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ISO 8583
F41 - CARD ACCEPTOR TERMINAL IDENTIFICATION: the terminal where a transaction took place. An 8-character alphanumeric value generated by the acquirer bank and assigned to the POS, managed as a unique terminal number at the acquirer.
Payment Systems
This MASAK General Communiqué sets out the simplified customer due diligence measures that obliged parties must follow under the regulation on preventing money laundering and terrorist financing.
HCE
When we talk about HCE methodology, many interacting architectural components come to mind. The core terms describing this architecture are listed below, starting with GCM/FCM (Google/Firebase Cloud Messaging), a service for sending push notifications.
Merchant & POS
With the introduction of chip cards into our lives, the terminal needs to verify the credit card before the transaction. So how is this verification performed? The value calculated and sent by the card is called ARQC (Application Request Cryptogram).
Chargeback
The Dispute Management System (HİYS) is the system used among BKM members to share chargeback transactions and the supporting documents that must accompany them, linked to Domestic Clearing and Settlement System data.
Credit Card
With its announcement dated 09.06.2022, the BRSA changed how the credit card minimum payment is calculated: 20 percent of the period debt below a 25,000 lira limit and 40 percent above it. This post covers what banks should do and the likely market impact.
EMV
BIC stands for Bank Identifier Code. It is the universal bank identification code used for automated processing in banking and related financial environments, identifying banks as specified by the ISO 9362 standard.
ATM
ATM stands for Automated Teller Machine, an electronic device that lets customers carry out account transactions with or without a card. It was invented in 1960 by John Shepherd-Barron. The first ATM in Turkey was installed in 1982.
Credit Card
With the advancement of technology, the use of credit cards in online transactions and the variety of payment methods have increased. To make an online transaction with a credit card, you need: Card Number, Expiration Date, and CVV2 (the 3-digit number on the back of the card).
E-commerce
B2B (Business to Business) is the name for systems used in the dealer networks of large companies, where dealers run supply, stock, distribution and marketing processes efficiently in a closed network.
Fraud
Recently the following news story appeared in the papers. Two things stood out: the hacker was a former banker, and the device he used to clone cards. In banking fraud, insiders who know the system's weak points can build schemes customers never notice.
Payment Institutions & E-Money
VUK 507 is the common name of Tax Procedure Law General Communique Serial No. 507, published in the Official Gazette on 1/6/2019 on the Secure Mobile Payment and Electronic Document Management System. It sets the rules for sales, collection and electronic document applications.