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DomainCertificationsCreditCards

DomainCertificationsCreditCards

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Published by: pratham_great on Jan 30, 2011
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Credit Card Certification Page 1 of 65
Credit Card Certification
Disclaimer:This material is confidential and proprietary to Infosys and may not be copied or otherwise reproduced,repackaged, further transmitted, transferred, disseminated, redistributed or resold, or stored for subsequentuse for any such purpose, in whole or in part, in any form or any manner or by any means whatsoever, byany person without express authorization of Infosys.All information contained herein is obtained by Infosys from sources believed by it to be accurate andreliable. Although reasonable care has been taken to ensure that the information herein is true, suchinformation is provided ‘as is’ without any warranty of any kind and Infosys, in particular, makes norepresentation or warranty, express or implied, as to the accuracy, timeliness or completeness of any suchinformation. All information contained herein must be construed solely as statements of opinion andInfosys shall not be liable for any loss incurred by users from any use of this report or its contents.
 
Credit Card Certification Page 2 of 65
Table of Contents
1.
 
COURSE OBJECTIVES................................................................................6
 
2.
 
INTRODUCTION...........................................................................................7
 
3.
 
TYPES OF CARDS.......................................................................................9
 
3.1.
 
Credit Cards................................................................................................................................... 9
 
3.2.
 
Debit Cards................................................................................................................................... 12
 
3.3.
 
Stored Value Cards...................................................................................................................... 13
 
4.
 
KEY FEATURES OF A CREDIT CARD......................................................17
 
4.1.
 
Credit-Card Numbers.................................................................................................................. 18
 
4.2.
 
The Stripe on a Credit Card........................................................................................................ 19
 
5.
 
CARD NETWORK MODELS.......................................................................21
 
5.1.
 
Bilateral Model............................................................................................................................. 21
 
5.2.
 
Single Card Issuer Model............................................................................................................ 21
 
5.3.
 
Multiple Card Issuer Model........................................................................................................ 22
 
6.
 
KEY PLAYERS...........................................................................................25
 
6.1.
 
Card-Holder ................................................................................................................................. 25
 
6.2.
 
Merchant....................................................................................................................................... 25
 
6.3.
 
Issuer............................................................................................................................................. 25
 
6.4.
 
Acquirer........................................................................................................................................ 26
 
6.5.
 
Network / Association.................................................................................................................. 26
 
6.6.
 
Processors ..................................................................................................................................... 27
 
6.7.
 
Credit Bureaus ............................................................................................................................. 28
 
6.8.
 
On-us and Off-us Merchants and Cards.................................................................................... 28
 
7.
 
BASIC TRANSACTION FLOW...................................................................30
 
7.1.
 
Authorization................................................................................................................................ 30
 
 
Credit Card Certification Page 3 of 65
7.2.
 
Clearing......................................................................................................................................... 32
 
7.3.
 
Settlement ..................................................................................................................................... 32
 
8.
 
COMMERCIALS OF A CARD TRANSACTION..........................................34
 
8.1.
 
Discount / Interchange Fees ........................................................................................................ 34
 
8.2.
 
Membership / Annual Fees.......................................................................................................... 35
 
8.3.
 
Finance Charges........................................................................................................................... 35
 
8.4.
 
Cash Advance Fees....................................................................................................................... 36
 
8.5.
 
Other Fees and Charges .............................................................................................................. 36
 
9.
 
BUSINESS PROCESSES...........................................................................38
 
9.1.
 
Credit Evaluation......................................................................................................................... 38
 
9.2.
 
Reward Programs ........................................................................................................................ 40
 
9.3.
 
Billing ............................................................................................................................................ 40
 
9.4.
 
Payments Processing.................................................................................................................... 41
 
9.5.
 
Disputes and Chargeback............................................................................................................ 42
 
9.6.
 
Fraud Management...................................................................................................................... 43
 
10.
 
REGULATIONS IN THE CARDS INDUSTRY.........................................48
 
10.1.
 
Fair Credit Billing Act................................................................................................................. 48
 
10.2.
 
Fair and Accurate Credit Transactions Act .............................................................................. 49
 
10.3.
 
Anti Money Laundering Regulations......................................................................................... 50
 
10.4.
 
Bank Secrecy Act – Financial Record Keeping ......................................................................... 51
 
10.5.
 
USA PATRIOT Act...................................................................................................................... 52
 
10.6.
 
Privacy Regulations ..................................................................................................................... 53
 
10.7.
 
Gramm-Leach-Bliley Act ............................................................................................................ 54
 
11.
 
RECENT TRENDS IN THE CARDS INDUSTRY.....................................56
 
11.1.
 
Online Usage of Cards................................................................................................................. 56
 
11.2.
 
Smart Cards.................................................................................................................................. 57
 

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