Letter of Approval means approving, confirming something, or being consulted for certain actions to be taken. An approval letter is a written approval from a regulatory authority or body allowing someone to proceed with an activity they have requested. For this reason, this letter can serve as a certificate or registration document.
Let's explain a bit what a Letter of Approval is used for in payment systems. For an additional certification/function to be granted by Mastercard/Visa, Mastercard/Visa prepares a Letter of Approval. The LoA contains the details of the relevant function. It includes the infrastructure and controls that must be provided for that function, along with the conditions of those controls. In order to obtain approval from Mastercard/Visa on this matter, all the conditions specified in the LoA must be met.
Rather than explaining this in words, it will be more useful to examine it through a sample LoA prepared as an example.
The link below contains the LoA prepared for Level 2 Contact Terminal certification. You can get detailed information by examining the relevant LoA.
https://docplayer.net/14575479-Emvco-letter-of-approval-contact-terminal-level-2.html
