Bank Card Association

Bank Card Association

A network or organization owned by banks that processes transactions by bank cards. That is, a bank card association gives a bank the right to issue a card and authorizes debits and credits put on the card. It charges a fee (often assessed per transaction) for performing these services. Visa International and MasterCard International are the major bank card associations in the United States.
References in periodicals archive ?
JCB is based in Tokyo, Japan; UnionPay is a Chinese bank card association.
Chinese enterprise IZP Technologies Group said it has signed a cooperative agreement with Lithuania's central bank on setting up a bank card association that allows IZP's global online payment arm Globebill to carry out card association business in Lithuania.
The Czech Bank Card Association (BCA) has announced that it has joined EAST (the European ATM Security Team).
As a bank card association in the PRC, China UnionPay develops and operates the China UnionPay inter-bank transaction settlement system, sets up a global acceptance network for UnionPay cards, promotes the issuance and usage of UnionPay cards, provides innovative payment service for UnionPay as well as delivers excellent, efficient and secure payment services to UnionPaycards holders.
The procedures are initiated as a safety measure and clients' money is not endangered, Roman Kotlan of the Czech Bank Card Association said.
(iv) Bank Card Association: The associations (VISA, Master Card, American Express) which act as an intermediate between card issuing bank and merchant's bank and authorize the transaction.
True to his pioneering spirit, Stone co-founded one of the first automated teller machine networks in the Northeast, serving as executive director of the Pocketbank ATM Network and chairman of the New England Bank Card Association.
They are free to resume after they convince the central bank that they have implemented changes in their style of functioning, which according to the central bank, currently threatens capital safety and harms the interests of banks and the bank card association.