A countertop device used to scan and recover information contained in magnetic ink characters printed on checks and documents. The magnetic ink character recognition (MICR) line, usually printed at the bottom of a check, is a sequence of digits that provides details about the bank and account on which the check is drawn. The MICR line supports authorization and clearing routines.
Google Inc. officially embarked on its rollout of Android Pay starting Sept. 10, 2015. The new app will enable Android phone users to make payments at more than 1 million near field communication- (NFC) equipped U.S. locations, the company stated. At launch time, Android Pay supported all four major card network-branded credit and debit cards, and was aligned with most major U.S. banks and credit unions, as well as popular nationwide franchises.
According to Google, Android Pay was built as an open platform, meaning users can activate the service through Google
The acquiring bank’s fee; it is equal to interchange (which is paid to the issuing bank) plus the acquiring bank’s markup. Think of it as the wholesale price of a transaction to which processing and other fees are added to come up with the cost to a merchant. Buy rates have not been widely used since the multitude of interchange rates came into being; many ISOs and acquirers now use pricing models that involve splits of net revenue.
A group of people interested in advancing a given area of knowledge, technology or culture. SIGs function cooperatively and are solutions oriented. Members share ideas and may hold meetings and organize conferences. Some SIGs are also advocacy groups (political groups, for example) in which members have a common objective or agenda. SIGs formed by the PCI SSC provide an opportunity for member organizations and individual council members to share their business and technical expertise in the global effort to apply the PCI DSS and related standards to specific industries or
The latest big breach apparently occurred at the nonprofit retail thrift store operator Goodwill Industries International Inc. The culprit: a new strain of malware called Backoff. The breach, which came to light July 21, 2014, is part of a seemingly ever more frequent occurrence of compromises at national retailers. But if the mainstream media and consumers are adopting a complacent, “oh, another breach” mentality, security experts and the business community remain deadly serious about securing networks and mitigating attacks.
Once again, security investigative reporter Brian Krebs broke the story of the
A Visa Inc. term for an entity that provides payment-related services, directly or indirectly, to Visa clients or merchants within the United States and Canada. Third Party Agent (TPA) functions can include storing, processing or transmitting Visa account numbers. The term is inclusive of ISOs, merchant servicers and other entities that perform multiple functions on the issuing and acquiring sides of the bankcard business.
Pertains to cards issued by a corporate entity, or group of corporate entities. They can only be redeemed within a restricted selection of corporate entities, defined by geography, type of business, type of terminal et cetera. Also known as restricted loop card or semi-open-loop cards.
A federally insured financial institution responsible for connecting merchants to Visa Inc. and MasterCard Worldwide authorization and settlement systems. Also called an acquiring bank, merchant bank or sponsor bank.
Acquirers and merchants are the two signatories to merchant agreements. Acquirers can be thrifts, banks or credit unions. For example, First National Bank of Omaha is an acquirer and a bank. To sell bankcard services, it is necessary to have a signed agreement with an acquirer or be part of an ISO that is sponsored by an acquirer.
Among other things, an acquirer