Definition Edit

A bankcard company includes

Visa U.S.A. and MasterCard International Inc. [that] are bankcard associations established as bank service companies. Financial institutions must be members of an association in order to offer their credit card services. The associations have established membership rights and obligations and membership is limited to financial institutions.[1]

References Edit

  1. FFIEC IT Examination Handbook, Retail Payment Systems, Appendix B: Glossary (full-text).

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