Global Payments Processor : Clearing and Settlement Solution
Reconciliation & Settlement Engine for Prepaid Card
Opus builds an interface to enable millions of seamless transactions that lead to significant amount of cost savings. One of the 5 leading banks in India wanted to design and implement a cardless remittance system to enable their end users to make person-to-person payments using a new channel. Our solution helped them pay cash to a bank account from an existing banking channel ( ATM , Internet banking , Telephone banking etc. ) to a mobile phone number.
Solution Overview
- Opus developed a Clearing & Settlement Engine to reconcile online authorizations against transactions received in offline files
- The engine consisted of configurable rules based on transaction types, category codes, product types etc.
- The engine enabled configuring multiple clearing cycles, configuring cut-off times as per associations and generat- ing member wise net settlement reports
- The solution consisted of an online interface according to CIS (Customer Interface Specifications) with MasterCard and an offline file handling interface based on IPM (Integrated Product Message) format
- The engine provided reports on matched, unmatched, outstanding and ageing transactions
Solution Benefits
- The client could generate customized reports and configure the engine as per their business requirements with ease
- The interface and backend engine, developed in accordance with relevant specifications resulted in smooth testing & certification, managing regulations effectively.
- The solution helped the client meet their aggressive deadlines to launch the product into the market
- The solution saved them several hundreds of million dollars