For Visa Bank Use Only This presentation is furnished to you solely in your capacity as a customer of Visa International and participant in the Visa payments system. By accepting this presentation, you acknowledge that the information contained herein (the “Information”) is confidential and subject to the confidentiality restrictions contained in Visa’s operating regulations, which limit your use of the Information. You agree to keep the Information confidential and not to use the Information for any purpose other than in your capacity as a customer of Visa International or as a participant in the Visa payments system. The Information may only be disseminated within your organization on a need-to-know basis to enable your participation in the Visa payments system. Please be advised that the Information may constitute material nonpublic information under U.S. federal securities laws and that purchasing or selling securities of Visa Inc. while being aware of material nonpublic information would constitute a violation of applicable U.S. federal securities laws.
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Visa Money Transfer Clients Short Version 13 April 2010
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For Visa Bank Use Only
This presentation is furnished to you solely in your capacity as a customer of Visa International and participant in the Visa payments system. By accepting this presentation, you acknowledge that the information contained herein (the “Information”) is confidential and subject to the confidentiality restrictions contained in Visa’s operating regulations, which limit your use of the Information. You agree to keep the Information confidential and not to use the Information for any purpose other than in your capacity as a customer of Visa International or as a participant in the Visa payments system. The Information may only be disseminated within your organization on a need-to-know basis to enable your participation in the Visa payments system. Please be advised that the Information may constitute material nonpublic information under U.S. federal securities laws and that purchasing or selling securities of Visa Inc. while being aware of material nonpublic information would constitute a violation of applicable U.S. federal securities laws.
For Visa Bank Use Only
How Visa Money Transfer (VMT) works
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VMT FeesConsumer Pricing
The Originating Member may charge a service fee to the consumer at their discretion. Any service fee must be clearly disclosed to the consumer at the point of transfer and printed on the transaction receipt. The customer must approve to the service fee and be given an opportunity to cancel the transaction without incurring additional charges.
Member FeesAn Original Credit (OC) rate of $0.49 (reference: VIOR Sec. 8.3B) is payable by the Originating Member to the Recipient Member. A CEMEA Account Funding Transaction (AFT) $0.49 (reference: CEMEA ML 40/05) disbursement fee is payable by the Originating Member to the sender’s Issuing Bank for any Visa Money Transfer service Account Funding Transactions. A Inter- regional Account Funding Transaction (AFT) will the prevailing product IRF will apply as member fee.
Visa FeesStandard processing fees are payable to Visa by the Originating, Funding and Beneficiary banks.
VMT Registration feeThe Originating Member pays a one-off USD $2,000 Registration Fee to Visa for VMT service registration.
VMT Domestic Transfer FeeDomestic Original Credit transactions incur a domestic transfer fee of 0.025%, payable by the Originating Member to Visa for every domestic OC transaction.
Domestic Account Funding Transactions incur a Domestic Transfer fee of 0.025%, payable by the Originating Member to Visa for every domestic AFT transaction.
VMT Cross-Border Transaction FeeOriginal Credits are exempt from the International Service Assessment (ISA) fee that is applied to cross-border transactions. Instead, a USD $0.70 plus 0.2% OC international processing fee is payable by the Originating Member to Visa for every international OC transaction.
For Visa Bank Use Only
Service requirements
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Developing your existing infrastructure
Money Transfer transactions require: – “pull” - a debit transaction (Account Funding
Transaction AFT)– “push” - a credit transaction (Original Credit OC)
Banks develop their own customer-facing interface to their host system:
– in-branch POS– ATM– Internet– telephone– mobile
All services must comply with Know Your Customer (KYC) and anti-money laundering (AML) requirements
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Visa Money Transfer: the component parts
ATM/ADM / in-branch POSInternet / phone / mobile
Consumer interface / access channel
Originatingmember
Funding options
AFT OC
communicationAML module
Acquirer host
customer database
VAP- Member-built/TTP
Service requirements
Transaction processing
Cash / bank account / card
Visa card
Receivingmember
Receiving/Funding options
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Participation and access channels
In-branch POS• Originating bank must use SMS system (Base I/Base II systems allowed with approval from
Visa)
ATM/ADM terminals• Originating bank must use SMS system • Can use BaseI/Base II when the Originating bank is currently a dual message ATM acquirer
(subject to Visa approval)
Internet, mobile• Originating bank can use SMS systems• When offered to not on-us (off-us) senders must use Verified by Visa (VbV) to authenticate the
sender for AFT transaction over Internet• Originating bank must be VbV acquirer prior to implementing this VMT service over Internet
Access channels
• any Visa bank, whether issuer or acquirer, can offer VMT service• a bank wishing to offer VMT services must register with Visa by completing the relevant Service
Request Form• a bank without an acquiring license will need to complete an Issuer Registration Form • an Associate bank must register separately from their sponsor and must demonstrate their AML
compliance• an Associate bank must use their own BIN(s) to provide VMT service
Participation
For Visa Bank Use Only
Technical requirementsHigh Level
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Original Credit VisaNet requirements
Original Credits are processed as credits
• coded with the MCC 6012
• in SMS it is an 0200 message with Processing Code “26”
• in BASE 2 it is a TC06 with Transaction Code Qualifier “2”
• an optional OC pre-settlement message in VIP/SMS 0100 with Processing Code “26”
• Originating and Recipient Banks are advised to implement:– provides confirmation at the point of transfer– supports OC checks against a list of blocked account ranges
in VisaNet to receive the OCs– supports OC check against a list of blocked cards, CRB etc.
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