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Merchant & POS
Virtual or electronic authorization devices connected to a bank, used by merchants to accept card payments. The term comes from the English phrase Point of Sale. Covers POS types by communication method, their advantages, who can use one, and the transactions a POS can perform.
ATM
Moving branch transactions to channels such as ATMs, internet banking and mobile banking lowers banking costs, so almost every transaction can now be done through them. Here is what ATMs offer.
Credit Card
The BRSA reduced the maximum number of credit card installments for foreign spending on airlines, travel agencies and accommodation from 6 months to 3 months.
ATM
ATMs generally hold your bank/credit card inside the card reader slot until the transaction is completed. Fraudsters insert foreign objects such as paper or adhesive-coated cards into the reader to trap the customer's card inside.
Fraud
Fraud controls fall into two main types: application fraud controls, which check card and merchant applications, and transaction fraud controls, which monitor card and POS transactions.
Payment Systems
There are standards that keep payment systems running smoothly and reliably. One of these is ISO 20022. So what is ISO 20022, and why was it created? It is an international, XML-based financial messaging standard developed in 2009.
Payment Systems
Let's talk about payment systems, which we have heard more about since the internet entered our lives, and the basic structures behind them. The first credit card in the world was used in America in the 1920s.
Credit Card
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.
Credit Card
In foreign transactions the Transaction Amount is taken online from the customer's account, but what matters is the amount transmitted at clearing, so exchange rate fluctuations between the two moments can create risk for the bank.
Clearing
DE03/Reimbursement Attribute carries the Reimbursement Value of a transaction. BKM uses this information as the basis for calculating interchange fees and charges between member banks.
ISO 8583
DE 10, Conversion Rate, Cardholder Billing, is an 8-digit numeric value. The first digit shows the position of the decimal point from the right, and the next 7 digits show the value.
Credit Card
Mir means World and Peace. It is a national payment system established by a law adopted by the Central Bank of Russia on 1 May 2017. It is currently accepted mostly by Russia-based companies, but acceptance is gradually spreading.