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Laws & Regulations
A card scheme organization establishes a debit, credit or prepaid card system and authorizes entities to issue cards or sign merchant agreements. Troy, Visa, Mastercard, American Express, JCB and MIR are examples. This post explains how ATM and POS certification works.
Online & Authorization
A contactless transaction is a fast, secure payment made without direct contact between the card and the POS terminal (without reading the chip or magnetic stripe). Can every card be used for contactless payments? For a transaction to be contactless…
ISO 8583
F23 - CARD SEQUENCE NUMBER: Information used to distinguish cards sharing the same card number. For example, the Card Sequence Number is incremented by 1 when a card is renewed. In an authorization transaction, if the F22 value is '05x'...
Credit Card
KKB was established, under banking law, to enable the exchange of all kinds of information and documents among at least five banks, and it also shares credit information about customers. The Credit Bureau of Turkey also serves deposit banks, participation banks, financial institutions, and more.
Credit Card
First, let's cover what the security code is: a 3-digit numeric value generated during card printing and printed on the card to verify the cardholder and reduce fraud risk. This value is called CVV2/CVC2.
Credit Card
Technology continues to make our lives easier and more secure. Old ID cards were just laminated paper; new ones became personalized and secure with biometric photos added alongside chip data.
Clearing
The interchange fee applies to transactions where the card-issuing bank and the POS/ATM-owning bank are different (for example, withdrawing cash from Bank Y's ATM using a Bank X card). But is the fee the same for ATM and POS transactions?
Credit Card
The Card Security Code is a 3-digit numeric value used for cardholder verification and to reduce fraud risk. It is generated during card production and printed either on the card or encoded into the Track 1 and Track 2 data.
Payment Systems
The Hidden Side of the Payments World. The words a person working in the payment systems industry hears most over a career are probably Visa, Mastercard, POS, debit card, virtual POS, acquiring and card issuing. Frankly, my own career did not unfold very differently from that journey...
Credit Card
BIN stands for Bank Identification Number, the unique code made up of a card's first 6 digits that identifies which bank issued it, under the ISO/IEC 7812 standard.
Payment Systems
Online PIN is verified by the card-issuing institution through the message itself, while Offline PIN is verified on the chip. This article explains the difference and when PIN bypass is allowed.
Clearing
In payment systems, a transaction made at a merchant or ATM with a card issued by a different bank becomes subject to clearing. Netting offsets each participant's receivables and payables from these transactions into a single balance.