Presentment Where the money is, and where it only appears to be
Depth

Terminal

acquirer side

Card

issuer side

Visa and issuer settings

who gets to decide

The four party model

two banks, one VisaNet

A card payment involves four parties, with VisaNet in the middle. The cardholder and the merchant deal with each other. Their two banks never do, so every message and every rand between the issuer and the acquirer goes through Visa. Watch the 0100 travel out and the 0110 come back, then watch the money follow days later by a different route.

Who decided, and why

VisaNet looks first

Money

always visible

Clock and clearing

days, not seconds

Settlement

where money moves

Event log

newest first