Base II

AAA

DEFINITION of 'Base II'

A data processing network operated by Visa USA for the clearing and settlement of bank card transactions between card-honoring merchant banks and card issuers. This system provides net daily account settlement among Visa member institutions. The other data processing network by VISA, Base I, authorizes transactions, while the Base II clears and settles the transactions.

INVESTOPEDIA EXPLAINS 'Base II'

Base II was created along with the Base I standard in 1976 by Bank of America's IT staff. BASE stands for Bank of America System Engineering. The system was so named because prior to 1973, VISA was known as BankAmericard.

RELATED TERMS
  1. Group Of 30 - G30

    A consultive group composed of academics and financiers whose ...
  2. Base I

    The data processing network used by Visa USA to process and provide ...
  3. Bank

    A financial institution licensed as a receiver of deposits. There ...
  4. Credit

    1. A contractual agreement in which a borrower receives something ...
  5. Credit Card

    A card issued by a financial company giving the holder an option ...
  6. Charge Card

    A card that charges no interest but requires the user to pay ...
Related Articles
  1. How Credit Cards Affect Your Credit ...
    Credit & Loans

    How Credit Cards Affect Your Credit ...

  2. Understanding Credit Card Interest
    Retirement

    Understanding Credit Card Interest

  3. How Credit Cards Built A Plastic Empire
    Credit & Loans

    How Credit Cards Built A Plastic Empire

  4. Review: The VentureOneĀ® Rewards Credit ...
    Credit & Loans

    Review: The VentureOneĀ® Rewards Credit ...

Hot Definitions
  1. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  2. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Leading Indicator

    A measurable economic factor that changes before the economy starts to follow a particular pattern or trend. Leading indicators ...
  5. Wage-Price Spiral

    A macroeconomic theory to explain the cause-and-effect relationship between rising wages and rising prices, or inflation. ...
  6. Accelerated Depreciation

    Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years ...
Trading Center