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M

Machine Readable

Describes data in a form that is processable by a mechanical device without the need for further translation; magnetic tape, MICR, etc.

Magnetic Ink Character Recognition (MICR) Line

The preprinted bottom line of a paper check contains the routing transit number of the financial institution the check is drawn on, the account number of the drawee and the check number printed in machine readable magnetic ink.

MATCH

When consumers do not honor the terms of their credit card agreements, the issuing bank for the card may revoke the credit line. If the consumer applies for additional credit, the new creditor queries a credit reporting agency and may learn of the consumer's previous performance, including loss to a previous creditor. The merchant processing banks, also known as “acquiring” banks, do not have a similar credit-reporting agency available that can compile and report information about the way that a business handles its merchant processing responsibilities. The card associations, instead, use a file known as “MATCH.” The MATCH File is a database file, previously and most commonly known as the Terminated Merchant File “TMF.” It is maintained by MasterCard International and is the way by which MasterCard and Visa acquiring banks identify merchants, as well as the principals, which have been terminated for specific reasons.

Memo Posting

An interim procedure in which credits and debits are recorded in individual accounts in a manner that allows financial institutions to reflect deposit information prior to actual posting.

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