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UK Credit Card Glossary

3-D Secure - Another name for the Verified By Visa cardholder authentication protocol.

API - Application Program Interface.

APR (Annual percentage rate) - This is the amount of interest you will be expected to pay, should you borrow on your credit card. The APR is a figure designed to give consumers some idea of the cost of borrowing on the credit card. Other factors such as the date from which the interest is charged and the number of days you have to pay the interest also affect the cost of borrowing.

ASCII - American Standard Code for Information Interchange - The standard system for representing letters and symbols. Each letter or symbol is assigned a unique number between 0 and 127.

 


* UK Resident * Credit card holder, card(s) must be on the list on the application form * At least 10 charges incurred * NOT on an IVA or debt mangement programme

Access - The old name for MasterCard.

Access Control - The process of ensuring that systems are only accessed by those authorized to do so, and only in a manner for which they have been authorized.

Account Number - A unique number assigned by a financial institution to a customer. On a credit card, this number is embossed and encoded on the plastic card.

Acquiring Bank - A bank that receives the credit card transactions and then settles with the issuing banks. Bank that signs up / enables the merchant to process transactions.

Additional cardholder - When you have a credit card it is possible to add an additional card to the account for use by someone else. The main cardholder has responsibility for ensuring payments on the additional card are made. Purchases are shown on the credit card statement sent monthly.

Address Verification Service (AVS) - A method of reducing fraud in mail order/telephone order transactions by using cardholder billing address information in the authorisation request.

Affinity Card - Affinity cards are credit cards that are linked to organisations like charities, political parties and sports clubs. They are a good way of raising money as the organisation receives a donation from the card issuer for every card taken out, and a small percentage based on the amount of money you spend on the card each month.

American Express - Also known as AMEX, is one of the main international credit card issuing schemes. It issues it's own credit cards - unlike Visa and MasterCard and is responsible for it's own relationships with retailers.

Annual Fee - Some issuers charge for the management of your credit card account. They sometimes provide access to a number of additional benefits as part of the charge. Expressed as % P.A.

Application Layer - The layer of the ISO Reference Model which provides communication between applications.

Application Security - The provision of security services within user applications running above the Application Layer of the ISO model.

Approval Response - An authorisation response received when a transaction is approved.

Authentication - The process of assuring that data has come from its claimed source, or of corroborating the claimed identity of a communicating party.

Authorisation - Every retailer has a purchase limit above which they must seek authorisation from the card issuer before they can complete the sale. This can be done by telephone or electronically at the cash till. Authorisation is used to control credit card fraud. The cardholder1s available credit limit is reduced by the authorized amount.

Authorisation Amount - Currency amount approved.

Authorisation Code - A code that an issuer or its authorizing processor provides to indicate approval or denial for an authorisation request.

Authorisation Date - Date and Time that transaction was authorized.

Authorisation Only - A transaction created to reserve an amount against a credit card1s available limit for intended purchases; the settlement may occur within three to five days, depending on the card type.

Authorized Amount - Currency amount approved.

Authorized Transactions - Transaction that has been approved.

BIN - See Bank Identification Number.

Bad Credit - A term used to describe a poor credit rating. Common practices that can damage a credit rating include making late payments, skipping payments, exceeding card limits or declaring bankruptcy. 3Bad Credit2 can result in being denied credit.

Balance Transfer - The process of moving an unpaid credit card debt from one issuer to another. Transfers of the balance owed may occur through the use of special checks, or may be handled directly by the issuer on your behalf.

Bank Account - Bank account number for the merchant to which funds will be deposited.

Bank Identification Number (BIN) - The first six digits of a Visa or MasterCard account number. This number is used to identify the card issuing institution.

Bankcard - A payment card issued by a bank.

Business Card (Business Credit Card) - Usually issued to corporate executives or business owners in order to keep business expenses separate from personal charges more easily.

CPS - See Custom Payment Service.

CRL - A certificate revocation list ? a database of certificates no longer valid within a given security infrastructure.

Card Issuer - Any association member financial institution, bank, credit union, or company that issues, or causes to be issued, plastic cards to cardholders.

Card Reader - A device capable of reading the encoding on plastic cards. See Magnetic Stripe Reader.

Cardholder - An individual to whom a card is issued, or who is authorized to use an issued card.

Cash Back - Cash back returns to you a percentage of the total amount spent on your credit card over a specific period of time, usually monthly or quarterly. This is particularly useful if you normally pay your credit card bills in full each month, as it means you get an effective discount on the products bought with your credit card.

Certificate - A digital identifier linking an entity and a trusted third party able to confirm the entity?s identity

Certification Authority (CA) - A trusted entity issuing certificates confirming the identity of, or given facts associated with, the certificate?s subject.

Chargeback - A transaction returned through interchange by an issuer to an acquirer. A transaction may be returned because of it was non-compliant with the association rules and regulations or because it was disputed by a cardholder.

Chargeback Period - The number of days from the processing date or endorsement date transaction during which the issuer may initiate a chargeback.

Chip and PIN - Chip and PIN is the new, more secure way to pay with credit cards or debit cards in the UK. Instead of using your signature to verify payments, you will be asked to enter a four-digit Personal Identification Number (PIN) known only to you.

Co-Branded Card - A co-branded credit card is sponsored by both the issuing bank and a retail organisation such as a department store or an airline. Cardholders may get benefits such as discounts or free merchandise from the sponsoring merchant based on account usage and terms.

Commerce Service Provider (CSP) - Supplies the system and services to establish the back-office infrastructure for businesses. Major aspects include: the processing of secure transactions, the developing and managing of customer relationships, the collecting of payment, and the delivering of products or services over the Web. A CSP may provide the following services: buyer authentication, order taking, details of what is for sale in an electronic offer, validation, payment processing (via traditional credit card payment processors), and generation of electronic receipts. Fulfillment may be made of electronic goods or physical goods. See also electronic commerce.

Commercial Cards - A general name for cards typically issued for business use and may include Corporate Cards, Purchase Cards, Business Cards, Travel and Entertainment Cards.

Cookie - A small amount of information stored on a client computer by a Web site that is sent back to the site each time the user visits it. The use of cookies to maintain persistent, client-side state information significantly extends the capabilities of Web-based client/server applications.

Credit Card Number - Unique number assigned to credit card.

Credit Card Processor - A company that performs authorisation and settlement of credit card payments, usually handling several types of credit and payment cards (such as Visa, MasterCard, and American Express). If merchants wish to sell their products to cardholders, they retain the services of one or more processors who handle the credit cards that the merchant wishes to accept. When a merchant retains the services of a credit card processor, it is issued a merchant ID.

Credit History - A partial profile of your financial life given within a particular time frame (usually measured in years). It shows the extent to which you pay your bills on time and how much you may owe particular parties. Credit card issuers use this information to decide whether to provide customers with credit cards. If you have been turned down in the past due to a bad credit history you can sometimes still obtain a credit card - see Adverse Credit Cards.

Credit Limit - The maximum amount of credit you may recieve on your card. Under some circumstances, your card issuer may increase or decrease your credit line.

Cryptographic Key - A mathematical term or other parameter used to define how a given algorithm will transform data into ciphertext.

Cryptography - The art or science of transforming clear, meaningful information into an enciphered, unintelligible form using an algorithm and a key.

Custom Payment Service (CPS) - Visa1s regulations for the information that must be submitted with each transaction. Transactions must meet CPS criteria in order to qualify for lowest transaction processing fees available. Similar to MasterCard1s Merit system.

Customer Code - A 17 character alphanumeric field that is used with Purchase Card transactions. The code is typically defined by the customer (cardholder) and used for accounting or project tracking purposes.

D & B Duns Number - Dun & Bradstreet Data Universal Numbering System. A unique 9 digit code that identifies and links more than 57 million companies worldwide.

DES - Data Encryption Standard . A cryptographic algorithm adopted by the National Bureau of Standards for data security. The algorithm encrypts or decrypts 64 bits of data using a 56-bit key. See also Triple DES.

DSA - Digital Signature Algorithm ? the algorithm used in creating the digital signature for a given message or transaction.

Data Capture - Also known as electronic draft capture (EDC) or draft capture. A data processing term for collecting, formatting, and storing data in computer memory according to predefined fields, for example, customer name, account number, and currency amount of purchase. When a terminal reads this information from a plastic card or from entries at a terminal, the information is stored in computer memory for later output as a hard copy printout or as soft copy on a CRT display. See Electronic Draft Capture.

Data Encryption Standard (DES) - DES. A cryptographic algorithm adopted by the National Bureau of Standards for data security. The algorithm encrypts or decrypts 64 bits of data using a 56-bit key. See also Triple DES.

Data Integrity - Measures to prevent unauthorized alteration of data.

Debit - A charge to a customer1s bankcard account. A transaction, such as a check, automated teller machine (ATM) withdrawal, or point-of-sale (POS) debit purchase that debits a demand deposit account.

Deciphering - Conversion of ciphertext back into plaintext.

Decryption - Decryption is the process of transforming ciphertext back into plaintext. It is the reverse of encryption.

Decryption Key - See key.

Deposit - Process of transmitting a batch of transactions from the merchant to the acquiring institution in preparation for settlement.

Digital Signature - A data element allowing the recipient of a message or transaction to verify the content and sender.

Discount Fee - Fee paid by the merchant to the merchant bank or other contracted party for processing the merchant1s credit card sales (transactions).

Discount Rate - This is the percentage rate that a merchant institution charges the merchant giving deposit credit for handling merchant sales drafts or electronic sales transmissions. The discount fee is the currency amount charged.

Draft Capture - The act of electronically capturing transactions. See Electronic Draft Capture.

EDC - See Electronic Draft Capture.

EDI - Electronic Data Interchange - The process conducting business electronically using a set of standardized forms and data formatting

Electronic Authorisation - Obtaining authorisation for use of a credit card by electronic means, as via computer equipment and telephone line.

Electronic Commerce - A system of integrated communications, data management, and security services that allow business applications within different organizations to automatically interchange information.

Electronic Draft Capture (EDC) - EDC is a point-of-sale terminal that reads the information encoded in the magnetic stripe of bankcards. These terminals electronically authorize and capture transaction data, eliminating the need for a paper deposit.

Enciphering - Conversion of plain data into encrypted data (plaintext into ciphertext).

Encryption - Encryption is the process of disguising a message (using mathematical formulas called algorithms) in such a way as to hide its substance, a process of creating secret writing.

Encryption Key - When used in the context of encryption, a series of numbers which are used by an encryption algorithm to transform plaintext data into encrypted ( ciphertext) data, and vice versa.

End-to-end Security - Application of security measures consistently across a whole data system or process, leaving no weak points.

Expired Card - A card on which the embossed, encoded, or printed expiration date has passed.

Floor Limit - An amount that Visa and MasterCard have established for single transactions at specific types of merchant outlets and branches, above which authorisation is required.

Fraudulent Transaction - A transaction unauthorized by the cardholder of a bankcard. Such transactions are categorized as lost, stolen, not received, issued on a fraudulent application, counterfeit, fraudulent processing of transactions, account takeover, or other fraudulent conditions as defined by the card company or the member company.

Fraudulent User - An individual who is not the cardholder or designee and who uses a card (or, in a mail/phone order or recurring transaction, an account number) to obtain goods or services without the cardholder1s consent.

HTTP (Hypertext Transfer Protocol) - HTTP is a client/server protocol for delivering hypertext material across an internet. HTTP is stateless: when a client makes multiple requests to a single HTTP server, each request is treated independently. HTTP servers do not remember the earlier requests. The stateless protocol allows HTTP servers to respond to requests quickly.

HTTPS (Hypertext Transfer Protocol - Secure) - A variant of HTTP for handling secure transactions. Browsers that support the URL access method, 3https2, connect to HTTP servers using SSL. 3https2 is a unique protocol that is simply SSL underneath HTTP. Use 3https://2 for HTTP URLs with SSL and 3http://2 for HTTP URLs without SSL. The default 3https2 port number is 443.

Hyperlink - An active cross-reference from one resource to another. The cross-reference is called active because it is presented in a medium which allows the reader to follow it, for example by mouse-clicking it. A reader can follow hyperlinks in an HTML document using a Web browser, or navigate through online help, or follow hyperlinks between terms defined in a glossary.

ISO - Independent Service Organization. In the payment systems industry, a third party organization that facilitates merchant registration to accept charge or credit cards.

ISP - Internet Service Provider

Independent Service Organization (ISO) - ISO. In the payment systems industry, a third party organization that facilitates merchant registration to accept charge or credit cards.

Interchange - The exchange of information, transaction data and money among banks. Interchange systems are managed by Visa and MasterCard associations according to their requirements and are very standardized so banks and merchants worldwide can use them.

Interchange Fee - A fee paid by the acquiring bank/merchant bank to the issuing bank. The fee compensates the issuer for the time after settlement with the acquiring bank/merchant bank and before it recoups the settlement value from the cardholder

Interchange Reimbursement Fee - One of the following: A fee that an acquirer pays to an issuer in the clearing and settlement of an interchange transaction, based on either the standard (paper-based) rate or electronic rate. A fee that an issuer pays to an acquirer for making a cash disbursement to a cardholder or check purchaser.

Internet - A global public network consisting of millions of interconnected computers all linked together using the Internet Protocol.

Internet Service Provider - a provider of connectivity services to the Internet

Introductory Rate - Various credit cards offer a low introductory rate that switches to a higher variable or fixed rate in order to attract customers. It could be described as a special offer, or discount. Make sure that you know how long the introductory rate is applicable and what APR the card will carry after the introductory period elapses. Be aware that the introductory rate for some cards may be very different to the actual standard rate.

Issuer - Any association member financial institution, bank, credit union, or company that issues, or causes to be issued, plastic cards to cardholders.

Key - When used in the context of encryption, a series of numbers which are used by an encryption algorithm to transform plaintext data into encrypted ( ciphertext) data, and vice versa.

Level 3 - Level-3 (also known as Level III, Level 3, or Level-III) line-item detail is a data specification designed to support business-to-business and business-to-government credit card use. Level-3 line item detail provides specific purchase information such as Item Description, Quantity, Unit of Measure, Price, and more. This information is very useful to cardholding organizations to help streamline accounting and business practices and to merge payment data with electronic procurement systems.

Level III - see Level 3

Level-3 - see Level 3

Level-III - see Level 3

MO / TO - See Mail Order / Telephone Order

Magnetic Stripe - A stripe of magnetic information affixed to the back of a plastic credit or debit card. It contains customer and account information required to complete electronic financial transactions. The physical and magnetic characteristics of this stripe are specified in the International Organization for Standardization standards 7810, 7811, and 7813.

Magnetic-stripe Reader - A device that reads information from the magnetic stripe and transmits that information to a transaction processor or computer terminal. Also referred to as card reader.

Magnetic-stripe Terminal - A terminal that reads the magnetic stripe on a plastic card.

Mail/phone Order Merchant - A merchant that transacts business by mail or phone.

Mail/phone Order Transaction - A transaction where a cardholder orders goods or services from a merchant by telephone, mail or other means of telecommunication, and neither the card nor the cardholder is present at the merchant outlet.

Mastercard - MasterCard International Inc., and all of its subsidiaries and affiliates.

Mastercard Acquirer - A member that signs a MasterCard merchant or disburses currency to a MasterCard cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction receipt into interchange.

Mastercard Card - A card that bears the MasterCard symbol, enabling a MasterCard cardholder to obtain goods, services, or cash from a MasterCard merchant or an acquirer.

Mastercard Issuer - A member that issues MasterCard cards.

Merchant - An entity that contracts with merchant banks or ISO1s to originate transactions.

Merchant Agreement - A written agreement between a merchant and a bank containing their respective rights, duties, and warranties with respect to acceptance of the bankcard and matters related to the bankcard activity.

Merchant Bank - Bank that has a merchant agreement with a merchant to accept (acquire) deposits generated by bankcard transactions.

Merchant Category Code - Four-digit classification codes used in the warning bulletin, authorisation, clearing, and settlement systems to identify the type of merchant business in various stages of transaction processing.

Merchant Depository Account - Demand deposit account established by a merchant with the acquiring bank to receive payment for sales drafts submitted to the bank card plan.

Merchant Id - In the credit card industry, a merchant ID is a number provided to a merchant by a credit card processor when that merchant retains the services of that processor. Also sometimes called the merchant number.

Merchant Number - A series or group of digits that uniquely identifies the merchant to the merchant signing bank for account and billing purposes.

Merit - MasterCard1s requirements for obtaining favorable interchange rates. Similar to CPS requirements by Visa.

MPI - Merchant Payment Interface

Multiple Transaction Processing (Multi-Trans) - Electronic communications process where multiple authorisation requests and responses are exchanged during a single phone connection with the third-party transaction processor.

Non-repudiation - Cryptographic assurance that a message sender cannot later deny sending a message, or that the recipient cannot deny receipt

On-us Transaction - A transaction where the issuer and the acquirer are the same. An 3on-us2 check would be one in which a depositor1s check is presented for payment at the same financial institution that carries the account on which the check is written.

Online Financial Transaction - A transaction that is authorized, cleared, and settled in a single online message.

Open To Buy Amount - Currency amount of credit remaining for customer at the time of authorisation.

Order Number - A 17 character alphanumeric field that may be used between the Cardholder and the Merchant for accounting or tracking purposes.

Overlimit - This refers to a cardholder1s account that has surpassed its credit limit with a transaction. (Their outstanding balance is beyond their credit limit.)

PSP - see Payment Service Provider

Payment Service Provider - A company that specializes in the provision of payment services for merchant on the Internet. The PSP will handle the capture, authorisation and settlement of Credit and debit card payments and all the electronic and physical security required. They will often provide additional services such as fraud detection and prevention.

PIN (Personal Identification Number) - A sequence of digits used to verify the identity of the holder of a token. It is a kind of password.

PKI - Public Key Infrastructure ? the total system used in verifying, enrolling and certifying users of a security application.

POS System - A system that processes commercial transactions such as an credit card terminal, electronic cash register, or specialized software.

Paper Draft - Sales slips, credit slips, cash disbursement slips, drafts, vouchers, and other obligations indicating use of a card or a card account.

Password - A sequence of characters which allows users access to a system. Although they are supposed to be unique, experience has shown that most people?s choices are highly insecure. Humans tend to choose short words such as names, which are easy to guess.

Per Transaction Fees - Fees paid by the merchant to the merchant bank or other contracted party on a per transaction basis.

Plaintext - Data before the application of a cryptographic algorithm.

Plastic (Card) - This is a generic term used to identify any of the various cards issued to cardholders.

Point Of Sale (POS) - Location in a merchant establishment at which the sale is consummated by payment for goods or services received.

Policy - An informal, generally natural language description of desired system behavior. Policies may be defined for particular requirements, such as confidentiality, integrity, availability, safety, etc.

Posting - The process of updating individual cardholder account balances to reflect merchandise sales, instant cash, cash advances, adjustments, payments, and any other charges or credits.

Presentment - A clearing record that an acquirer presents to an issuer through interchange, either initially (a first presentment) or after a chargeback (a re-presentment).

Primary Account Number (PAN) - The number that is embossed, encoded, or both, on a plastic card that identifies the issuer and the particular cardholder account.

Prior Authorisation - An authorisation usually done before a transaction takes place. The approved authorisation request may be held for an extended length of time before a card is present or not.

Private Key - A cryptographic key known only to the user, employed in public key cryptography in decrypting or signing information

Processing Date - The date on which the transaction is processed by the acquiring bank.

Public Key - A cryptographic key which is used for data encryption and which cannot be used for decryption. Public keys can be freely published.

Public Key Cryptography - A form of asymmetric encryption where all parties possess a pair of keys, one private and one public, for use in encryption and digital signing of data.

Receipt - A hard copy document recording a transaction that took place at the point of sale, with a description that usually includes: date, merchant name/location, primary account number, amount, and reference number.

Recurring Billing - Transactions for which a cardholder grants permission to the Merchant to periodically charge his account number for recurring goods or services.

Reference Number - Number assigned to each monetary transaction in a descriptive billing system. Each reference number is printed on the monthly statement to aid in retrieval of the document, should it be questioned by the cardholder.

Refund - Create a credit to a cardholder account, usually as a result of a product return or to correct an error.

Regulation E - Electronic Funds Transfers - Establishes the rights, liabilities, and responsibilities of parties in electronic funds transfers and protects consumers when they use such systems.

Regulation Z - Truth in Lending - Prescribes uniform methods for computing the cost of credit, for disclosing credit terms, and for resolving errors on certain types of credit accounts. This federal regulation governs all aspects concerning credit cards. It pertains to the issuer and cardholder, as well as any organization involved in the processing of credit cards.

Repudiate - To deny that you have done something when you have.

Request Auth - Submits a transaction for Authorisation Only. (See Authorisation)

Retail Merchant - A merchant that provides goods and/or services in the retail industry, but is not a mail/phone merchant, a recurring services merchant, or a T&E merchant.

Retrieval Request - An issuer1s request for a transaction receipt, which could include the original, a paper copy or facsimile, or an electronic version thereof.

Reversal - An online financial transaction used to negate or cancel a transaction that has been sent through interchange in error.

SIC Code - Standard Industry Classification Code. A system used to categorize businesses by industry group. This system is being replaced by the NAICS Coding system.

SSL - Secure Sockets Layer ? an encryption standard devised by Netscape Communications for secure communication over the World Wide Web.

Sales Draft - A paper record evidencing the purchase of goods or services by a cardholder.

Secure Code - The Mastercard equivalent of the Visa VBV scheme

Service Charge - A component of some finance charges, such as the fee for triggering an overdraft checking account into use.

Settlement - The reporting of settlement amounts owed by one member to another, or to a card issuing concern, as a result of clearing. This is the actual buying and selling of transactions between the merchants, processors, and acquirers; along with the card issuing entities.

Settlement Bank - A bank, including a correspondent or intermediary bank, that is both located in the country where a member1s settlement currency is the local currency, and authorized to execute settlement of interchange on behalf of the member or the member1s bank.

Smart Card - A plastic card containing a computer chip with memory and CPU capabilities. Such a card may be used for identification, to store information or financial amounts, or other forms of data. Also called an integrated circuit card or a chip card.

Standard Floor Limit - A floor limit that varies by merchant type. This refers to a currency limit on transactions above which authorisation requests are required.

Statement - A written record prepared by a financial institution, usually once a month, listing all transactions for an account, including deposits, withdrawals, checks, electronic transfers, fees and other charges, and interest credited or earned. The statement is usually mailed to the customer.

Stored-value Card - A stored-value card is a credit-card-sized device, implanted with a computer chip, with stored money value. A reloadable stored-value card can be reused by transferring value to it from an automated teller machine or other device. A disposable card cannot be reloaded.

T & E - An abbreviation for Travel and Entertainment.

T & E Merchant - An airline, car rental company, or hotel whose primary function is to provide travel-related services. A travel agency (excluding one that is primarily engaged in the sale of transportation or travel-related arrangement services by mail/phone order) is a T&E merchant to the extent that it acts as the agent of an airline, car rental company, or hotel.

TCP / IP - Transport Control Protocol/Internet Protocol. A standard format for transmitting data from one computer to another. TCP deals with the construction of the data. IP routes the data from one computer to another.

Terminal Id - In the payment card industry, a number provided to a merchant by a credit card processor when that merchant retains the services of that credit card processor to uniquely identify a terminal. Also sometimes called the terminal number. A credit card processor may assign several terminal IDs to a given merchant1s terminals although that merchant has a single merchant ID with that processor.

Third-party Transaction Processor - An entity that validates and authorizes credit card purchases. They may also service the actual accounts on behalf of the issuers, emboss cards, and mail cards to cardholders.

Transaction - (1) any agreement between two or more parties that establishes a legal obligation. (2) the act of carrying out such an obligation. (3) all activities that effect a deposit account that are performed at the request of the account holder. (4) All events that cause some change in the assets, liabilities or net worth of a business. (5) Action between a cardholder and a merchant or a cardholder and a member that results in activity on the cardholder account.

Transaction Identifier - A unique 15 character value that VISA assigns to each transaction and returns to the Acquirer in the authorisation response. VISA uses this value to maintain an audit trail throughout the life cycle of the transaction and all related transactions, such as reversals, adjustments, confirmations, and chargebacks.

Transaction Processor - An entity that validates and authorizes credit card purchases. They may also service the actual accounts on behalf of the issuers, emboss cards, and mail cards to cardholders.

Transaction Type - A specific type of financial detail transaction activity that can be submitted to the clearing system.

Triple DES (DES3) - A data encryption algorithm based on DES in which information is processed through the DES algorithm three times.

UN/SPSC Code - Universal Standard Product and Service Classification Code. A Global commodity standard - 10 digit, hierarchical code used to consistently classify products and services.

Unbundled Fees - Other fees paid by the merchant to the merchant bank or other contracted party for transaction processing.

Uniform Commercial Code (UCC) - A set of business-related laws dealing with the sale of goods, their transportation and delivery, financing, storage, payments, and various other commercial transactions. These model laws have been adopted, with minor modifications, by most states to provide some consistency among states1 commercial laws. They were drafted by the National Conference of Commissioners on Uniform State Laws.

Uniform Commercial Code Article 4A (UCC 4A) - Uniform Commercial Code (UCC) is a comprehensive body of state law governing commercial transactions. Article 4A covers certain funds transfers, including ACH credit transactions not subject to the Electronic Funds Transfer Act.

User Authentication - Process of validating that a user is who the user represents himself/herself as.

User Id - The identity of the person authorized to log on to the system.

Validation Code - A unique 4 character value that VISA includes as part of the CPS/ATM program in each authorisation response to ensure that key authorisation fields are preserved in the clearing or settlement record.

Variable Interest Rate - With variable-rate cards, the APR changes when interest rates or other economic indicators change. Also known as a floating rate.

VBV - Verified by Visa

Verified By Visa - The Visa scheme designed to authenticate cardholders so that they cannot subsequently repudiate there use of a card to purchase goods. It will also reduce other fraud as fraudulent users will not generally know the pass phrase or PIN associated with the card.

Visa - Visa International Service Association and all of its subsidiaries and affiliates.

Visa Acquirer - A member that signs a Visa merchant or disburses currency to a Visa cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction receipt into interchange.

Visa Card - A card that bears the Visa symbol, enabling a Visa cardholder to obtain goods, services, or cash from a Visa merchant or an acquirer.

Visa Issuer - A member that issues Visa Cards.

Visa Merchant - A merchant that displays the Visa symbol and accepts all Visa cards.

Visanet - The systems and services, including the V.I.P. system and BASE II, through which Visa delivers online financial processing, authorisation, clearing, and settlement services to members.

Voice Authorisation - An approval response obtained through interactive communication between an issuer and an acquirer, their authorizing processors, or stand-in processing, through telephone, facsimile, or telex communications.

Void Transaction - Delete the transaction information.

Void(ed) - Nullifies a transaction that has been recorded for settlement, but not yet settled. This removes the transaction from the batch of transactions to be settled.


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Comments:UK Loan Service is a secured loan broker with a strong focus on customer service, which means a 25% conversion rate on valid loan applications. All homeowners are welcome, no matter what credit history.
UK Financial Service Online Rating:
Comments: Arrange home owner secured loans even if you have poor credit rating, have arrears or a county court judgment (CCJ).
UK Financial Service Online Rating:
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