Good Faith
Good Faith:
An attempt to resolve a dispute regarding a violation of the Association Bylaws and Rules by written communication, before filing a compliance case.
F
Funds Transfer System
Funds Transfer System:
A wire transfer network, ACH, or other communication system or clearing house or association of banks in which Merchant Processors’s Clearing/Funding Bank is a member and through which a payment order by a bank may be transmitted. Includes: SWIFT, CHIPS, Fedwire, the National Association of Clearing House Associations, MasterCard and VISA.
Funds Settlement Day
Funds Settlement Day:
Any weekday, except holidays observed by the Federal Reserve Bank of Atlanta (STAR Southeast Switch and STAR Central Switch), the Federal Reserve Bank of San Francisco (STAR West Switch) and the Federal Reserve Bank of Philadelphia (STAR Northeast Switch).
Funds Settlement Account
Funds Settlement Account:
A Deposit Account maintained by a Processor or Member at a financial institution for purposes of Settlement of STAR Transactions.
Funding Correction
Funding Correction:
A payment made by Merchant Processors to a merchant to rectify an error made by Merchant Processors subsequent to clearing a merchant’s bankcard deposit/transmission through the Associations and Merchant Processors receiving payment from the Associations for said bankcard deposit/transmission.
Funding Account
Funding Account
A non-specific account type in a STAR Transaction request when the Cardholder/Account Holder does not select the specific account against which the STAR Transaction is to be processed. Also referred to as “no account specified.”
Funding
Funding:
Refers to the payment to a merchant for his submitted deposits.
Full Service Processing (FSP)
Full Service Processing (FSP):
A relationship with a Bank whereby Merchant Processors provides a series of services on an outsourcing basis. Merchant Processors is paid fees for the services performed and does not hold the risk for Credit/Fraud losses.
Fulfillment
Fulfillment:
The acquirer’s response to an issuer’s retrieval request for a sales draft. The acquirer supplies the issuer with the original draft or a clear reproduction. The fulfillment record confirms the response and initiates reimbursement to the acquirer for fulfilling the request.
Franchise
Franchise:
An organization that grants a license to a group of merchants to market a company’s goods or services in a particular territory, and wants to provide bankcard processing to its members from Merchant Processors.
