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Payment Gateway vs Payment Processor: What You Need to Know

Stax

Acquiring bank – Also called the merchant account provider, an acquiring bank is the bank hosting your credit card processing account, and will deposit funds from the transaction into your account. The acquirer or your bank will send a request to the issuer (which is processed through the payment processing service provider).

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Fintech Rundown: A Rapid Review of Weekly News

Finovate

Munich Re agrees to acquire digital insurance firm NEXT Insurance for $2.6 Encryption and tokenization technology payments company Bluefin teams up with Printec Group to bring its PCI-validated, point-to-point encryption solution to retailers in Europe. billion in cash.

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What is a BIN in Payment Processing

Clearly Payments

BINs help payment processors , acquiring banks, and card networks verify the legitimacy of a transaction, match it to the correct bank or financial institution, and ensure funds are available. Establish a Relationship with an Acquiring Bank The first and most essential step in acquiring a BIN is to partner with an acquiring bank.

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Encryption Keys Require Better Transport Protocols

Payments Source

Encryption keys are vital to the secure operation of payment acceptance devices. But key transport protocols have not kept pace with the movement toward standardized encryption practices. This adds cost and complexity to payment infrastructure and processes.

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What is a Payment Processing System and How Does It Work?

Stax

A typical payment processing procedure involves multiple parties, including the merchant, customer, payment processor, payment gateway, issuing bank, acquiring bank, and card networks. The processor facilitates the transaction by communicating with the payment gateway, issuing bank, and acquiring bank.

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The Anatomy of a Credit Card Transaction

Clearly Payments

Acquiring Bank The acquiring bank processes the transaction on behalf of the merchant. Payment Processor Facilitates communication between acquiring and issuing banks. Card Network Facilitates Clearing : The acquiring bank forwards the transactions to the respective card networks, which route them to the issuing banks.

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Mastercard Reinvents Checkout With Password and Number Free Payments

Fintech Finance

With this shift we are protecting sensitive data through advanced encryption and tokenization technologies,” said Jorn Lambert, chief product officer at Mastercard. “As Acquirers, payment service providers and other channel partners including Adyen, Prestashop, Worldline and Yuno are also enabling this technology.

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