Authorization of card payments
BORICA provides banks and payment institutions issuing cards via the BORICA system, with authorization of transactions requests performed with their cards at physical and virtual ATM and POS terminals in the country and abroad. The authorization of each transaction request requires verification of various parameters:
- Card validity (card number, expiration date);
- Account balance or credit card limit;
- Card limits (daily, weekly, etc.);
- Security codes CVC/CVV, EMV parameters;
- PIN code (if required);
- Card status (active, blocked);
- Other parameters (authorized operations, cryptograms, etc.).
BORICA provides the possibility of the so-called authorization at the issuer, where the bank itself checks the account balance through the established online connection. Thus, each cardholder may use his entire card account balance at any time.
Another option for keeping track of up-to-date card account balances is by establishing an online connection. Through this connection, the bank reflects promptly any account balance change in the BORICA system and is able to check for performed transactions in order to keep the up-to-date balance in its own system.
Authorization of each payment provides a high level of transaction security to protect the cardholder from fraud. The cardholder may use the entire balance on their card account at any time by using an authorization interface provided by the issuer.