Visa and Mastercard
Persistent Foreign Exchange Service
Some may have noticed that after a payment is made in a currency that is different from the currency of the payment card, sometimes it results in a slight change between the purchase amount and the amount in the bank statement after the settlement. This occurs due to the difference in currency rates between the day on which the purchase happens and the day when the issuing bank settles the payment. To solve the issue Visa has now introduced a Persistent Foreign Exchange service which ensures that the currency rate is exactly the same during both periods – purchase authorization and payment clearing. With the new function, merchants will have fewer reclamations from buyers that the purchase amount differs because of the currency.
Money Sender and Receiver Data Enhancement
As of 16th April, Mastercard is enhancing MoneySend and Funding Transactions. Acquirers must be prepared to send, and issuers must be prepared to receive the recipient’s data. More specifically, the number of accounts and type of account must be provided. All Merchants and PSPs should be also ready to collect the necessary data. Furthermore, Mastercard Gaming and Gambling Payments Program Standards have been changed – it will be required to provide payer’s data. On April 8th you should have received a new version of the DECTA SOAP interface description from our technical support team.
Support Recipient’s address data for cross-border OCT in Canada
In order to comply with local regulations, as of the beginning of June, Visa will capture the recipient’s data – not only name and surname, but also the sender’s address. The changes will be made for cross-border original credit transaction’s (OCT’s) into and out of Canada.