Banks & banking

 

The benefits of payfair to banks

 

Delivering on the promises of SEPA and in line with the
European Commission's objectives, payfair is looking to
offer a truly Universal Payment Scheme for cards that
caters for low cost solution, pricing transparency and
independent governance.

 

One of the key principles of the payfair scheme is that
all players get a fair compensation for the services
rendered to the other players in the transaction
processing value chain. No hidden fees, commissions,
provisions - bundled or not with processing fees in
'Interchange Fees' and 'Merchant Service Charges', but
a transparent list of service fees that relate to real
transaction processing activities. payfair is also providing
a real service differentiation to merchants by enabling
them to choose which level of payment service they need.

 

 

 

 

payfair transaction processing does rely on proven but
cost effective hardware and software solutions that are
optimized for the target players in the scheme. PayFair
scheme operation will be based on the best of breed of
existing card schemes standards
(EMV, ISO 8583, ISO 20022).

 

The payfair scheme and processing services are
leveraging industrial standards in order to avoid
unnecessary costs to its customers and to provide best
security:

 

The payfair scheme is SCF (SEPA Card Framework)
compliant EMV terminals (for chip implementations)
PIN is validated off-line by the terminal but all
transactions go technically on-line for authorization.

 

 

 

 

Cards are supporting multiple EMV applications,
starting with:

 

payfair debit, deferred debit or credit
Card authentication application
(for remote cardholder authentication)
Contactless payments based on NFC,
using card or mobile implementations

 

 

 

 

 

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