BanskervAfrica provides both credit card authorisation and settlement services.   The authorisation service facilitates authorisation of credit card transactions by customers of banks, irrespective of the bank acquiring the transaction at point of sale (POS). The transaction is switched from the acquiring (merchant’s) bank to BankservAfrica and then routed to the issuing (customer’s) bank for authorisation. BankservAfrica receives the response and then sends this via the acquiring bank to the POS terminal at the merchant. The merchant can be physical (e.g. a retail store) or virtual (an internet merchant).

The BankservAfrica credit card clearing and settlement services is currently live, with banks submitting their off-us (other bank) transactions via file transmission to BankservAfrica to settle with the Reserve Bank. BankservAfrica is also calculating settlement values for the clearing of Visa, MasterCard, Amex, Diners and Fleet transactions.

Features and advantages

• Securing the transaction:
  
  All parties have confidence in the successful completion of the transaction. Consumers are content in using electronic means to transact.
  
   

• No cash required to transact:
  
  Reduction of cash transactions reduces the cost of doing business. Reduces cash floats at merchants and therefore reduces risk of attack.