Classification codes for a financial technology startup

This industry comprises establishments primarily engaged in providing one or more of the following: (1) financial transaction processing (except central bank); (2) reserve and liquidity services (except central bank); and/or (3) check or other financial instrument clearinghouse services (except central bank). Illustrative Examples: Automated clearinghouses, bank or check (except central bank) Credit card processing services Check clearing services (except central bank) Electronic funds transfer services, including peer-to-peer payment services Cross-References.

See industry description for 522320.

The Sector as a Whole The Finance and Insurance sector comprises establishments primarily engaged in financial transactions (transactions involving the creation, liquidation, or change in ownership of financial assets) and/or in facilitating financial transactions. Three principal types of activities are identified: 1. Raising funds by taking deposits and/or issuing securities and, in the process, incurring liabilities. Establishments engaged in this activity use raised funds to acquire financial assets by making loans and/or purchasing securities. Putting themselves at risk, they channel funds from lenders to borrowers and transform or repackage the funds with respect to maturity, scale, and risk. This activity is known as financial intermediation. 2. Pooling of risk by underwriting insurance and annuities. Establishments engaged in this activity collect fees, insurance premiums, or annuity considerations; build up reserves; invest those reserves; and make contractual payments. Fees are based on the expected incidence of the insured risk and the expected return on investment. 3. Providing specialized services facilitating or supporting financial intermediation, insurance, and employee benefit programs. In addition, monetary authorities charged with monetary control are included in this sector. The subsectors, industry groups, and industries within the Finance and Insurance sector are defined on the basis of their unique production processes. As with all industries, the production processes are distinguished by their use of specialized human resources and specialized physical capital. In addition, the way in which these establishments acquire and allocate financial capital, their source of funds, and the use of those funds provides a third basis for distinguishing characteristics of the production process. For instance, the production process in raising funds through deposit-taking is different from the process of raising funds in bond or money markets. The process of making loans to individuals also requires different production processes than does the creation of investment pools or the underwriting of securities. Most of the Finance and Insurance subsectors contain one or more industry groups of (1) intermediaries with similar patterns of raising and using funds and (2) establishments engaged in activities that facilitate, or are otherwise related to, that type of financial or insurance intermediation. Industries within this sector are defined in terms of activities for which a production process can be specified, and many of these activities are not exclusive to a particular type of financial institution. To deal with the varied activities taking place within existing financial institutions, the approach is to split these institutions into components performing specialized services. This requires defining the units engaged in providing those services and developing procedures that allow for their delineation. These units are the equivalents for finance and insurance of the establishments defined for other industries. The output of many financial services, as well as the inputs and the processes by which they are combined, cannot be observed at a single location and can only be defined at a higher level of the organizational structure of the enterprise. Additionally, a number of independent activities that represent separate and distinct production processes may take place at a single location belonging to a multilocation financial firm. Activities are more likely to be homogeneous with respect to production characteristics than are locations, at least in financial services. The classification defines activities broadly enough that it can be used both by those classifying by location and by those employing a more top-down approach to the delineation of the establishment. Establishments engaged in activities that facilitate, or are otherwise related to, the various types of intermediation are included in multiple subsectors, rather than in a separate subsector dedicated to services alone, because these services are performed by intermediaries, as well as by specialist establishments, and the extent to which the activity of the intermediaries can be separately identified is not clear. Financial industries are extensive users of electronic means for facilitating the verification of financial balances, authorizing transactions, transferring funds to and from transactors' accounts, notifying banks (or credit card issuers) of the individual transactions, and providing daily summaries. Since these transaction processing activities are integral to the production of finance and insurance services, establishments that principally provide a financial transaction processing service are classified in this sector, rather than in the data processing industry in the Information sector. Legal entities that hold portfolios of assets on behalf of others are significant and data on them are required for a variety of purposes. Thus, for NAICS, these funds, trusts, and other financial vehicles are the fifth subsector of the Finance and Insurance sector. These entities earn interest, dividends, and other property income, but have little or no employment and no revenue from the sale of services. Separate establishments and employees devoted to the management of funds are classified in Industry Group 5239, Other Financial Investment Activities.

This class includes activities auxiliary to financial service activities not elsewhere classified, such as: - financial transaction processing and settlement activities, including for credit card transactions - investment advisory services - activities of mortgage advisers and brokers This class excludes: - activities of insurance agents and brokers, see 66.22 - management of funds, see 66.30

This division includes the provision of services involved in or closely related to financial service activities, but not themselves providing financial services. The primary breakdown of this division is according to the type of financial transaction or funding served.

This class includes: - recording of commercial transactions from businesses or others - preparation or auditing of financial accounts - examination of accounts and certification of their accuracy - preparation of personal and business income tax returns - advisory activities and representation on behalf of clients before tax authorities This class excludes: - data-processing and tabulation activities, see 63.11 - management consultancy on accounting systems, budgetary control procedures, see 70.22 - bill collection, see 82.91

Establishments primarily engaged in underwriting financial responsibility insurance. Assessment associations, surety and fidelity insurance Bonding for guaranteeing job completion Bonding of employees Bonding, fidelity or surety Credit and other financial responsibility insurance Fidelity insurance Financial responsibility insurance Liability insurance Mortgage guaranty insurance Reciprocal interinsurance exchanges, Surety and fidelity insurance Surety insurance Warranty insurance, home

Establishments primarily engaged in miscellaneous publishing activities, not elsewhere classified, whether or not engaged in printing. Establishments primarily engaged in offering financial, credit, or other business services, and which may publish directories as part of this service, are classified in Division I, Services. Atlases: publishing and printing, or publishing only Business service newsletters: publishing and printing, or publishing Calendars: publishing and printing, or publishing only Catalogs: publishing and printing, or publishing only Directories: publishing and printing, or publishing only Globe covers (maps): publishing and printing, or publishing only Guides: publishing and printing, or publishing only Maps: publishing and printing, or publishing only Micropublishing Multimedia educational kits: publishing and printing, or publishing Music, sheet: publishing and printing, or publishing only Patterns, paper, including clothing patterns: publishing and printing, Race track programs: publishing and printing, or publishing only Racing forms: publishing and printing, or publishing only Shopping news: publishing and printing, or publishing only Technical manuals and papers: publishing and printing, or publishing Telephone directories: publishing and printing, or publishing only Yearbooks: publishing and printing, or publishing only

Establishments primarily engaged in the purchase, sale, and brokerage of securities; and those, generally known as investment bankers, primarily engaged in originating, underwriting, and distributing issues of securities. Establishments primarily engaged in issuing shares of mutual and money market funds, unit investment trusts, and face amount certificates are classified in Industry Group 672. Establishments primarily engaged in providing investment advice on a contract or fee basis to establishments which deal in financial contracts are classified in Industry 6282. Agents for mutual funds Bond dealers and brokers Distributors, security Floor traders, security Investment bankers Investment certificates, sale of Investment firm-general brokerage Mineral leases, dealers in Mineral royalties, dealers in Mortgages, buying and selling (rediscounting) Mutual fund agents Mutual funds, selling by independent salesperson Note brokers Oil and gas lease brokers Oil royalties, dealers in Option dealers, stock Sale of partnership shares in real estate syndicates Security brokers Security dealers Security flotation companies Security traders Security underwriters Stock brokers and dealers Tax certificate dealers

This class includes: - publishing of ready-made (non-customised) software, including translation or adaptation of non-customised software for a particular market on own account: • operating systems • business and other applications This class excludes: - reproduction of software, see 18.20 - retail sale of non-customised software, see 47.41 - production of software not associated with publishing, including translation or adaptation of non-customised software for a particular market on a fee or contract basis, see 62.01 - on-line provision of software (application hosting and application service provisioning), see 63.11

58.2 covers enterprises engaged in publishing ready-made computer software, including the development, production, licensing, distribution and updating of software products, as well as providing related maintenance and support services.

This class includes: - publishing of computer games for all platforms

**Exclusions/References:** - Units of holding companies mainly engaged in activities other than holding shares, or of trusts or funds mainly engaged in producing goods or services (rather than merely investing money) are classified to the appropriate industry classes in accordance with their primary activity. - Units mainly engaged in - (a) providing benefits through separately constituted funds are included in Class 6330 Superannuation Funds; - (b) underwriting new security issues or in buying or selling stocks, shares or other financial securities for others are included in Class 6411 Financial Asset Broking Services; - (c) managing (e.g. on a commission or fee basis) financial asset investments for others (except for separately constituted superannuation funds), or units mainly engaged in providing trustee or financial asset investment advisory services, are included in Class 6419 Other Auxiliary Finance and Investment Services; - (d) renting and leasing non-financial intangible assets such as patents and trademarks are included in Class 6640 Non-Financial Intangible Assets (Except Copyrights) Leasing; - (e) operating residential property trusts are included in Class 6711 Residential Property Operators; - (f) operating non-residential property trusts are included in Class 6712 Non-Residential Property Operators; and - (g) friendly society operation (predominantly issuing of life insurance-type bonds) are included in Class 6310 Life Insurance. **Primary Activities:** - Charitable/educational trust or foundation operation (investment type; in predominantly financial assets, except trust management services on a commission or fee basis) - Friendly society operation (investment type; in predominantly financial assets) - Holding company operation (viz. holding shares in subsidiary companies) - Investment operation (own account; in predominantly financial assets; except superannuation funds) - Mutual fund operation (except fund management on a commission or fee basis) - Unit trust operation (investment type; in predominantly financial assets; except trust management on a commission or fee basis)

**Exclusions/References:** - Units of holding companies mainly engaged in activities other than holding shares, or of trusts or funds mainly engaged in producing goods or services (rather than merely investing money) are classified to the appropriate industry classes in accordance with their primary activity. - Units mainly engaged in - (a) providing benefits through separately constituted funds are included in Class 6330 Superannuation Funds; - (b) underwriting new security issues or in buying or selling stocks, shares or other financial securities for others are included in Class 6411 Financial Asset Broking Services; - (c) managing (e.g. on a commission or fee basis) financial asset investments for others (except for separately constituted superannuation funds), or units mainly engaged in providing trustee or financial asset investment advisory services, are included in Class 6419 Other Auxiliary Finance and Investment Services; - (d) renting and leasing non-financial intangible assets such as patents and trademarks are included in Class 6640 Non-Financial Intangible Assets (Except Copyrights) Leasing; - (e) operating residential property trusts are included in Class 6711 Residential Property Operators; - (f) operating non-residential property trusts are included in Class 6712 Non-Residential Property Operators; and - (g) friendly society operation (predominantly issuing of life insurance-type bonds) are included in Class 6310 Life Insurance. **Primary Activities:** - Charitable/educational trust or foundation operation (investment type; in predominantly financial assets, except trust management services on a commission or fee basis) - Friendly society operation (investment type; in predominantly financial assets) - Holding company operation (viz. holding shares in subsidiary companies) - Investment operation (own account; in predominantly financial assets; except superannuation funds) - Mutual fund operation (except fund management on a commission or fee basis) - Unit trust operation (investment type; in predominantly financial assets; except trust management on a commission or fee basis)

**Exclusions/References:** - Units mainly engaged in - (a) operating development, savings and trading banks are included in Class 6221 Banking; - (b) operating building societies are included in Class 6222 Building Society Operation; - (c) operating credit unions are included in Class 6223 Credit Union Operation; - (d) providing non-depository credit intermediation are included in Class 6230 Non-Depository Financing; - (e) providing financial market transaction broking services (e.g. stock broking) and related activities on behalf of others are included in Class 6411 Financial Asset Broking Services; and - (f) providing financial investment management or advisory services or other services in the field of finance or investment (except insurance or superannuation), are included in Class 6419 Other Auxiliary Finance and Investment Services. **Primary Activities:** - Bill of exchange discounting or financing (except by banks) - Commercial finance company operation - Depository financial intermediation n.e.c. - Merchant banking operation - Money market dealing

This division includes the provision of services involved in or closely related to financial service activities, but not themselves providing financial services. The primary breakdown of this division is according to the type of financial transaction or funding served.

This section includes financial service activities, including insurance, reinsurance and pension funding activities and activities to support financial services.

This class includes: - other financial service activities primarily concerned with distributing funds other than by making loans: • factoring activities • writing of swaps, options and other hedging arrangements • activities of viatical settlement companies - own-account investment activities, such as by venture capital companies, investment clubs etc. This class excludes: - financial leasing, see 64.91 - security dealing on behalf of others, see 66.12 - trade, leasing and rental of real estate property, see division 68 - bill collection without debt buying up, see 82.91 - grant-giving activities by membership organisations, see 94.99

Format typescript and graphic elements using computer software to produce publication-ready material.

Format typescript and graphic elements using computer software to produce publication-ready material.

Financial and insurance services branch managers plan, direct and coordinate the branches of institutions that provide financial and insurance services, such as banks, building societies, credit unions and insurance companies. They provide advice and assistance to clients on financial and insurance matters. Tasks include - (a) planning, directing and coordinating the activities of staff in the branch; (b) establishing and maintaining relationships with individual and business customers; (c) providing advice and assistance to customers on their financial and insurance needs and on matters such as changes in law that may affect customers; (d) examining, evaluating and processing loan and insurance applications; (e) monitoring credit extension decisions; (f) conducting financial investigations; (g) overseeing the flow of cash and financial instruments, and the preparation of financial and regulatory reports; (h) approving or rejecting, or coordinating the approval or rejection of, lines of credit for commercial, real estate and personal loans; (i) coordinating cooperation with other branches of the company; (j) managing budgets, controlling expenditure and ensuring the efficient use of resources; (k) overseeing the selection, training and performance of staff. Examples of the occupations classified here: - Bank manager - Building society manager - Credit union manager - Financial institution branch manager - Insurance agency manager Some related occupations classified elsewhere: - Finance manager - 1211 - Credit and loans officers - 3312 - Insurance agent - 3321.

Financial and investment advisers develop financial plans for individuals and organizations, and invest and manage funds on their behalf. Tasks include - (a) building and maintaining a client base; (b) interviewing clients to determine financial status and objectives, risk tolerance and other information needed to develop financial plans and investment strategies; (c) setting financial objectives, and developing and implementing strategies for achieving them; (d) arranging to buy and sell stocks and bonds for clients; (e) monitoring investment performance, and reviewing and revising investment plans based on modified needs and changes in markets; (f) recommending and arranging insurance cover for clients. Examples of the occupations classified here: - Estate planner - Financial planner - Investment adviser.

Financial and mathematical associate professionals place a value on various items and property; maintain records of financial transactions; analyse loan application information and render a decision; buy and sell financial instruments; and perform mathematical and related calculations. Tasks performed usually include: recording and transmitting buy and sell orders for securities, stocks, bonds or other financial instruments and for foreign exchange for future or immediate delivery; submitting credit and loan applications to management with recommendations for approval or rejection; approving or rejecting applications within authorized limits ensuring that credit standards of the institution are respected; maintaining complete records of all financial transactions of an undertaking according to general bookkeeping principles, with guidance from accountants; assisting in planning and performing mathematical, statistical, actuarial, accounting and related calculations. Occupations in this minor group are classified into the following unit groups: 3311 Securities and Finance Dealers and Brokers 3312 Credit and Loans Officers 3313 Accounting Associate Professionals 3314 Statistical, Mathematical and Related Associate Professionals 3315 Valuers and Loss Assessors.

CPC v2.1 division (Financial and related services) within 'Financial and related services; real estate services; and rental and leasing services'. UN Central Product Classification grouping of related products at this level.

CPC v2.1 group (Financial services, except investment banking, insurance services and pension services) within 'Financial and related services'. UN Central Product Classification grouping of related products at this level.

CPC v2.1 class (Financial leasing services) within 'Financial services, except investment banking, insurance services and pension services'. UN Central Product Classification grouping of related products at this level.