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Merchant & POS
In payment systems, every exchange between POS devices and bank or payment institution systems runs on a specific messaging standard, generally based on ISO 8583. However, each country, bank, or switch network defines its own version of this standard.
Payment Systems
28 European banks have started working on a cashless payment system cooperation that would operate across Europe independently of existing international schemes such as Mastercard, Visa and Discover.
Credit Card
In the standard authorization flow, the transaction is initiated by the acquirer (POS bank) and forwarded to the issuer (card-issuing institution). The process is completed once the issuer responds. However, this isn't always possible; when the issuer fails to respond, BKM steps in...
Credit Card
The following steps should be followed when launching a new product: decide on the brand, request a new BIN from the scheme (Mastercard, Visa, Troy), define the BIN in the bank's system, generate keys in the HSM, and roll it out after certification.
ISO 8583
DE 38 (AUTHORIZATION IDENTIFICATION RESPONSE) is the authorization code generated when a transaction is approved. It is alphanumeric, 6 characters long, and left empty for declined transactions.
Laws & Regulations
The purpose of this regulation is to set the procedures and principles for overseeing payment and securities settlement systems, including information requests, information systems, self-assessment and independent audits.
Payment System Institutions
According to the CBRT's official website, the Central Bank of the Republic of Turkey has become the controlling shareholder of the Interbank Card Center (BKM), using the authority granted by Law No. 7192.
Payment Institutions & E-Money
The duties of the Payment Systems and Financial Technologies Department, set up within the CBRT Head Office, have been defined, along with the directorates it consists of.
Merchant & POS
A POS is a functional device with its own dedicated software, customized to the authorization system of the bank it is connected to, that accepts credit or debit cards. The POS and the authorization system communicate using the ISO 8583 standard.
Merchant & POS
The Central Bank of the Republic of Turkey has capped the commission banks charge merchants on credit card purchases, effective for transactions after November 1, 2019. What does this mean for cardholders and banks?
Merchant & POS
A POS batch close triggers reconciliation between the transactions under that batch number and the bank's records, and starts the transfer to the merchant's account.
Payment Systems
FTS (Termination Tracking System) lets banks check, before signing a merchant agreement, whether the applicant company or its representative has a negative history with any bank.