An Acquiring Bank (or Acquirer) is a financial institution that processes credit and debit card transactions for merchants. They serve as intermediaries between merchants, card networks, and card-issuing banks, ensuring secure and efficient payment processing.
Key Functions
- Payment processing
- Merchant account management
- Risk assessment
- Fraud prevention
- Settlement services
Services Provided
- Transaction authorization
- Payment settlement
- Chargeback handling
- Merchant support
- Security compliance
Risk Management
- Fraud monitoring
- Transaction screening
- Merchant verification
- Compliance checks
- Security protocols
Security Measures
- PCI DSS compliance
- Encryption standards
- Fraud detection
- Authentication systems
- Transaction monitoring
Best Practices
- Regular audits
- Security updates
- Merchant education
- Risk assessment
- Compliance monitoring
Acquiring banks play a crucial role in the payment ecosystem, providing essential services while managing risks and ensuring secure transactions for both merchants and consumers.