VisaNet is part of Visa’s retail electronic payment system. It is a collection of systems that includes:
• An authorization service through which card issuers can approve or decline individual Visa card transactions.
• A clearing and settlement service that processes transactions electronically between acquirers and card issuers to ensure that:
– Payment for Visa transactions moves from card issuers to acquirers to be credited to the merchant accounts.
– Payment for Visa transactions moves from card issuers to acquirers to be credited to the merchant accounts.
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