What organization manages the rules and processes of interchanging plastic card transactions?

The organization that manages the rules and processes for interchanging plastic card transactions is the Card Association. This entity plays a pivotal role in setting industry standards, establishing transaction protocols, and ensuring compliance among its members, which typically include banks and card issuers.

Card Associations, such as Visa and MasterCard, provide guidelines that govern how card transactions are processed, including authorization, settlement, and chargeback procedures. Their rules help facilitate interoperability among different payment systems, ensuring that transactions can be conducted smoothly and securely, regardless of where or how they occur.

This structure is crucial for maintaining trust and efficiency in the payment ecosystem, as it enables diverse financial institutions to collaborate effectively and reduces the risk of fraud or disputes in the transaction process. By having a central organization that manages these rules, the industry can ensure fair practices and consumer protection across all participating entities.