SELECT System©’s back-office provides for management of settlement for the institutions that are members to a processing center.
This module integrates all fees and commissions related to transactions made through the center. The net settlement outcome is exchanged with the institutions, enabling them to respectively apply the corresponding credit and debit operations on the involved accounts.
Each transaction processed by the settlement module will generate several debit / credit transactions for:
- The Center / members institutions (commissions, fees, etc.)
- Acquirers / Issuers interchange fees
- Isuuers / cardholders (transactions, fees, commissions, etc.)
- Acquirers / Merchants (transactions, commissions, fees…etc.)
SELECT System© processes transactions coming from different channels:
- SELECT System© switch (POS, ATM,…etc)
- Settlements incoming files from international payment schemes
- Files from affiliated institutions including local and domestic and international transactions
- Incoming files from international schemes inclding transactions initiated by the center’s members’ cardholders.
As outgoing files, SELECT System© generates and enriches records for:
- Institutions (commissions, interchange fees, transactions for subcontracting institutions)
- International schemes
- Center’s accouting.