACH, FedWire, etc. |
| Vault | A secure storage mechanism for digital assets |
| Balance Types | Includes Available, Pending, and Reserved — each reflecting different stages of asset accessibility. |
| Customer | An end-user (individual or business) onboarded by a client to access financial services. |
| Product | A financial offering (e.g., wallet, card, virtual account) that a customer can utilize. |
| Application | The process or instance a customer is onboarded onto the Connect Financial platform. |
| Counterparty | An external entity involved in transactions, such as deposits or withdrawals, with a customer's account. |
| Payor | An entity initiating payments to a customer's account, often used in payment collection scenarios. |
| Deposit | The action of adding funds (fiat or crypto) to a customer's account from an external source. |
| Withdrawal | The action of removing funds from a customer's account to an external destination. |
| Transfer | Moving funds between two accounts within the platform, provided they share the same asset type. |
| Exchange | Converting one asset type to another (e.g., USD to BTC) within the platform. |
| Authentication | The process of verifying the identity of a client or user, typically using OAuth2 protocols. |
| Idempotence | Ensuring that multiple identical requests have the same effect as a single request, preventing duplicate operations. |
| Callback (Webhook) | A mechanism allowing the platform to send real-time notifications to clients about specific events or changes. |