OMAHA, Neb.–(BUSINESS WIRE)–BHMI, a leading provider of back-office payment software solutions, has announced new enhancements to its Concourse Financial Software Suite designed to support companies participating in Canada’s Interac network. These Concourse feature enhancements expand settlement, reconciliation, dispute management, and reporting capabilities to help acquirers and issuers meet Interac processing requirements in the payments back office.
Interac is Canada’s national debit network, used by approximately 90% of the population. It connects financial institutions and merchant acquirers for in-person, online, and mobile transactions. To participate as a member of the Interac network, companies must meet specific processing and operational requirements. The use of Concourse back-office software helps ensure compliance with these requirements.
BHMI has created a new Interac settlement and reconciliation module for Concourse. This component provides the ability for members directly connected to the network to seamlessly settle and reconcile transactions and disputes activity with other members.
The settlement component leverages Concourse’s continuous summarization infrastructure to ensure net positions are available shortly after network end-of-day. Summaries track all debits and credits between member organizations. Once processing is complete, a settlement report is generated and fed into the settlement process to facilitate funds movement. This report details both the amounts a company will debit each member, and the amounts members will debit the company. Additionally, the new Interac Settlement Manager screen in Concourse provides users with a continuous view of settlement positions.
The reconciliation functionality, along with the new Interac Reconciliation Manager screen, enables companies to initiate and track both inbound and outbound reconciliations. Concourse, when managing an inbound reconciliation, monitors for the inbound files to arrive and then performs automated comparisons against internal data and generates a report to identify discrepancies. For outbound reconciliations, the system generates reconciliation files for delivery to requesting members.
To streamline and simplify the management of Interac disputes, Concourse includes dispute plans that are used in environments where authorization systems provide Interac connectivity. These plans enable issuers and acquirers to exchange Interac supported dispute actions with other members.
In addition, to help enable acquirers to meet Interac reporting requirements, Concourse now provides an Acquirer Member Transaction Data (AMTD) Extract. This extract supports a variety of formats based on the types of transactions being extracted such as POS, cash, cross-border, and e-commerce transactions.
“Interac participation comes with specific processing and operational requirements,” said Susie Swenson, Concourse Product Manager at BHMI. “We are pleased to provide these product extensions to allow Concourse clients to meet the complex back-office processing requirements for Interac.”
About BHMI
BHMI is a leading provider of software solutions for the back-office processing of electronic payment transactions. The company is best known for the Concourse Financial Software Suite®, a modern and flexible platform that supports a broad range of payment types including debit, credit, ATM, POS, mobile, account-to-account, and real-time payments. Concourse delivers essential back-office capabilities such as reconciliation, fees assessment, disputes management, and settlement. Its continuous processing architecture and powerful rules engine help organizations modernize, streamline, and optimize payment operations. To learn more, please visit www.bhmi.com.
Contacts
Casey Scheer
BHMI
402-333-3300
[email protected]
