Functionality
MasterCard was established as Interbank Card Association (ICA) in 1967 and renamed as MasterCard in 1979. In 2002, MasterCard International absorbed another payment card association, Europay International, , which issued cards under the name Eurocard. In 2006, MasterCard International underwent another name change to MasterCard Worldwide. With more than one billion cards and more than 24 million acceptance locations worldwide, MasterCard serves consumers and businesses in more than 210 countries and territories, and is a partner to 25,000 of financial institutions.
WAY4 MasterCard Interface complements
WAY4 Issuing and
WAY4 Acquiring modules to equip a principal or affiliated MasterCard member with the functionality mandated by the payment scheme. The out-of-the-box functionality implements MasterCard regional guidelines and requirements; OpenWay also supplies the WAY4 MasterCard Interface module in different configurations for members in other regions of the world.
EPS-Net
Banknet
IPM/GCMS
MDS (MasterCard Debit Switch)
Processing of all essential transactions
Retails
ATM withdrawals
Cash advances
Balance inquiries
Payments and purchases with cash back (when acting as an issuer)
Transaction services
M/Chip transactions
Proximity chip payments (Paypass)
Recurring payments
Payment transaction authorisation (Person-to-Person)
CAT transactions
MO/TO transactions
Unique transactions
Pre-authorisation transactions
DKE (Dynamic Key Exchange)
Communication protocols
TCP/IP
X.28, X.25
Incoming clearing file processing
Outgoing clearing file processing
Reconciliation and reporting
Interchange fee and commission accounting
Rejection processing
Processing of all mandatory clearing messages
First and second presentments
Retrieval requests and fulfillments
First and second chargebacks
Fee collections/funds disbursements
Clearing reports
MC Notification
MC Acknowledgement Report
MC Submission Report
MC Settlement Report
MC Conversion Report
MC Outward Monetary Transaction Report
MC Inward Monetary Transaction Report
IPM Incoming Files Summary Report
IPM Outgoing Files Summary Report
Risk Management
SAFE reports
Electronic Warning Bulletins processing
Processing rule import
MPE (Member Parameter Extract) files (BIN/MBR tables, countries, currencies, and MCC tables)
Conversion rates
EMV processing
