MasterCard Rules (PDF)

9.1 Definitions
9.2 Net Settlement
Settlement
9.1 Definitions
As used in the Rules set forth in this Chapter 9, the following terms have the
meanings described:
1. “Interchange fee” means an amount paid by the Acquirer to the Issuer with
respect to the interchange of a Transaction. All references to interchange
fees in this Chapter 9 mean both the levels of the fees and all qualifying
criteria and conditions for their applicability.
2. “Intracountry issuing Volume” means the issuing Volume resulting from
Intracountry Transactions.
3. “Intracountry acquiring Volume” means the acquiring Volume resulting from
Intracountry Transactions.
4. “Service fee” means an amount paid by the Issuer to the Acquirer with
respect to the interchange of a cash disbursement. All references to service
fees in this chapter 9 mean both the levels of the fees and all qualifying
criteria and conditions for their applicability.
A Customer that uses the Interchange System for the authorization and clearing
of Transactions and cash disbursements is required to net settle in accordance
with the Corporation’s settlement Standards. However, an Acquirer and an
Issuer may, with respect to a particular Transaction or cash disbursement,
agree to settle directly between themselves pursuant to a bilateral agreement.
Standards describing net settlement and bilateral agreement rights and
obligations are set forth in the Settlement Manual.
If the Corporation does not support the local currency of a particular country in
the regional settlement service, then each Customer engaged in Intracountry
Transaction Activity in that country must participate in the Corporation’s
intracurrency settlement service for that country, if such an intracurrency
settlement service exists.
9.2.1 Settlement Finality >>
NOTE
Rules on this topic appear in Chapter 12, “Europe Region Rules.”
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MasterCard Rules • 12 December 2012 9-1