![]() So what is ISO 8583? It is one of the many standards describing how to pack certain data fields such that it could reliably be unpacked as well and is mostly relevant for the financial transaction processing world. Also, the standard has gone through numerous iterations and various financial institutions have tweaked it to create many flavors/ variants. The important point is that both Visa and Mastercard had adopted this standard at some point in time. I believe Visa and Mastercard had come into existence much before this and some form of interoperability existed even before this standard was declared. Way back in 1987 (I think), The International Organization for Standardization (ISO) declared a standard called the 8583 to facilitate the flow of transaction information interoperably. In case you wish to find out more about the Latin origins of the words, start here: Why do accountants use debits and credits instead of simple pluses and minuses? ) Origin Credit = Create money in your card/ account. (In case you get confused by ‘debit’ and ‘credit’: Debit = Deduct from your card/ account. One of the most popular uses of this information is to let the system know which account to debit. Alternatively, one could have typed in this information (card number) on a screen of an online shopping interface but then this would effectively become a Card Not Presenttransaction.Īnyways, we now have the identity of the card in the electronic form. The act of swiping a card on a card reader essentially involves passing this ‘identity’ of the card to the electronic sub-system and represents a Card Present type of transaction. For most credit cards, it is the same as the credit card number printed on the front surface/ plastic. Among other things, the magnetic stripe on each card stores something called the PAN (Primary Account Number). At the very least, the card serves as an identity factor. Almost all of us would have swiped a card or two at an ATM or a PoS terminal (or a Square dongle )). ![]()
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