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Security
The first transaction made after a customer's card data is stored with a merchant is called the First Credential-On-File transaction. BKM expects it to be flagged with the value "C" in switch message field DE48.PDS86, and BRSA draft rules govern how card data may be stored.
Credit Card
Due to how payment systems work, authorization is obtained first for a transaction. For a Not Onus transaction (where the card-issuing bank and the POS bank are different), the system waits for the relevant transaction to arrive via the clearing incoming file…
Payment Institutions & E-Money
Open banking means sharing customers' financial information with a third-party fintech company so that a range of banking and financial services can be offered to them. It works through API integrations. This post covers its status in Turkey and the new BRSA regulation.
Credit Card
A mandatory alphanumeric field, 1-16 characters, sent in tag 50 of EMV transactions, representing a name related to the card application's AID in the ADF.
HSM & Security
ZWK stands for Zone Working Key. It encrypts the PIN so that it can travel securely between different financial institutions, such as the acquiring bank and the issuing bank.
HSM & Security
PEK is the abbreviation for Pin Encryption Key. The role of PEK is to encrypt PINs. There are two types of PEK: TPK (Terminal Pin Key) and ZWK (Zone Working Key).
Merchant & POS
For a transaction to go through clearing, the card-issuing bank and the merchant bank must be different. If they are the same, the transaction is not subject to clearing and is processed directly by the bank.
Merchant & POS
Mail order transactions are preferred by cardholders because they only block the card limit by the installment amount, creating a sales opportunity for merchants. But is the remaining balance guaranteed?