Cards and Digital Banking Operations Flashcards
What does the cards and digital banking operations team do?
They implement the product and service but ensure the accuracy and integrity of financial transactions. They also provide support to increase customer experience.
What are electronic payment platforms?
They are systems that allows customers to either make payment or receive payment electronically across geographies
What are electronic payments dependent on?
- electricity
- telecommunications
- computer hardware/software
What are the parties to the payment model?
- merchant
- acquirer
- payment platform
- issuer
- cardholder
Who is a merchant?
Customer of a bank who choses to receive Payment Through electronic means- POS, QR, WEB etc.- ShopRite, Jumia
Who is an acquirer?
Bank that provides a merchant with the means to receive payment through electronic channels
What is a payment platform, or international payment systems?
Payment system providing aggregation and communication between the Parties- Visa /Mastercard/ Gh-link etc.
Who is an issuer?
Bank that provides a means of making payment electronically to its customers- Cards, E-Wallets, MoMo
Who is a cardholder?
Customer chooses to make payment with an electronic means of payment-Cards, E-Wallets, MoMo
What are the stages in a card transaction?
- authorisation- approval from the issuer that the card holder has enough funds
- clearing- communication and verification of transaction between the merchant’s bank and the issuer
- Settlement- exchange of funds between banks
- dispute management- resolution of transaction disputes if any
What is ATM reconciliation?
It involves monitoring the total life cycle of the ATM funds by matching the transaction events to the effect on the General ledgers and taking corrective action where required.
What are the tools needed for ATM reconciliation?
- E-journal viewer
- E-JDB
- Ekurecon (Flex)
- Business object(BO)
- Postillion data
- RPA- Robotic and Processing Automation
What is the full meaning of POS?
Point-of-sale systems
What are real time payments?
Real time payments also known as push payments are instant payments that are processed immediately and continuously, 24/7. Example, GHQR, GIP, M-visa, MasterPass
How does the transaction flow go?
Transaction initiated (mobile/online etc.
Transaction is authorized by payer bank
Transaction is forwarded to payment network
Transaction is forwarded to by payee bank ( accept/ reject)
Payee bank approved as pays recipient
Notification sent to all parties for settlement
What are some real time payment products?
- Ghana Instant Pay- instant transfer from bank account to bank account
- Mobile money interoperability( MMI)- Transfer to and from Mobile money wallets
- GHQR, M-visa, Master Pass- Payments to merchants visa QR service
- P2P/Money send- Card to card transfer (AFT)
What is settlememt reconciliation?
Settlement Reconciliation is a control process that aims to verify the accuracy for funds transfers for the Net settlement of all digital transactions for a given period
What are some international settlement schemes?
- Visa International
- Mastercard international
- Union Pay
- PAC (Inter-affiliate)
What are some local settlement schemes?
- Visa NNSS
- Mastercard NNSS
- GHLink
- GIP
- EZWICH
- Telco services
How does Cards and Digital Banking operations make revenue?
- ATM interchange fee- Fees received from Other Banks for providing Services to their Cardholders on our ATMs
- ATM Access Fee- Fees received from International cardholders for Using Our ATMS
- Merchant Service charge- Fees received from Merchants for Providing them with POS services
- Issuer Interchange Fee- Fees received from Other banks for providing the Business on there POS
- Currency conversion fees- Fees received from Cardholders for currency conversion ( International)
- E-Produce Fee- Fees received for Electronic products usage ( Card/ Ecobank online/E-alerts)
- Remote on us Fees- Transaction fees for our cards on other ATMS
