My Merchant Account Blog

Authorization

Thursday, February 17, 2011

An electronic exchange between a card issuing bank and an acquiring bank, initiated through a POS terminal, confirming a cardholder has sufficient credit (or funds in a demand deposit account if it is a debit card) to cover a pending transaction. It is the function of specifying access rights to resources, which is related to information security and computer security in general and to access control in particular. More formally, "to authorize" is to define access policy. For example, human resources staff are normally authorized to access employee records, and this policy is usually formalized as access control rules in a computer system.

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