Posted in Finance, Accounting and Economics Terms, Total Reads: 587

Definition: BankNet

MasterCard launched BankNet in 1984 as a telecommunications, global network that routes credit card transactions for authorization in a very quick manner. This network is highly resilient as data does not travel to a single, centralised node and instead reached endpoints directly.

Unlike Visa which has a star based system such as all endpoints end at one or the other major data centres, BankNet is edge based, peer to peer network i.e. it is a meshed network such that all transactions go directly to the other endpoint without travelling to one of the major data centres. BankNet is one of the world’s largest telecommunications networks and links all MasterCard members into a financial network. As a result of this network, MasterCard’s side of any transaction is authorized within seconds.

BankNet’s hub is located in St Louis, Missouri at MasterCard’s global technology & operations headquarters. ISO 8583 protocol is used by BankNet.



Looking for Similar Definitions & Concepts, Search Business Concepts

Similar Definitions from same Category: