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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.
Clearing
The clearing system settles a transaction between two participants when a card from one bank is used at another bank's POS or ATM. Learn about the incoming and outgoing files used in interbank clearing.
Online & Authorization
A reference guide to authorization response codes seen on POS and ATM transactions, with plain-language explanations of what each code means and what to do about it.
Credit Card
What is BKM Express? BKM Express is a technical infrastructure solution developed by BKM that lets you pay securely for online purchases without sharing your card's full details. What are the advantages of BKM Express? To register your card you don't need to enter all…
Credit Card
A financial card product issued against a primary card, with its own card number, expiration date, authority, limit, and PIN. Using a supplementary card is ideal for making purchases from more than one card while keeping all spending on a single statement.
Credit Card
SDA (Static Data Authentication), DDA (Dynamic Data Authentication), and CDA (Combined Dynamic Data Authentication) are offline data authentication methods used in chip cards. Learn how each one validates the card and the transaction.
Credit Card
When the card-issuing bank and the POS bank are different, first obtaining authorization and then running the clearing process to finalize the transaction is called Dual Messaging. So why is a dual message structure needed?
Online & Authorization
EMV stands for Europay, Mastercard and Visa. In 1994 these companies formed a working group to set chip-card standards, leading to the EMV standards used worldwide today.
Online & Authorization
An APDU is an application-level protocol defined in ISO 7816-4 and used between a smart card and a POS, ATM, etc. There are two types of APDU: Command APDU and Response APDU. The structure of the APDU is given below.