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What is meaning of Interchange in POS transaction for Visa Settlement?

Required Pos interchange details in breif

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Interchange is the exchange of transaction data between acquiring and issuing institutions. The acquirer is a licensed member of the Visa and MasterCard associations that has an agreement to process the data relating to a transaction from a merchant. The acquirer submits data to the associations for settlement. The issuer is the institution (or its agent) which issues the card to the cardholder.

The process is subject to an Interchange Fee, which is the amount paid by the acquirer to the issuer on each sales transaction. MasterCard International and Visa U.S.A. independently establish interchange fees for their networks.

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