This project provides the following
features and capabilities:
- Processing and tracking of cash
transactions made by payment cards issued within the country
- Increasing the security level of local card transactions
- Integration of a more efficient form of data exchange between participants of the local card payment system
The creation of a switching and clearing center for local card payments based on Tietoevry Card Suite is a comprehensive solution to simplify the processes of authorization and processing of card transactions, clearing and interbank settlements, disputable transactions on payment cards. The platform will enable central banks to offer new
interaction services, and ensure data processing for participants of the
payment system. Implementing this solution will ensure central banks a
possibility to offer interactive services among the participants of the local card payment
system on a new level - by implementing new schemes of interbank settlement as
well as by improving the efficiency of data processing and exchange.
Switching and clearing system of local card transactions is about reliability,
performance, round-the clock availability and risk reduction. All processes are carried out in an ultra-modern, high-performance, strictly regulated and fully protected infrastructure, in accordance with the requirements of the Payment Application Data Security Standard (PA-DSS) and the Payment Card Industry Data Security Standard (PCI DSS). The switching and clearing solution processes electronic funds
transfers using the latest object-oriented techniques.
Result: This project was developed to simplify, optimize and increase the level of security of local card transactions, as a result of which a wide range of technological and secure payment services was offered to all participants of the system.