Spring Card Network Update Release
As digital commerce continues to grow, so do the systems that drive online commerce and digital payments. The card networks, such as Visa or Mastercard, continuously update the operating rules of their networks to help increase and enhance the security, efficiency, and experience of payments.
The updates can be hard to decipher, so we’ve broken down what you need to know about them in this post, as well as changes from the most recent release (Spring 2023) we think are making an impact to the payments landscape.
Please refer to this link to see all the Spring 2023 releases.
Card networks are sometimes referred to as card associations. Card associations can include different financial institutions (referred to as members), such as issuing or acquiring banks. The networks create rules that dictate how, when, and where payments are made, and all members of the payments lifecycle—including merchants—are expected to adhere to these rules. However, not every rule will apply to every merchant as rules can be region or industry specific.
Card network updates refer to updates that the networks make to their operating rules. These updates are broad in nature and may include:
While the networks release updates to their rules throughout the year, many updates are released twice per year, in spring and in fall.
As we noted before, not every update may impact you. Merchants are expected to adhere to the rules that do impact them, and merchants may face fines for not complying with the rules. When a network update does apply to your business, you are often required to take the necessary actions to remain in good standing with the card network that has issued the update. Updates may also have a material benefit for your business that you will want to take advantage of—even if there isn’t a specific requirement associated with the change.
Network updates vary, and so too do their requirements for merchants. In some cases, merchants do not have to do anything; in other cases, merchants may have to make integration changes or adopt new services to ensure compliance, such as implementing EMV 3DS to meet the SCA requirements of PSD2.
You can view all the key updates for Spring 2023 here.
This spring’s release includes new and enhanced features, new and updated fees, and new mandates. Some of this spring’s changes include:
Please note that not all changes, including the ones mentioned above, will apply to all merchants. Please refer to this page for more details or reach out here for additional support.
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