What does IAN mean in UNCLASSIFIED

Interbank Authorization Network (IAN) is a system that facilitates online payment transactions between financial institutions. This network enables banking customers to securely transfer funds to merchants from their bank account, as opposed to using credit or debit cards. With IAN, banks provide secure and reliable access to real-time online services and help streamline the payment experience for customers.

With IAN, banks facilitate payments by providing an authorization layer on top of existing payment networks such as ACH or wire transfers. Customers enter their bank details directly into the merchant’s checkout page, which is then used for verification before being routed through a secure connection back to the customer's bank. The customer's bank verifies the information before approving or declining the transaction and sending an authorization code back to the merchant. The merchant can then process the payment with confidence knowing that it was authenticated by both the customer's bank and IAN.

Using IAN provides several advantages compared to other payment methods. It allows customers to make online payments directly from their own bank accounts without having to supply card details or personal information – making it safer than other methods like credit/debit cards or money transfers. Additionally, banks benefit from reduced fraud due to its additional authentication layers, while merchants benefit from faster payments as well as lower processing costs associated with not having to pay chargeback fees on declined transactions.

To ensure security when making online payments through IAN, banks use a variety of authentication techniques including multi-factor authentication (MFA), two-factor authentication (2FA), dynamic card recognition numbers (DCN) and tokenization. These measures ensure that only authorized individuals can access customer data and prevent malicious actors from intercepting sensitive information during transmission over public networks. Additionally, all communication between customers' banks and merchants takes place over a secure connection established by IAN.

Yes – IAN is Payment Card Industry Data Security Standard (PCI DSS) compliant meaning that it meets requirements set forth by card brands such as Visa and Mastercard for ensuring data security when processing payments using credit/debit cards. This ensures that any customer data stored within this system is kept safe and secure at all times – reducing risk associated with fraud or identity theft.

Banks, merchants, consumers, eCommerce businesses are main users of IAN for transferring funds securely in real time between different organizations or individuals within same organization securely & seamlessly without compromising confidentiality & integrity of funds transfer process.

Yes - IAN supports both local currency payments as well as cross-border international transactions via its partner banks around the world, giving customers more flexibility when making international payments with trusted security features.