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.
As a result our business model promotes the
following features:
Flat fees for intra-parties POS fees: % fees only used for
low value payments in order to promote cash displacement
Low cost product structure
Common business model and fee levels across SEPA
Guaranteed payments
Possibility of non-guaranteed payments with direct-debit
collection by the merchant (if desired by the merchant,
based on the IBAN and switch code present in the EMW
Chip)
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
