Common
Payment processor
System that enables payment transactions
Payment processor
A payment processor is a data and communications center ("switch") that moves payment transactional data and messaging between a card issuing bank, a merchant, and a card acquiring bank (USA model) to enable financial transactions between purchasers and sellers. It processes payment information for various channels such as credit cards and debit cards or bank accounts. They are usually broken down into two types: front-end (for card authorization) and back-end (for settlements). Front-end processors have connections to various card associations and supply authorization and settlement services to the merchant banks' merchants. Back-end processors accept settlements from front-end processors and, via the Federal Reserve Bank for example, move the money from the issuing bank to the merchant bank. In an operation that usually takes a few seconds, the payment processor will both check the details received by forwarding them to the respective card's issuing bank or card association for verification...
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