Product options

The Paymentology Banking.Live platform offers 2 ways of approving transactions across prepaid, debit and credit cards.

1. Local Store of Value: aka Internal Authorization.
   In this configuration, the Paymentology Banking.Live platform is the source of truth for the card balance and approves transactions based on the balance held on the system and client-defined transaction rules. Prepaid and debit are handled as debit, and credit is managed by Paymentology’s own credit system (PayCredit).
2. Remote Store of Value: aka External Authorization.
   In this configuration, the balance/credit ledger is held on the client system, which has the final approval on transactions. Paymentology handles all as debit, performs non-financial checks and client-defined transaction rules and forwards all transactions to client system for approval.

Our card processing service offers two main product options, both of these can be supported as Local Store of Value or Remote Store of Value:

1. Prepaid/Debit
2. Credit

Each option caters to distinct financial preferences and usage scenarios. The onboarding process enables users to choose necessary product options as required.

Local Store of Value

Local Store of Value aka Internal Authorization is implemented where Paymentology holds the balance of the account and no real-time transmission of the FAST Interface messages is required. The Paymentology Banking.Live platform handles the responses to authorization messages based on financial and non-financial checks as well as client-defined transaction rules.

Clients can also choose to have Passive Authorization implemented where Paymentology holds the balance of the account but in this instance, although the bank does not partake in the authorization process, the bank is provided with the FAST interface messages in real-time.

Remote Store of Value

External Authorizations are implemented where the bank holds the balance of the account and real-time transmission of the FAST Interface messages is required. Paymentology responds to authorization messages based on non-financial checks, client-defined transaction rules, while the bank partakes in the authorization process.

In the event that the client has both External Authorization and Passive Authorization URLs configured, it will first send the External Authorization FAST request to determine the outcome of the transaction, before sending the Passive FAST request to notify the client. Potentially the Passive request could be used for processes not directly involved in transaction acceptance, such as monitoring or notifications.

Prepaid/Debit

The Prepaid/Debit product option provides cardholders with a convenient and secure way to manage their expenses. Cardholders load funds onto the card in advance, and transactions are limited to the available balance. It is an excellent choice for budget-conscious individuals, those looking to control spending, and those without access to traditional credit.

Our Prepaid/Debit card offers clients the choice between two distinct store of value options: Local Store of Value and Remote Store of Value. Each option is mutually exclusive, allowing clients to select the store of value that aligns best with their transaction preferences.

Credit

The Credit product option extends a line of credit to cardholders, allowing them to make purchases and payments with the understanding that they will repay the borrowed amount later. It is suitable for individuals who require the flexibility of deferred payments and wish to build a credit history.

We support Local Store of Value Credit products through our PayCredit system. Credit is also fully supported as a Remote Store of Value.