BizTerm Definition
Authorization
Full Definition

1. The approval of a financial transaction or a change to a system table. 2. Refers to the combination of the following purposes: 1. Used by the staff member who has power of attorney. In other words, he is entitled to judge and accept commitments made by the financial institution with a third party. 2. To create a division of functions within the financial institution in order to reduce the risk of fraud by staff members. See also EVA and ECA. 3. To make more reliable the process of entry of information into a computer system. . 3. An ISO term. 1. ISO Mail Payment Orders term. ISO Documentary Credit Forms term. A permission given to acquire or execute a service. 2. ISO Bank Card Originated Messages term. The approval or guarantee given by the card issuer to the acquirer (and/or card acceptor). 3. ISO Documentary Credit Forms term. Issuing bank's approval to the reimbursement bank to honor charges.


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