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Card Knowledge Glossary

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V

Validation Code

A unique 4 character value that VISA includes as part of the CPS/ATM program in each authorization response to ensure that key authorization fields are preserved in the clearing or settlement record.

Visa

Visa International Service Association and all of its subsidiaries and affiliates.

Visa Acquirer

A member that signs a Visa merchant or disburses currency to a Visa cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction receipt into interchange.

Visa Card

A card that bears the Visa symbol, enabling a Visa cardholder to obtain goods, services, or cash from a Visa merchant or an acquirer.

Visa Commerce

Visa Commerce is a newly released offering by Visa to support corporate card programs by allowing the buyer and seller to establish the trading rules supporting their businesses.

Visa Issuer

A member that issues Visa Cards.

Visa Merchant

A merchant that displays the Visa symbol and accepts all Visa cards.

Visanet

The systems and services, including the V.I.P. system and BASE II, through which Visa delivers online financial processing, authorization, clearing, and settlement services to members.

Voice Authorization

An approval response obtained through interactive communication between an issuer and an acquirer, their authorizing processors, or stand-in processing, through telephone, facsimile, or telex communications.

Void Transaction

Delete the transaction information.

Void(Ed)

Nullifies a transaction that has been recorded for settlement, but not yet settled. This removes the transaction from the batch of transactions to be settled.

W

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