BizTerm Definition
Full Definition

(1) Each product can have one or more Transactions, e.g. in case of a current account money can be withdrawn or a deposit can be placed. (2) An ISO term. 1. ISO Bank Card Originated Messages term. A specific action in support of a business activity. 2. ISO Bank Card Originated Messages term. A collection of related messages designed to complete (in so far as this is possible) the intention of the initiator of the original message and normally concluded by a debit or credit transaction. Amendments or reversals carried out subsequently are to be considered as a separate transaction set. (3) Any set of events which should be able to constitute one and not more than one product which is commercially viable.

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