Glossary

Positive response by the card issuer or its service provider to an authorisation request. The purchase authorisation is sent to the requesting acquirer together with the corresponding authorisation number. The acquirer forwards the authorisation to the merchant.

Anti Money Laundering - Acquirers must comply with the money laundering directives in the Anti Money Laundering Act, proper identification of the participating merchants is a legal requirement

Service fee for the settlement of card payments; percentage of the transaction amount/sale that the acquirer charges to the merchant for processing the transactions.

Automated Teller Machine

Verification to check if a transaction can be authorised based on various criteria (including card expiry date, validity of the card number, search of a card black list database, correct PIN code, etc.)

Company that concludes acceptance agreements with merchants regulating the acceptance of international credit and debit cards and offers an end-to-end payment settlement service (from technical processing through to transferring sales to the merchants); Acquirer bank (member bank) or its service providers that have a contractual business relationship with the merchant. The bank (or its service provider) clears the card sales data submitted by the merchant or by another card accepter with the relevant payment system.

Automated Teller Machine