Effective EFT transaction processing requires either a high availability, high performance software switching solution, or a processor providing similar services on behalf of an organization. Traditional products have focused on debit card processing, but new payment types and capabilites require new solutions. No longer are consumers willing to rely solely on ATMs and traditional point of sale devices to conduct payment transactions and gain access to their accounts. Mobile phones, smart cards, tap & go devices, and biometrics have all extended the ways consumers can interact with merchants. Successful EFT providers will add new capabilities to support these additional channels, inacting payment hub technology to ensure seamless access for consumers.
Back Office Services
The complexity of post-transaction processing is often under-estimated, given the customer-facting aspect of transaction processing. However, this is a functional area that is just as critical, but frequently less understood. Aspects of post-transaction processing include:
- Settlement and reconcilation of debit, credit, and prepaid transactions
- Data warehousing of transaction to meet research, reporting, and documentation requirements
- Chargeback and exceptions management processing
- Clearing and merchant fee billing
Fraud detection tools and policies continue to evolve as fraudsters evolve. As soon as one mechanism to stop fraud proves effective, fraudsters will adapt and attempt new strategies to commit fraud. Thus, it is important to establish a fraud detection capability that is adaptive and allows for rapid change to meet these new challenges. Multiple fraud detection tools can target different types of fraud attacks and more effectively provide fraud detection coverage for an organization - albeit at additional cost and complexity.