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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.
Merchant & POS
Developed by BKM and made available to banks, OPYS centrally supports setting up multi-application POS terminals shared by multiple members, inviting other members, adding or removing them, and managing field company relationships.
Payment Systems
The BRSA has introduced a regulation to reduce paper use in POS devices. Cardholders who do not want a paper receipt for card purchases will be able to receive and store it digitally, with the rules taking effect in September and December 2023.
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.
Payment Institutions & E-Money
The Law defines e-money as monetary value issued in exchange for funds accepted by the issuer, stored electronically, used for payment transactions and accepted as a payment instrument by persons other than the issuer. This post explains e-money institutions and the services they may provide.
Laws & Regulations
Under the regulation on banks' information systems and electronic banking services, from 1 July banks may send statements, receipts and account summaries containing sensitive data only through electronic banking channels, not by email or SMS.
Payment Institutions & E-Money
A payment institution is a legal entity authorized under the Law to provide and execute payment services. It must be a joint stock company meeting the conditions in Article 14 of Law No. 6493. This post sets out the services listed in Article 12 and the exclusions.
ATM
Banks generally prefer to handle their own ATM software and operations. Some banks have third-party firms develop the software while handling operational processes themselves, so each bank ends up doing separate work for both.
Credit Card
As credit card use grows, so does the importance of raising your limit to keep pace with inflation. Learn how periodic limit increases work, who qualifies, and the legal caps that apply.
Payment Systems
Contactless payment has greatly improved the user experience, yet its fixed transaction limit is a common complaint. Can this limit be managed dynamically per customer? This post covers the current situation, technical and regulatory requirements and the outlook.
Open Banking
Embedded Finance means integrating financial products and services into non-financial platforms, experiences or business processes. In other words, services offered by financial institutions become part of the product or service flows of non-financial organizations.
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.