Saturday, May 30, 2009

Automated Clearing House System (ACH)

Automated Clearing House System (ACH) is one of the group of processing institutions that have networked together to exchange (clear and settle) electronic transactions.

Sunday, May 24, 2009

Authorization Response

Authorization response is an answer to an authorization request, typically a code, that advises the acquiring bank or merchant how to proceed with the transaction.

Saturday, May 16, 2009

Authorization Message

Within a payment system, any message between a card acceptor and a card issuer serving to establish whether the card issuer approves for a transaction to proceed, is called an authorization message.

Saturday, May 9, 2009

Authorization Code

Authorization code is six-digit alphanumeric code assigned by the card issuer to identify the approval for a specific authorization request. Also referred to as "issuer's response code," "authorization approval code," or "authorization response code."