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Online & Authorization
Account-to-account (A2A) payments can be described as making a payment by transferring money from one bank account to another. Though similar to wire transfer/EFT, combining the transfer with the payment creates a seamless experience.
Payment Systems
A non-secure transaction is an e-commerce transaction approved without any verification before authorization, such as SMS OTP. In short, authorization is obtained by verifying only the card number, expiration date, and CVV2.
Credit Card
Debit cards and prepaid cards are generally closed to mail order transactions. Mail order authorization is held on credit cards. Unless specifically requested at application, a card is issued closed to mail order transactions.
Credit Card
When I think back to the Akbil I used when I first arrived in Istanbul, I think it's fair to say that Istanbulkart has undergone a very significant transformation. Users can now track activity, top up and view balances right from their phones.
Online & Authorization
Electronic Commerce Indicator (ECI) is a 2-digit value generated by payment schemes (Visa, MasterCard, etc.) in 3D Secure transactions to determine the transaction's security level (Full 3D Secure, Half 3D Secure, Non 3D Secure), and it varies by payment scheme.
Clearing
In payment systems, a transaction made at a merchant or ATM with a card issued by a different bank becomes subject to clearing. Netting offsets each participant's receivables and payables from these transactions into a single balance.
Merchant & POS
Not Onus is a payment systems term meaning "Not On Us": a situation where the card-issuing bank and the POS/ATM (acquiring) bank differ. Such transactions are settled through clearing between the two banks.
Merchant & POS
Isbank, a leading player in accepting payments from abroad in Turkey, has started accepting Discover and Diners Club cards via an agreement with Discover Financial Services, making it the bank accepting the most card brands in the country.
Credit Card
SAFE, short for System to Avoid Fraud Effectively, refers to fraud records created by issuing banks. Fraud records sent in the Mastercard clearing format fall under the SAFE category.
Payment Systems
Under the regulation published on 25 September 2020 in Official Gazette No. 31255, institutions that sign merchant agreements must now be able to track transactions at the sub-merchant level.
Chargeback
Arbitration, by definition, is a dispute resolution method in which disputes are settled by arbitrators the parties choose themselves, rather than by official courts. In payment systems, it follows a chargeback when the issuer and acquirer cannot agree.
Merchant & POS
Merchants can run the end-of-day process by triggering it from the POS device or app for transactions made there. Banks can also run it centrally on merchants' behalf. The end-of-day process sends the POS's transaction totals to the bank's host system.