Kaardivõrku

Kaardivõrku, a term originating from Estonian, literally translates to "card network." It refers to a system of interconnected financial institutions that process credit and debit card transactions. These networks, such as Visa, Mastercard, and American Express, facilitate the secure transfer of funds between a cardholder's bank, a merchant's bank, and the merchant themselves. When a card is used for a purchase, the transaction details are sent through the card network to verify the cardholder's identity and available funds. If approved, the funds are authorized and subsequently settled between the banks. The card network acts as an intermediary, ensuring the integrity and efficiency of the payment process. It establishes rules and standards for its member banks and processors, and provides the technological infrastructure necessary for millions of transactions to occur daily worldwide. The existence of these networks is fundamental to modern commerce, enabling both online and in-person purchases across a vast array of businesses. They also play a role in fraud detection and prevention, employing sophisticated systems to identify and flag suspicious activity.