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Banking Terms - IIncome Capital Certificate (ICC) - (certificate of ownership of corporate long-term debt which pays monthly or quarterly payments)
Independent Bankers Association of America (IBAA) -
Independent Sales Organization (ISO) - (a business or entity which acts as an agent for merchants to process electronic transactions)
Individual Development Account (IDA) - (savings program, similar to a 401(k) plan, created to help low income families build financial assets for a specific purpose, such as educational advancement or a home purchase)
Individual Retirement Account (IRA) - (tax-deferred retirement savings account for individuals or married couples filing jointly)
Individual Taxpayer Identification Number (ITIN) - (a number issued by the Internal Revenue Service to identify an individual for tax purposes)
informal value transfer system (IVTS) - (a term used to describe a currency or value transfer system business that operates informally to transfer money outside a formal banking system - often found in countries lacking a stable financial sector)
Institution Affiliated Party (IAP) - (individual, normally holding a key position at an institution, such as an officer or director, or with significant influence, such as a principal shareholder, or with a significant business relationship, such as an independent contractor)
intellectual property (IP) - (the area of law that protects a person's or organization's ownership of creative ideas, inventions, and innovations - protection is provided by laws in the fields of patents, trade secrets, trademark, and copyrights)
Inter-American Development Bank (IADB) - (development bank, organized in 1959, to foster economic development in Latin America by arranging project financing with its own funds and loans by private banks)
Interbank National Authorization System (INAS) - (network for the exchange of bank card authorizations among financial institutions affiliated with Mastercard International - now incorporated into BankNet)
Interbank Network for Electronic Transfer (INET) - (network for the exchange of bank card transactions among financial institutions affiliated with Mastercard Worldwide - now incorporated into BankNet)
interest on lawyers' trust accounts (IOLTA) - (bank accounts used by lawyers or law firms to hold client funds, with interest earned on the account transferred to a state bar association or state entity to be used for public interest or pro bono purposes)
Interest-Only Loan (IO) - (mortgage in which the borrower pays only interest for a set term)
Interest-Only Strip (IO) - (mortgage security consisting of the interest rate portion of a stripped mortgage-backed security)
internal rate of return (IRR) - (discount rate at which the present value of the future cash flows of an investment equal the cost of the investment)
Internal Revenue Code (IRC) - (interpretations/detailed explanations of tax legislation which have been formally adopted and are considered part of federal tax law)
Internal Revenue Service (IRS) - (U.S. agency charged with collecting nearly all federal taxes, including personal and corporate income taxes, social security taxes, and excise and gift taxes)
International Association of Insurance Supervisors (IAIS) -
International Automated Clearing House Transaction (IAT) - (an ACH entry that is part of a payment transaction involving a financial agency's office that is not located in the territorial jurisdiction of the United States)
International Bank for Reconstruction and Development (IBRD) - (international lending organization, known as the World Bank, founded to finance the reconstruction of Europe following World War II, and more recently to provide developing countries with loans for industrial development)
International Banking Facility (IBF) - (separate banking center in a U.S. domestic bank or office of a foreign bank authorized to provide loans to foreign customers - essentially, an in-house shell branch servicing foreign customers)
International Business Corporation (IBC) - (entity formed outside of a person's country of residence that can be used to maintain confidentiality or to hide assets)
International Chamber of Commerce (ICC) -
International Depositary Receipt (IDR) - (negotiable bank-issued certificate representing ownership of stock certificates by an investor outside the country of origin)
International Emergency Economic Powers Act (IEEPA) -
International Monetary Fund (IMF) - (international organization originally focused on monetary/currency stability, with more recent attention on assistance to developing countries with debt management and economic policy)
International Narcotics Control Strategy Report (INCSR) - (annual report on drug trafficking produced by the U.S. State Department)
International Organization of Securities Commissions (IOSCO) - (Madrid, Spain-based organization of securities commissions and regulators which provides standards, surveillance, and enforcement of regulations having to do with international securities transactions)
International Organization for Standardization (ISO) - (organization acting as a clearinghouse for industry standards drafted by national standard setting organizations)
International Traffic in Arms Regulations (ITAR) - (regulations issued by the U.S. Department of State relating to the export of military or defense applications ad technology, requiring an export license)
Internet Protocol (IP) - (a protocol that provides addressing and routing capabilities for data transmission packets)
Interstate Commerce Commission (ICC) - (federal agency created by the Interstate Commerce Act of 1887, to insure fair and reasonable rates from carriers and transportation service forms - regulatory activities of the ICC in the rail, truck, and bus industries were curtailed by legislation in the 1970s and 1980s - the ICC was abolished by the ICC Termination Act of 1995 and many of its duties were transferred to the National Surface Transportation Board (NSTB))
Islamic Revolutionary Guard Corps (IRGC) -