Glossary
The following terms, organised alphabetically, are used within the cards industry. Here you will find simple explanations to help you navigate the jargon and specialist terminology.
| Variable Interest Rate |
An interest rate that may change from time to time. For example, a movement in the base rate would usually have an affect on an interest rate. |
| Verified by Visa (VbV) |
The Visa brand name for their service that uses the 3D Secure standard (the technical standard developed by Visa and MasterCard to further secure card transactions over the internet). |
| Visa |
An international card scheme. |
| Voice Authorisation |
Authorisation by means of communication between merchant and authorisation centre by normal telephone. |
| Voice Referral |
The procedure which may follow an authorisation request where the merchant is requested to contact its acquiring bank for further instructions or the communication of further information about the cardholder or transaction. |
