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Adding information on the key parties of the card scheme processes. |
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The card scheme utilizes the respective guidelines<ref name="Mastercard Rules">{{cite web |last1=Summary of changes 2020 |title=Mastercard card scheme - Rules and guidelines |url=https://www.mastercard.us/content/dam/mccom/global/documents/mastercard-rules.pdf |publisher=Mastercard |date=December 2020}}</ref><ref name="Visa Rules">{{cite web |last1=Visa core rules 2021 |title=Visa card scheme - Product and service rules |url=https://sr.visa.com/content/dam/VCOM/download/about-visa/visa-rules-public.pdf |publisher=Visa |date=April 2021}}</ref> to process the card exchange data from the acquiring to the issuing bank, and vice-versa, until the payment is fully completed (or denied). Credit and debit cards work with four-party scheme, completing an open-circle framework that permits consistent flow of transactions; thus, allowing the banks to handle the whole process.
==Key parties==
===Cardholder===
A cardholder is a consumer, who owns the debit or credit card, issued by their bank, or other financial institution. They aren't legally obliged to use a single card scheme and may own various types of cards, issued by numerous institutions.
===Card issuer===
The card issuer, as the name implies, issues credit cards and debit cards from any of the available card schemes to all clients who went through a screening process and are, therefore, qualified to own a bank account. Card issuers can be not only banks but any other certified financial institution.
===Acquiring bank===
The acquiring bank (also knows as obtaining bank), is the organization that provides administration consent to the merchant and validates their transaction process.
===Merchant===
Any business, or individual, that receives payment based on product or service, which they offer.
=References=
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