Card-Based Payments in Banking
The Rails of a Payment Scheme
In terms of scheme branded payment cards, any card is connected to a cardholder, who in turn has an account (debit or credit) with a bank, aka the issuer. When the cardholder goes to an establishment (the merchant) to buy goods or services, another bank is in play, aka the merchant acquirer. Through the rails of the payment scheme and through established payments networks, the merchant acquirer and issuer in question authorize (and later settle) the transaction. Aconite Technology provides card management systems to enable just that:
- Card Issuance
- Transaction Authorization
- PIN Management
When EMV Chip cards get personalized, the cardholder data (aka PII) is typically engraved or embossed onto the plastic of the card. At the same time, the magnetic stripe is encoded, the security code printed into the signature field. Finally, embedded in the card or on the front behind the metal contact plate, the chip must be personalized.
Typically, cardholders can transact at ease at merchants (presenting their card at the Point of Sale -POS) simply because they use the same payment scheme, and because they both trust the payment scheme with their respective banks to sort out that the amount paid gets deducted from the cardholders account and added to the merchants.
The whole world (including banking) is going online and we get everything electronically to our device of choice (mobile, tablet, laptop, etc. i.e. BYOD - Bring Your Own Device). Why wait for the PIN in the mail, or change it by phone, when we can do it in-app? By embracing digital channel banking, issuers can cut cost, and time - whether for credit, debit, prepaid, gift or loyalty cards.
Aconite Technology for Card Management
Aconite Technology is highly experienced in payments for issuers and acquirers, alike. Based on our vast experience in helping large financial institutions on exactly this, we would be pleased to tell you about how we can help you implement a cost-effective, state of the art card-based payments system. Please contact us to set up an initial appointment.