In particular, both Master Card and Visa networks base their transactions on the ISO 8583 standard, as well other institutions and networks. ISO 8583 also defines system-to-system messages for secure key exchanges, reconciliation of totals, and other administrative purposes. Application specification may remain at private level (implementer) and the method (message) by which settlement takes place is not within the scope of ISO.Ĭardholder-originated transactions include purchase, withdrawal, deposit, refund, reversal, balance inquiry, payments and inter-account transfers. ISO 8583 specifies message structure, format and content, data element and values of data elements. Standard can be further extended to support the transactions taking place between POS (Point of Sale Terminals) and Merchant Acquirer. ISO 8593 is Financial Transaction card originated, Interchange message specifications adopted by wide segment of Payment Industry (including Acquirers and Issuers). ISO (International Organization for Standardization) is a worldwide federation of national standards bodies. In Healthcare industry HL7, DICOM (Digital Imaging and Communications in Medicine) are the protocols implemented by the system, similarly in financial world there are the standards (protocols) ISO8583, ISO7816 etc, for the various kind of data interchange. The data interchange that takes place between different systems needs to follow standard formats for integration, exchange and interoperability. The response, authorizing or declining the transaction, needs to be returned via the same route to the terminal. The transaction carries information about the type of transaction, the card used, the merchant, the transaction amount, security information, and so on. For example, a purchase made in a store may travel from the merchant terminal, through an acquirer network or networks, to the issuing bank where the cardholder's account is held. A card-based transaction typically needs to travel between a numbers of systems. Whenever we use credit/debit/ATM card, the data traverse from one system to another.
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