Would anyone care to give a quick explanation of what they mean by DSP in the audio world?

I.E.

Avid's Fast Track C600 sports built-in MX Core DSP effects processing to give you reverb and delay on each headphone output, for low-latency recording with effects. And thanks to the MX Core software mixer, setting up sophisticated monitoring chains is quick and intuitive

Is it just a fancy way of saying on board effects?