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 ?
Inside Secure (Paris:INSD), at the heart of security solutions for mobile and connected devices, has announced that Visma Solutions, the Finnish software as a service (SaaS) provider, has chosen Inside Secure's mobile strong authentication and payment authorization service for its Netvisor ID and other online services, the company said.
Applications include user login, account management, payment authorization and document signing.
Includes payment authorization and reconciliation, pharmaceuticals manufacture rebates processing.
If the advisor or financial institution asks for a letter of payment authorization via fax, the criminal will often produce a fax with the customer's actual signature.
DeFazio's pledge notwithstanding, the timber payment authorization may have a reasonable chance of passing the House and winning the approval of President Bush, who has strongly opposed the authorization but is desperate to sign a bailout bill.
PAYMENTS FRAUD, IDENTITY THEFT, AND PAYMENT AUTHORIZATION
Finally, the signed transaction is sent to the credit card company for payment authorization.
Factors influencing how providers experienced the subsidy system included policies/practices affecting the payment process (obtaining payment authorization, onerous paperwork requirements, and timing and reliability of payments), the ease of interacting with the subsidy agency (number of programs/agencies, staffing responsibilities within the agency, interactions with caseworkers, and the extent to which providers were viewed as partners.
As a security application, TransFort uses cryptography in a variety of ways to encrypt sensitive information and to create digital signatures to provide a record of authenticity for transactions and payment authorization.
Hughes Network Systems (HNS), a provider of broadband satellite services for consumers and businesses worldwide, has partnered with Paymentech, a payment solutions company, to offer a bundled service for payment authorization processing for small and large businesses.
CAFIS links credit card issuers and credit card member retail outlets via NTT Data's computer system for payment authorization and other services.
27) It is important to distinguish between direct payment authorization and the payment of accrued taxes to the state.