Which of the following best describes "Level 2 data"?

"Level 2 data" best refers to the detailed transaction-related data that enhances the quality and granularity of transaction information processed in payment systems. This level includes specific information beyond basic cardholder details, typically such as invoice numbers, tax amounts, and line-item details.

In business-to-business transactions, this level of detail is particularly valuable for improving reporting, invoice reconciliation, and meeting certain purchasing requirements that necessitate more in-depth data for accurate processing and analysis. This makes it critical to understanding the complete context of a transaction, thus facilitating better record-keeping and potential disputes resolution.

While basic card information describes the minimal requirements for processing payments, and data for risk assessment includes financial analysis aspects, these dimensions do not capture the depth of transactional insight that Level 2 data provides. The mention of data security is also irrelevant in this context, as it emphasizes protection protocols rather than the depth of data involved in transaction processing.