Visa Direct B2B Institutional Terms & Conditions
1. Definitions
- "Program" means the Visa Direct Institutional Payment Program operated through dedicated Merchant Identification Number (MID) and Terminal Identification Number (TID) configurations for institutional B2B transactions.
- "Institutional Client" means any approved entity utilizing the Program for domestic and international disbursements, project funding settlements, investment-related payments, beneficiary distributions, supplier payments, and approved institutional fund transfers.
- "MID" means the Merchant Identification Number issued by the acquiring bank for institutional processing.
- "TID" means the Terminal Identification Number issued by the acquiring bank for institutional processing.
- "OCT" means Original Credit Transaction for crediting funds to recipients.
- "AFT" means Account Funding Transaction for pulling funds from sender accounts.
2. Program Scope
This Program establishes an institutional payment and settlement framework utilizing Visa Direct capabilities to facilitate secure domestic and international disbursements, project funding settlements, investment-related payments, beneficiary distributions, supplier payments, and approved institutional fund transfers.
3. Eligibility & Onboarding
- Institutional Clients must complete enhanced KYC/AML onboarding procedures.
- Clients must maintain compliance with all applicable sanctions (OFAC, UN, EU) and PEP screening requirements.
- MID and TID are assigned exclusively to approved institutional entities.
- JMDICT reserves the right to suspend MID/TID access for non-compliance.
4. Transaction Processing via MID/TID
- All transactions are processed through acquiring bank-issued MID and TID in accordance with Visa Direct rules.
- Supported transaction types: Original Credit Transactions (OCT) and Account Funding Transactions (AFT).
- Transactions are routed through the acquiring institution and payment processor to VisaNet for authentication, validation, and compliance review.
- Settlement is conditional on sufficient funds in pre-funded institutional settlement accounts.
5. Processing Windows
- Real-Time Processing: < 30 seconds end-to-end for eligible transactions.
- Near Real-Time Processing: < 2 hours for domestic non-real-time rails.
- Batch Settlement Cycles: T+0 / T+1 depending on currency and destination.
6. Fees & Settlement
- Fees are as published in the Institutional Service & Pricing page and are subject to change with 30 days' notice.
- Settlement occurs through pre-funded settlement accounts where required by acquiring bank or Visa program rules.
- Multi-currency treasury accounts support all program currencies.
- Daily reconciliation is performed against processor, acquirer, and VisaNet settlement records.
7. Compliance & Liability
- Institutional Clients are responsible for ensuring transactions comply with all applicable laws including FATF Standards, Travel Rule Requirements, cross-border payment regulations, and data privacy requirements (GDPR, local DPA).
- JMDICT may suspend MID/TID processing if suspicious activity is detected, with or without prior notice.
- JMDICT's liability for any single transaction is limited to the transaction amount.
8. Data Protection
- Personal and transaction data will be processed in accordance with JMDICT's Privacy Policy and applicable data protection laws.
- Institutional Clients grant JMDICT permission to share data with Visa, acquiring banks, and regulatory authorities as required for processing and compliance.
9. Termination
- Either party may terminate this agreement with 30 days' written notice.
- JMDICT may terminate immediately for material breach, including compliance violations or non-payment.
10. Contact
