Download Project Document/Synopsis
Payment and settlement systems serve as the foundation of any economy. A settlement bank, also known as an “acquirer” or “acquiring bank,” assists merchants in accepting credit card payments from customers and depositing the funds into the merchant account. When a card is used, this financial institution transacts with one or more card networks and acts as a go-between for the merchant and the card issuer’s bank.
The settlement bank is critical in assisting brick-and-mortar and online retailers in conducting business and providing convenient payment options. If the card issuer authorizes the transaction, funds will be transferred from the issuing bank’s account to the merchant’s account with the assistance of the settlement bank.
In this system, the bank has a list of all merchants with service period details. The list also includes all of the merchant’s transactions, as well as the status of any modified or tempered transactions. The bank will send a notification to the merchant to renew services, they may renew the service agreement for the specified period. All customers are charged fees per transaction by the bank.
The merchant connects to the bank and views the service period or expiry date. They can pay for services using a bank account. The status of any modified or tempered transactions made by the Merchant for services is also listed with the transactions. The merchant may send agreement approval.
The customer must register in order to log in to the system with their basic details. They are able to view a list of all the merchant information. Although the customer can start the transaction process with a particular merchant, the actual transaction is handled by the Acquirers (admin) account. The customer will receive a list of all transactions as well as information about any modified or tempered transactions. Customers can provide feedback by sharing their experiences.
- It is easy to maintain.
- It’s user-friendly.
- All transactions are monitored
- If any transaction is suspected, the bank is notified immediately.