DEFINITION of 'Banknet'

A global network operated by MasterCard that facilitates the routing of credit card transactions for authorization from almost any point in the world. One of the world's largest global telecommunications networks, Banknet links all MasterCard members and data processing centers into a single financial network. The network enables MasterCard's side of an authorization transaction to be performed in seconds.

BREAKING DOWN 'Banknet'

MasterCard launched Banknet is 1984. The network's hub is located in MasterCard's Global Technology and Operations headquarters in St. Louis, Missouri.

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