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BIC Task & Finish Working Groups (BIC) NFC and Security Task & Finish Group Briefing DocumentDocument Status: Open to BIC Members (BIC) NFC and Security Task & Finish Group Briefing DocumentProject
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BIC NFC stands for Bank Identifier Code Near Field Communication. It is a security feature that allows for contactless communication between a payment card and a payment terminal.
Financial institutions and payment service providers are required to implement BIC NFC and security measures to protect the security of payment transactions.
To fill out BIC NFC and security, financial institutions need to follow the regulations set by payment networks and ensure that all payment cards and terminals are compliant with the security standards.
The purpose of BIC NFC and security is to enhance the security of contactless payment transactions and protect sensitive payment data from fraud and unauthorized access.
Information such as the bank identifier code, payment card details, transaction amount, and security protocols used must be reported on BIC NFC and security systems.
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