Business Update – CURRENCY MANDATE

Effective 13 October 2017, Visa and Mastercard have changed currency exponent values for Chilean peso and Ugandan shilling to align with ISO standards and other card schemes. This change will help to eliminate false declines or at-risk approvals caused by differences in currency exponent values.

This new mandate requires transactions denominated in Chilean peso and Ugandan shilling to be submitted using zero minor units instead of two minor units as they are currently submitted.

Furthermore, Visa is introducing a new three-digit alpha country code “TKL” for the country of Tokelau