October 2019 - Visa
Visa Core Rules and
Visa Product and Service Rules
13 April 2024
Version 1.2 (4 June 2024)
? 2014¡ª2024 Visa. All Rights Reserved.
The trademarks, logos, trade names and service marks, whether registered or unregistered
(collectively the ¡°Trademarks¡±) are Trademarks owned by Visa. All other trademarks not
attributed to Visa are the property of their respective owners.
Visa is committed to providing our partners and interested parties with greater insight into
Visa¡¯s operations. As part of our effort, we are pleased to provide access to the latest edition
of the Visa Core Rules and Visa Product and Service Rules, which govern participation of our
financial institution clients in the Visa system.
To protect cardholders and merchants and maintain the integrity of the Visa system, we have
omitted proprietary and competitive information, as well as certain details from the rules
relating to the security of the network.
Any regional or country-specific rules within the Visa Core Rules and Visa Product and Service
Rules apply only to the operations of financial clients within the relevant region or country,
and any rules marked with the name of a region(s) or country(ies) are applicable to financial
institutions operating in that region(s) or country(ies) only.
The Visa Rules must not be duplicated, in whole or in part, without prior written permission
from Visa.
If you have questions about Visa¡¯s rules, please contact us.
Contents
Visa Core Rules and Visa Product and Service Rules
Contents
Contents
3
Tables
28
Summary of Changes
44
Summary of Changes since the 14 October 2023 Visa Core Rules and Visa Product and
Service Rules
Introduction
44
63
The Visa Rules
63
1 Visa Core Rules
66
1.1 General
66
1.1.1 Governance
66
1.1.2 Local, Domestic, and Regional Rules and Private Agreements
73
1.1.3 Waivers
73
1.1.4 Operating Certificates
73
1.1.5 Confidentiality
74
1.1.6 Visa Rights
78
1.1.7 Use of VisaNet
81
1.1.8 Liabilities and Indemnifications
81
1.2 Licensing and Numerics Management
84
1.2.1 Licensing ¨C General Membership
84
1.3 Use of Marks
85
1.3.1 Marks License
85
1.3.2 General Use of Marks
86
1.3.3 Integrity Risk
89
13 April 2024
? 2014¡ª2024 Visa. All Rights Reserved.
Visa Public
3
Contents
Visa Core Rules and Visa Product and Service Rules
1.3.4 Marketing, Promotion, and Advertising Materials
1.4 Issuance
90
95
1.4.1 Issuance Conditions
95
1.4.2 Account Numbers
96
1.4.3 Notification and Disclosure
96
1.4.4 Issuer Operational Standards
98
1.4.6 Zero Liability
101
1.5 Acceptance
101
1.5.1 General Acquirer Requirements
101
1.5.2 Merchant Agreements
107
1.5.3 Marks Display
108
1.5.4 Card Acceptance
108
1.5.5 Card Acceptance Prohibitions
117
1.5.6 Transaction Receipts
119
1.5.7 Merchant Deposits
119
1.5.8 Travelers Cheques
121
1.6 ATM
122
1.6.1 ATM Requirements
122
1.7 Transaction Processing
122
1.7.1 General Processing
122
1.7.2 Data Requirements
123
1.7.3 Acquirer Authorization Requests
124
1.7.4 Issuer Authorization Processing
125
1.7.5 Clearing
126
13 April 2024
? 2014¡ª2024 Visa. All Rights Reserved.
Visa Public
4
Contents
Visa Core Rules and Visa Product and Service Rules
1.7.6 Settlement
127
1.7.7 Reversals and Adjustments
127
1.8 Processing Products
129
1.8.1 Original Credits
129
1.9 Interchange
129
1.9.1 Interchange Reimbursement Fee (IRF) Determination and Payment
129
1.9.2 Interchange Reimbursement Fee (IRF) Adjustments and Compliance
130
1.10 Risk
132
1.10.1 Corporate Risk Reduction
132
1.10.2 Integrity Risk
137
1.10.3 Investigations
137
1.10.4 Information Security
138
1.10.5 High-Integrity Risk Activity
141
1.10.6 Recovered Cards
142
1.10.7 Counterfeit Losses
142
1.10.8 Agents
143
1.10.9 Card Manufacturing and Distribution
146
1.11 Dispute Resolution
147
1.11.1 Disputes
147
1.11.2 Arbitration and Compliance
149
1.12 Fees and Non-Compliance Assessments
150
1.12.1 Fee Assessment by Visa
150
1.12.2 Non-Compliance Assessments
150
2 Licensing and Numerics Management
13 April 2024
? 2014¡ª2024 Visa. All Rights Reserved.
Visa Public
157
5
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