Terminal
acquirer sideCard
issuer sideVisa and issuer settings
who gets to decideThe four party model
two banks, one VisaNetA 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.