An Online Switch is a software product that provides a method of connecting to an EFT Network where the Institution has all the ATM and Debit Card transactions authorized by the current available balance on their computer. In turn all transactions are memo posted on the Institution’s computer allowing the Institution and their customers access to the most current and accurate information.All of the transactions performed at foreign ATMs and Debit Card transactions performed at POS terminals would be routed to the Institutions computer for authorization and memo posting. All of the transactions at the Institutions ATMs are already being authorized and memo posted by your ATM Management Module with an Intercept Processing System. Foreign Customers at your ATMs transactions will be routed to the Network for authorization . Regardless of the size of an Institution, number of ATMs, or whether the ATMs are driven in house or outsourced, there are benefits from an Online Switch. Even if the Institution does not own ATMs but wants to issue cards to their Customers so they can have access to ATMs and make Debit Card purchases, an Online Switch can be utilized.
Benefits from an Online Switch Module:
- Online Authorization and memo posting helps provide protection for the Institution against fraud.
- Online Authorization helps protect the Customer from unwanted overdrafts.
- Higher ATM withdrawal limits can be allowed because with online authorization available balance will not be exceeded.
- Profitability of branded {Visa or Master Card} Debit Card program depends on the customer acceptance and dollar amount of purchases. The higher limits that can be allowed with online authorization enables Customers to make larger purchases with their Debit Card with less fear of denial.
- Increased security for bank with branded Debit Card program with memo holds being placed on account at the time of authorization.
- Increases Customer service with the ability to provide them with more accurate and current account information 24 hours per day.
- Network can stand-in if your Institutions computer is down.
When a Financial Institution considers value for the products they purchase few offer the benefits of an Online Switch. The increased security, customer service and strategic decision of providing the most current information possible for your Customers, as well as, available to the Institution makes the Online Switch a must in today’s environment. Tallyho’s Online Switch Module fulfills these needs with a low initial investment and ongoing support. Give us a call and let us show you how reasonable it can be for you and your Customers to reap the benefits of an Online Switch. |
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