By Babajide Komolafe
THE Nigerian Interbank Settlement System, NIBSS, and banks have agreed to implement real time reversals by Point of Sale, PoS, terminals effective from next month.
This is one of the highlights of a meeting NIBSS held with banks and other stakeholders last week aimed at developing measures to enhance efficiency of the electronic payment transactions in the country.
This was against the backdrop of increased transaction failures, especially on PoS terminals and the delay in reversal of failed transaction that debited cardholder’s account.
Whenever there is a transaction decline the system is supposed to reverse the transaction such that a debited cardholder would receive a reversal credit. However, the reversal credit occasionally is delayed due to a number of factors.
According to NIBSS, these factors include: Platform downtime, Network issues at processor level; Delayed responses and Issuer/Switch Inoperative – Processor or bank is not available to receive the reversal even when it’s transmitted by NIBSS.
NIBSS further disclosed that in junction with stakeholders it has commenced remedial measures to address these challenges. “These include fixing of platform application issues, which commenced on February 21. Network remediation carried out with concerned processor; Implementation of a secondary process whereby all reversals for any business day are re-transmitted between 10pm and 12 mid-nights to return credit back to cardholders through their banks/Processors. Effective date is March 22, 2019”, NIBSS stated.
These measures, according to NIBSS, will be complemented with implementation of real-time reversal by PoS terminals directly. This would require that banks are available to receive such online real-time. This would take effect by or before end of April 2019.
In a bid to enhance monitoring of electronic payment system, NIBSS stated further that it has provided all stakeholders with a monitoring solution known as TraF online for proactive monitoring in addition to the transaction monitoring platform for confirmation of transaction status.