The Processor and the Contractual Matrix in a Card Scheme: How Privity Fell and Resurrected in Aldo V. Moneris
National Banking Law Review, Vol. 32(5), 2013
7 Pages Posted: 20 Apr 2016
Date Written: October 2013
Participants in a typical interbank payment card transaction are a cardholder, a merchant, an issuing bank and an acquirer (the merchant's bank). The issuer incurs a payment obligation, which benefits either the payee-merchant or the acquirer. The issuer and acquirer are member banks in a card network asscoiation that establishes rules and standards governing the issuance and use of the cards.
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