Mastercard MoneySend and Visa Direct payouts/OCT guideline

You are about to prepare and submit the questionnaire and a required list of documents to obtain payout services from an acquiring institution in Poland. Please, go through the below requirements and details thoroughly. If you have any questions feel free to contact your account manager. Please, note that this may not be a final list of requirements and details. Compliance and risk managers may ask for additional supportive documents during an underwriting process.

Businesses that qualify for a payout

Generally there are no limitations to business type unless these are illegal businesses (it means illegal in nature or does not have proper and required licenses).

  • Marketing payouts
  • Payrolls
  • Money transfers to third parties
  • Insurance
  • Winnings
  • Loans & micro loans
  • Crypto
  • Wallets cash out

General requirements

  1. If not licensed (financial license) Only EU incorporated companies are eligible for payout services. Licensed companies (payment license) are acceptable from non-EU jurisdiction on individual case-by-case basis.
  2. Clearly describe your business model and the purpose you need a payout service for in a separate document. If your business is licensed in the country of its origin (gaming, casino, payments, forex, crypto) be ready to provide the relevant license information.
  3. The questionnaire (separate document) needs to be fulfilled with as much details as possible. Your account manager is able to do it on your behalf to save your time and effort. You will have to provide her with the required information though, and sign the final document. The questionnaire needs to include the following details:
    1. Business plan
    2. Precise business requirements
    3. Company info & contact details
    4. UBO info
    5. AML information
    6. PCI DSS compliance information for the contracting legal entity or your service provider
    7. Processing history, if applicable
    8. Various fee and terminal settings
  4. Corporate and AML scanned documents are provided together with the questionnaire for the underwriting. The documents must be in English language, and if the original document’s language is not English, than a certified translation must be provided:
    1. Registration certificate (or similar)
    2. Tax residence certificate (or similar)
    3. Latest P&L (annual or quarter)
    4. Company latest Balance sheet
    5. KYC pack for company director (national ID, proof of address, contact details)
    6. KYC pack for all shareholders/UBOs with share > 25%
    7. AML policy of the company. Please, note, that for payouts you will need to provide all KYC data for the recipient. It means you have clearly disclose (and this should be the AML policy) how recipient consumer data is collected and validated.

How does a payout work?

In order to do a payout you generally need a valid card PAN (16 digits). However, according to Visa and Mastercard rules (AML requirements) the following information must be submitted together with the payout transaction request:

  • Full name
  • Address
  • Government ID number
  • Email
  • Date of birth
  • Scans of the docs: we highly recommend to obtain the consumer Government ID scan + selfie with a government id. If you do not have this capability, we are happy to provide you with a ready-to-integrate flow (See the DEMO here).

The payout is performed online. The funds are ready for purchase on the recipient side normally within 3 days depending on the direction:

  • Russia & CIS are in 90% cases are online
  • EU & other countries in 90% cases next day

Please, note this is Mastercard Moneysend MCC code 6536 (Moneysend Intracountry) and 6537 (Moneysend Intercountry) or Visa Direct MCC 6012 (Financial institutions – merchandise, services and debt repayment) and MCC 6051 (Non-Financial Institutions – Foreign Currency, Non-Fiat Currency (for example: Cryptocurrency), Money Orders (Not Money Transfer), Travelers Cheques, and Debt Repayment transaction type.

All payouts are funded from a prepaid deposit you post within a dedicated financial institution. It means you have to maintain a positive balance so the payouts work. On a daily basis you will receive an electronic statement via email, where you will see the available balance.

Available payout currencies

For Mastercard payouts all authorization currencies are available. However, the settlement may be one of the following: EUR, CZK, HUF, PLN. Other settlement currencies may be added if strong business case is provided (>250k EURO per payment scheme).

For Visa only USD, EUR, RUB are available for both payout and settlement.

If a payout authorization currency is different from settlement currency, an additional 1% is applied for FX purposes. Since authorization and settlement are not simultaneous, the currency fluctuations may cause the losses, which are planned to be compensated with the additional 1% FX mark up.

Limits and restrictions

The limits below are applied for the consumer with the KYC data provided according with the above requirements.

Domestic daily per recipient card: 1000 EURO

Domestic monthly per recipient card: 5000 EURO

Crossborder daily per recipient card: 1000 EURO

Crossborder monthly per recipient card: 5000 EURO

The dedicated limits for specific partner may be set up, which are exceeding the above. However, for transfers more than 15k EURO per card per month additional information may be requested regarding the nature of the transactions.

Currently issuers in Canada, USA, and Latin America are not supported. As well, certain card products in EU and other countries are not supporting Mastercard Moneysend and Visa Direct payment/OCT transactions. An online API-based callback whether the cash reached the card or not is provided.

Fees & Contracts

The merchant signs two contracts:

  • financial service payout contract with Fenige Sp Z.o.o – a Mastercard Moneysend/Visa Direct acquirer from Poland.
  • NDA with Fenige Sp Z.o.o
  • Technical/processing agreement with SBC Technologies (Cyprus).

Fees

Target fee: 2.5% + 3EURO

Individual terms are available for discussion

Integration

All integration documentation is available here: http://doc.sbctech.com/card_payment_API/deposit_to_card_transfer.html

Next steps:

  1. Agree on business terms.
  2. Sign NDA and operational contracts.
  3. Start integration.
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