Business Overview - BC with the introduction of the card provides.
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Service

BC Card provides 24/365, non-stop authorization service for member banks and have capacity to handle different systems and related operation of a variety of brands. BC Card allows our member banks to reduce cost by minimizing off-us transactions and lowering processing cost through economy of scale and provide powerful back-up system to member banks allowing reliable and stable authorization system.

Having the largest merchant network in Korea, BC Card provides the full cycle of acquiring service from processing sales data at merchants to clearing and settlement. By using our acquiring service, our member banks reduce operating and processing cost through economy of scale.

Switching

  • Switching is routing authorization request message sent from acquirer/merchant to respective issuer according to pre-arranged criteria as well as routing authorization response sent from issuer back to corresponding acquirer/merchant.

Authorization

  • Authorization is making final or partial decision on approval/decline of authorization request.
    Depending on Service Agreement with member banks, BC Card can either make the full authorization and send
    the authorization data to member banks or make preliminary authorization before member banks make final authorization.

Authentication Processing

  • Authentication is verifying the cardholder through various secure methods that allows member banks to prevent
    fraudulent transactions.

Stand-In Processing

  • Stand-In Processing(STIP) is fail-safe methods for authorization system of member banks that kicks in
    when member bank authorization system reaches certain threshold or fails completely.

Clearing & settlement

  • Clearing is exchange of full financial transaction data between an acquirer/processor and an issuer. It is based on the clearing data, that an issuer proceeds settlement with the acquirer/processor and posts transactions to cardholders’ accounts. Clearing data contains both full transaction data and fees and is constructed through calculating fees and correcting duplicate/erroneous/reversal data.
    Settlement is exchange of funds between an acquirer/processor and an issuer. Settlement amount is determined by the clearing data. Instead of settling the fees separately from the funds exchange, net settlement is preferred where issuers deduct their share of fees when exchanging funds.

Merchant Management

  • BC Card operates merchant management where we oversee all merchant related activities in terms of securing merchants. Three major areas of merchant management are:
    (1) Merchant Recruitment: includes merchant registration process
    (2) Account Management: includes merchant payment and reporting
    (3) Policy Management: includes merchant discount rate policy, merchant regulations, and merchant grading