Acquiring Bank
/əˈkwaɪərɪŋ bæŋk/
Definitions
- (n.) A bank that processes credit or debit card payments on behalf of a merchant, acquiring transaction details from the merchant and routing them through the card payment network for authorization and settlement.
The acquiring bank settled the transaction with the merchant after cardholder approval.
Forms
- acquiring bank
- acquiring banks
Related terms
See also
Commentary
In drafting agreements involving payment systems, clearly distinguish the acquiring bank's role from that of the issuing bank to avoid liability confusion.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.