FISC provides the following credit card services 24 hours per day, 365 days per year: stand-in authorization, cash advances, lost card report, emergency services, fine/tax payment by voice, activation of card and etc. For member banks, a wide range of automated services includes authorizations service, customer service, clearance/ settlement, merchant management, and risk management.
1. Features
Cardholders of participating organizations can use their credit cards to buy goods or receive cash advances from any merchant that has signed a bulk collections agreement with a financial institution. The accounts are settled using batch electronic funds transfers between financial institutions.
(1) Authorization requests
Following parameters set individually by each bank, we check every authorization transaction. For those that are within a given range of parameters, authorization is provided automatically by computer. When authorization requests fall beyond the scope of these parameters, FISC bases authorizations on the cardholder's data and the circumstances. Our authorization service also reduces member banks' operating costs by providing connectivity with international credit card organizations.
(2) Credit card processing (including card issuance and acquiring services)
The system provides card issuing and acquiring services, which obviates the need for banks to build their own card processing systems and significantly reduces startup costs for banks that have just begun issuing cards.
(3) Clearing and settlement services
Issuing and acquiring banks can go through FISC to invoice clearinghouses for intrasystem interbank clearing, intersystem regional clearing, and cross-border clearing of international transactions. Banks can also go through FISC to clear and settle foreign exchange payments related to international transactions, thereby reducing their personnel costs and gaining access to discounted rates.
(4) A 24-hour center for authorizations, customer service, and risk control
FISC's always-open telephone service center provides round-the-clock authorizations. It also assists banks with customer service (e.g. dealing with lost/stolen cards and answering cardholder questions), risk control, and risk monitoring outside of normal business hours. These services cut the cost of providing general customer service; allow banks to cut losses by controlling high-risk and illegal transactions in real time; and help issuing banks reduce their operating risk by preventing counterfeit credit card transactions. Features of FISC's highly effective credit card fraud detection system include:
(1) Real-time fraud detection and prevention:
Rule-based parameters enable the system to respond rapidly to emerging fraudulent activities, detecting and preventing counterfeit transactions.
(2) Comprehensive reports:
Precise numerical analyses enable risk managers to analyze trends at any time and) monitor the effectiveness of fraud detection operations.
(3) A superior, user-friendly interface:
The Chinese-language interface is easy to use, increasing the efficiency of risk managers.
(4) Immediate notifications:
Information about card purchases can be sent to cardholders immediately via their mobile phones, providing instant fraud detection and notification.
2. Benefits
FISC's interbank financial information services network and its rapid and secure account clearing mechanisms help banks expand their businesses and lower their costs.
(1) Integrates use of ATMs:
FISC's shared ATM system increases ATM utilization and value in the shortest possible time, allowing banks to expand their businesses and their ATM use.
(2) Integrates use of acquiring services:
Helps member credit card banks provide a secure online shopping environment. Thanks to FISC's Internet banking, online authentication services, and cash advance ATM acquiring services, banks needn't waste time and money on developing and integrating each of their systems with one another. A single acquiring system meets everyone's needs.
(3) Simplifies the credit card payment process:
The fund transfer service provides cardholders of member banks with a convenient means of making payments, freeing them from the need to visit one of the few banks authorized to receive payments.(back)
1. Applying for a card/signing a contract:
An applicant applies to an issuing bank for a card, or an acquiring bank signs a contract with a merchant allowing the merchant to process credit card transactions on its behalf.
2. Issuing a card:
Once the issuing bank has reviewed an applicant's data, it issues the applicant a credit card with a specified credit limit.
3. Making a purchase:
Once an applicant receives a card, signs it, and activates it, s/he can use it to purchase items from merchants.
4. Authorizing the transaction:
The merchant runs the cardholder's card through a reader, which connects to the network and receives an authorization code. The merchant then prints out a sales slip, which is given to the cardholder to sign.
5. Confirming the transaction and amount:
If the total value of a cardholder's purchases matches the amount on the receipt, and the signature on the receipt matches that on the card, the purchased goods, the card, the receipt, and a copy of the sales slip are given to the cardholder.
6. Requesting payment:
The merchant submits an electronic version of the customer's sales slip and relevant forms to the acquiring bank for payment within the timeframe specified by the acquiring bank.
7. Making payment:
When the acquiring bank receives an invoice from a merchant, it checks it for accuracy, deducts transaction fees, and pays the merchant.
8. Presentment:
After the acquiring bank pays the merchant's invoice, it requests payment in that amount from the issuing bank.
9. Billing:
After the issuing bank pays the acquiring bank and after the card's designated closing date has passed, the issuing bank sends the cardholder a detailed account statement which indicates the amount due.
10. Making payment:
After receiving the statement, the cardholder must make either a full or partial payment of the amount due.(back)
1. ATM cash advances
Cardholders can use ATMs in Taiwan to receive cash advances. Taiwan's ATMs disburse cash advances primarily in NT Dollars. The amount of such advances is limited by agreement between the cardholder and the card issuer.
2. Credit card authorizations
Every credit card purchase must be authorized. Authorization methods include computer authorization, manual authorization, batch authorization, and voice authorization. Other services include issuer authorization, acquirer authorization, card activations, lost card services, card cancellations, and reactivations.
3. Credit card clearing and settlement
Clearing involves gathering account statements from all channels, processing them, then delivering them to the necessary institutions. Settlement refers to the payments made and reports issued to each of these institutions to settle the accounts.
4. Internet credit card acquiring
Our Internet credit card acquiring service allows merchants which have contracted with a participating institution to use FISC's Internet acquiring system to execute credit card transactions, and cardholders to make purchases via the Internet. A cardholder can use a standard browser interface to make purchases from participating merchants. To avoid the risks associated with the merchant finding out the cardholder's card number, the FISC's URL-Link authorization management interface guarantees the security of information, such as card numbers, that cardholders key in by sending it directly from their Internet browser to FISC's SSL+POS Payment Server.
5. Risk management
Information and reports produced from FISC's comprehensive authorization data help the risk management personnel of participating institutions prevent credit card fraud.
6. Risk detection
The risk management personnel of participating institutions can use FISC's risk management system to set parameters to detect counterfeiting and fraud. The system reduces fraud-related losses by issuing warnings and contacting cardholders.
7. VISA debit card transactions
Cardholders can use their VISA debit cards to make purchases from Visa credit card merchants, make international cash withdrawals from CD/ATM machines abroad, and make ordinary cash withdrawals within Taiwan.
8. Voice-activated payments
Cardholders of member institutions can use their credit cards to pay their taxes or traffic fines online or through voice-activated systems.
9. Special services
FISC monitors designated credit card numbers and provides other services for participating institutions.
10. Emergency services
FISC provides emergency card replacements at the request of member institutions.
11. Retrieval requests
In the event of a disputed transaction, at the request of a participating financial institution the FISC will produce images of sales slips and debit records and transmit the images to the requesting institution.(back)