Validation Code

A unique 4 character value that VISA includes as part of the CPS/ATM program in each authorisation response to ensure that key authorisation fields are preserved in the clearing or settlement record.

Variable Interest Rate

With variable-rate cards, the APR changes when interest rates or other economic indicators change. Also known as a floating rate.


Verified by Visa.

Verified By Visa

The Visa scheme designed to authenticate cardholders so that they cannot subsequently repudiate there use of a card to purchase goods. It will also reduce other fraud as fraudulent users will not generally know the pass phrase or PIN associated with the card.


Visa International Service Association and all of its subsidiaries and affiliates.

Visa Acquirer

A member that signs a Visa merchant or disburses currency to a Visa cardholder in a cash disbursement, and directly or indirectly enters the resulting transaction receipt into interchange.

Visa Card

A card that bears the Visa symbol, enabling a Visa cardholder to obtain goods, services, or cash from a Visa merchant or an acquirer.

Visa Issuer

A member that issues Visa Cards.

Visa Merchant

A merchant that displays the Visa symbol and accepts all Visa cards.


The systems and services, including the V.I.P. system and BASE II, through which Visa delivers online financial processing, authorisation, clearing, and settlement services to members.

Voice Authorisation

An approval response obtained through interactive communication between an issuer and an acquirer, their authorizing processors, or stand-in processing, through telephone, facsimile, or telex communications.

Void Transaction

Delete the transaction information.


Nullifies a transaction that has been recorded for settlement, but not yet settled. This removes the transaction from the batch of transactions to be settled.