Bank Card Association
Barron's Banking Dictionary:
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Bank Card Association
Organization, owned by financial institutions, that licenses a bank card program or performs transaction processing for its owners. The present-day national card associations, Mastercard International and Visa International perform four key functions: licensing bank cards and service marks to card issuing banks; authorizing transactions by cardholders; settling interchange transactions when the transaction processing bank (called the Merchant Bank) is different from the card issuer; and setting the Interchange rate, or the transaction processing fee paid by association members. Mailing of new cards and billing to cardholders is done by the banks themselves.
Investopedia Financial Dictionary:
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Bank Card Association
An organization owned by financial institutions that licenses bank credit card programs. The Bank Card Association also performs operational functions for its members, including transaction processing and authorizations, interchange settlements and fee processing.
Investopedia Says:
The two national and best-known bank card associations, VISA and MasterCard, have become publicly-traded companies. There are many regional bank card associations, however, that may be owned by a single bank or a consortium. These smaller organizations issue more retail credit cards.
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Barron's Banking Dictionary
Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved.
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