Payments

Improving Authorization Management for Transactions with Visa's Stored Credential (Card-on-file) Transaction Framework and Visa's Requirements for Authorization on Purchase Returns

Amitabh Awasthi, Arturo Martinez, and Anjana Surin - Visa

Webinar


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This webinar is divided into two parts, each covering an announced Visa initiative and how it impacts the merchant community:

1. Stored Credential Transaction Framework Requirements -- With the rapid growth in digital commerce, instances in which a transaction is initiated with a stored credential based on a cardholder's consent for future use have increased significantly. Visa's requirements for its Stored Credential Transaction Framework, including mandates to identify initial storage and subsequent use of payment credentials, are effective October 2017. Having stored credential transactions specifically identified as such allows for differentiated treatment through the authorization approval process, including higher authorization approval rates and completed sales, greater visibility of transaction risk levels for issuers, enhanced cardholder experience, and, where available, participation in Real Time Visa Account Updater Service.

2. Authorizations on Purchase Return Messages -- To address the lack of real-time return information available in consumers' accounts, Visa is enabling such information about returns. These return authorizations will originate from the merchant and be sent to the cardholder's bank through an authorization message. As part of this initiative, which begins to takes effect in April 2018, Visa will require acquirers and merchants to receive and pass return authorization messages for both card-present and card-not-present transactions.

Select questions on Visa's Stored Credential Transaction Framework were answered after the conclusion of the first part of the webinar (~33:00). An extensive Q&A session covering Authorizations on Purchase Returns and other Stored Credential Transaction Framework inquiries followed the second part of the broadcast (~58:45).

Slides from this webinar are available here.