Payment Authorization

Payment Authorization

 

in the USSR, a written order from an account holder instructing the holder’s bank to transfer the appropriate amount of funds from the holder’s current account to the account of the recipient. Payment authorizations are used in payments for goods and services and in liquidation of indebtedness. They are also used for transferring funds in non-commodity transactions and for meeting such financial obligations as payments to the budget, to the agencies of the Central Administration of State Insurance, to the social and other insurance systems, and to other institutions. A payment authorization can be of the local type, used for payments to recipients in the same city, or it can be of the intercity type, used for payments to enterprises in other cities. The minimum amount for a payment authorization has been set at 10 rubles for local and 25 rubles for intercity payments. Authorizations are valid for ten days. A payer who is transferring funds simultaneously to several payees may use a consolidated payment authorization. The State Bank of the USSR and the Bank for Foreign Trade of the USSR use foreign-currency payment authorizations for transferring funds to foreign natural and legal (juridical) persons.

References in periodicals archive ?
Finally, the signed transaction is sent to the credit card company for payment authorization.
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CAFIS links credit card issuers and credit card member retail outlets via NTT Data's computer system for payment authorization and other services.
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BioAuthorize employs the latest technologies to enable automated biometric identification for payment authorization.
We see the EMV transition creating high demand for more secure transaction capabilities, and are confident that together we can provide financial institutions with a comprehensive solution for payment authorization and storage.
One fundamental way is to streamline the payment authorization process, as has been so successful in financial services.
Kabira Financial Payment Switch, Kabira Financial Payment Hub and Kabira Financial Payment Authorization Enable Enterprises to Cost-Effectively Scale to Meet Increasing Transaction Volumes and Deliver New Services Faster
Today, ICBC global cash management services represent a convenient and high value-added service system, covering global account opening, payment authorization, SWIFT service, account enquiry, service for overseas employees, centralized payment and cash pooling.
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17 /PRNewswire/ -- S1 Corporation , the leading provider of customer-facing software solutions for financial services, today announced that Wakefern Food Corporation has installed its industry-leading Postilion software to provide POS payment authorization and transaction switching for over 200 ShopRite stores in five states.