ISO 8583
ISO 8583 Field Descriptions (F12)
DE 12-TIME, LOCAL TRANSACTION: the local time at which the transaction took place at the point of transaction (ATM, POS). 6 digits, hhmmss format. F12 differs from F7 (Transmission Date and Time).
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ISO 8583
ISO 8583 Field Descriptions (F7)
F7 - TRANSMISSION DATE AND TIME: the field containing the moment the initiating party started the transaction. It is a 10-character numeric value in MMDDhhmmss format.
ISO 8583
ISO Country Codes
In ISO messaging standards, country codes sent in fields such as F43, F19, F20, and F21 must follow a specific standard. Below is the country code list and details used for ISO, including 2-character, 3-character, and numeric codes.
Credit Card
Credit Card/Debit Card Fraud
Credit card fraud is generally committed using the card itself, using card details without the card, via excess or duplicate withdrawals, or by seizing identity information. ATM card trapping is common, since ATMs hold the card during the transaction.
Merchant & POS
Is it mandatory to work with a bank to get a POS terminal?
The answer depends on the type of POS terminal. A physical POS (GPRS, Dial-Up, IP, or cash-register POS) requires working with a bank. A virtual POS can also be obtained from a payment institution without a separate bank agreement.
Payment Systems
Basic Terms Used in Payment Systems
Although many important terms are used in payment systems, the expressions below are its cornerstones — the ABCs of payment systems, so to speak. Issuer: the credit card company, usually a bank, that issues the card and tracks debt, credit, bonus points, and other services for the customer.
Merchant & POS
Terms that should be in your payment systems glossary
Below are the definitions of the cornerstone terms of payment systems, as established by the Banks Association of Turkey (TBB): debit card, credit card, merchant, cardholder, and more.
Credit Card
What Is TROY?
TROY, announced by the Interbank Card Center (BKM) in September 2015, is a card scheme like VISA, MasterCard, or AMEX. It takes its name from the initials of its Turkish slogan meaning 'Turkey's Payment Method'.
Merchant & POS
What is MIV (Central Merchant Database)?
MIV stands for Central Merchant Database. The MIV Module collects information on merchants across Turkey and the TRNC that have card acceptance agreements with BKM members, and assigns each merchant a unique number for tracking purposes.
Credit Card
How Can I Check My Credit Card Debt?
In the past, banking transactions could only be carried out at branches, but with the advance of technology, customers can now complete their transactions through many channels without visiting a branch. Checking credit card debt is one of these.
Contactless
7 Reasons to Make Contactless Transactions
It is important to use contactless cards to prepare our payment habits for the future. In Turkey, one in every 3 cards and one in every 4 POS terminals is contactless-enabled, yet usage remains around 5%.