Originator
Originator:
A financial institution that initiates a wire transfer or automated clearing house (ACH) payment.
O
Original Submission
Original Submission:
The initial electronic submission of a STAR POS Transaction that has been authorized by a STAR Merchant or Acquirer Processor pursuant to the provisions contained in these Rules. An Original Submission must contain an encrypted PIN.
Original Draft
Original Draft:
The actual bank copy of the form used in the transaction. Also referred to as the “hard copy.”
Operating Rules
Operating Rules:
Rules and business practices meant to increase consistency and interoperability among the various financial service providers that will interact with each other and end-users. Examples of operating rules include: authorization procedures, settlement timing requirements, audit and accounting rules, and credit limits.
Operating Risk
Operating Risk:
The sum total of cumulative chargeback risk exposure plus the cumulative credit risk exposure with a given merchant.
Operating Procedures
Operating Procedures:
The current manual prepared by an acquiring processor, containing operational procedures, instructions and other directives relating to card transactions.
Open-to-Buy
Open-to-Buy:
The difference between the credit limit assigned to a cardholder account and the present balance on the account.
Online Transaction
Online Transaction:
A STAR Transaction that is input by a STAR Cardholder using his or her PIN and that is processed and posted to the STAR Cardholder’s Access Account at the time of approval by the Issuer Member.
Online Debit
Online Debit:
Debit card transactions that are instantly debited from the cardholder’s bank account. No signature is required. A PIN pad is required at the point of sale. Cashback is available and the funds are guaranteed.
On-Us Transaction
On-Us Transaction:
Any electronic banking transaction in which the acquirer and the issuer are the same institution.
