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"late payment"

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ATM machine with card reader, keypad and screen

ATM

15 Interesting Facts About ATMs

Although we can now carry out almost all branch transactions at an ATM, for most of us an ATM is still just a machine for depositing and withdrawing cash. Today, without a card, we can use our phones to deposit and withdraw cash via QR code.

NFC near field communication ISO/IEC 18092 illustration

Payment Systems

What Is ISO/IEC 18092/ECMA-340?

NFC is a data transfer technology developed by Sony and Philips in late 2002 and adopted as an ISO/IEC standard in 2003. ISO/IEC 18092/ECMA-340 (NFCIP-1) is one of the two globally accepted NFC standards.

Diagram showing an authorized card transaction that expires before reaching the clearing file

Credit Card

What does it mean for a card transaction to expire?

Due to how payment systems work, authorization is obtained for a transaction first. For a Not Onus transaction (different card and POS banks), the system waits for it to arrive via the clearing incoming file. If it does not arrive within about a week, the transaction expires.