This service domain orchestrates the settlement of the transactions between the Issuers and the Acquirers through the Card Networks.
Examples of Use
Card Charge transactions that are acquired from the Merchants by the Acquiring Bank and forwarded to the Issuing Banks through Card Clearing are periodically settled (generally once a day).
This service domain is used by the Card Network to initiate either gross or net settlement for the charges cleared during a specified period and to issue settlement instructions to the Issuing and Acquiring Banks. This requires the Card Network to issue settlement instructions to each Issuing Bank directing them to remit the total amounts corresponding to the cleared charges to designated bank accounts that are managed by the Card Network, which in turn makes the corresponding remittances to the designated bank accounts for the Card Issuers.
The service domain is also used by the Issuing and Acquiring banks to perform reconciliation of the settlement instructions against the cleared charges and to initiate remittances through the Payment Order service domain.
Related Business Scenarios
Core Business Object
- Card settlement transaction consolidation
- Card settlement instruction processing
- Card settlement reconciliation/confirmation