Interoperable mobile-initiated transactions with dynamic authentication

A system comprising:

• at least one processor;
• and
• one or more computer storage media storing computer-usable instructions that, when executed by the at least one processor, cause the at least one processor to perform a method comprising:
• capturing a visual code displayed by a terminal device, the visual code providing terminal parameters for the terminal device, the terminal parameters comprising capabilities of the terminal device that indicate functions performable by the terminal device;
• limiting a set of transaction parameter options based on the capabilities of the terminal device;
• receiving one or more transaction preferences selected from the limited set of transaction parameter options;
• and
• communicating the one or more transaction preferences to an issuer server, thereby causing the terminal device to dispense funds in accordance with the one or more transaction preferences.

One or more computer storage media storing instructions that, when executed by at least one processor of a mobile device, cause the mobile device to perform operations comprising:

• decoding terminal parameters for a terminal device from a visual code captured at a display of the terminal device, the terminal parameters comprising capabilities of the terminal device that indicate functions performable by the terminal device;
• limiting a set of transaction parameter options based on the capabilities of the terminal device;
• receiving one or more transaction preferences selected from the limited set of transaction parameter options;
• and
• communicating the one or more transaction preferences to an issuer server, thereby causing the terminal device to dispense funds in accordance with the one or more transaction preferences.