It’s no news that within the payment space, agency banking cash out is a major player with a significant market share in the space. With over 50% of all card POS transactions (and growing) being cash-out transactions, it is a space that requires special attention.

At Interswitch, we have developed a processing solution specifically to power this service for super-agents, mobile money operators, and banks that play in this space. With the Single Leg agency banking processing service, you have the capacity to service all Nigerian-issued cards at record processing speeds and success rates in the upper 90s in percentages.

How It Works

The solution is built on the ISO 8583 messaging framework and allows the super-agent to send debit requests to any Nigerian-issued card. Super-agents integrate their Terminal Management System (TMS) to this solution and can send ISO messages to the switch.

A typical transaction cycle goes as follows:

• The cardholder inserts their card, inputs the amount, and card PIN.
• The super-agent’s TMS uses the information to build an ISO message, which is sent to the switch.
• The switch locates the issuer and sends the request to them for authorization.
• The switch gets a response and sends it back to the TMS of the super-agent.
• The transaction is complete.
• The credit leg of the transaction is handled by the super-agent to enable them to credit their agents’ wallets in real time, while bank settlement happens at T+1.

Benefits of the Solution

1. The service gives the customer’s business the ability to serve all the cards issued in Nigeria, eliminating the need to engage multiple players.
2. Fast and efficient processing of these transactions. Single Leg rail offers the most reliable processing for agency banking card transactions.
3. Competitive pricing for super agents on the platform.
4. Settlement follows industry standards, and reports are accessible seamlessly.
5. Chargeback is done on the Interswitch arbiter platform.
6. Excellent base to launch your business.