Three party card scheme... Digital banking
The Customer. The customer initiates the payment to the merchant using his or her credit card through its issuing bank.
The Merchant. The merchant is the recipient of the customer’s payment and authorizes/settles the payment with the acquiring bank.
The Processor. The credit card processor is the third-party company that facilitates payments. The processor fulfills transactions, moving money from one account to another.
Issuer/Acquirer. The issuer and acquirer in this model is represented by the card network (e.g. Discover, American Express). In essence, payment services are provided directly to merchants and cardholders by the network without involving third party financial institution intermediaries.
The Customer. The customer initiates the payment to the merchant using his or her credit card through its issuing bank.
The Merchant. The merchant is the recipient of the customer’s payment and authorizes/settles the payment with the acquiring bank.
The Processor. The credit card processor is the third-party company that facilitates payments. The processor fulfills transactions, moving money from one account to another.
Issuer/Acquirer. The issuer and acquirer in this model is represented by the card network (e.g. Discover, American Express). In essence, payment services are provided directly to merchants and cardholders by the network without involving third party financial institution intermediaries.
No comments:
Post a Comment