SMARTSWITCH CLIENT
Enrols beneficiary and issues Smartcard with fingerprint security
SMARTSWITCH CLIENT
Submits monthly wage payment file to the Switch at SmartSwitch
SMARTSWITCH CLIENT
Deposits wages into Underwriting Bank
CARDHOLDER
Switch deposits funds into Cardholder’s electronic wallet
SWITCH
Switch instructs Underwriting Bank to pay Merchant
UNDERWRITING BANK
Cardholder securely loads funds onto Smartcard at Merchant POS device
Merchant POS device sends transaction data to Switch, daily
Underwriting Bank pays Merchant within 2 business days of purchase
SMARTCARD
Cardholder buys food at approved Merchant using POS & fingerprint scanner
BIOMETRIC POS DEVICE
MERCHANT
MERCHANT’S SMARTCARD BANK ACCOUNT
- KEY:
- BENEFICIARY ENROLMENT
- DISBURSEMENTS & SPEND
- PAYMENT TO MERCHANT
- SMARTSWITCH CLIENT PAYS FUNDS INTO SMARTSWITCH ACCOUNT EQUIVALENT TO WHAT THEY WILL ISSUE TO END USER/BENEFICIARY
- SMARTSWITCH CLIENT PROCESSES BULK PAYMENT INSTRUCTION FOR MONIES PER BENEFICIARY. SOFTWARE FOR THIS IS PROVIDED BY SMARTSWITCH
- THE MONEY IS AUTOMATICALLY CREDITED TO EACH CARD
- SMARTSWITCH CLIENT ENROLS BENEFICIARIES WITH THEIR FINGERPRINTS AND ISSUES THE SMARTCARDS
- CHILDREN SWIPE ON SMARTSWITCH POS DEVICE ISSUED TO SMARTSWITCH CLIENT
- EVERY EVENING CLIENT SETTLES THE POS DEVICE. TRANSACTIONS SETTLED ARE PAID BY THE BANK INTO CLIENT ACCOUNT THE FOLLOWING DAY
- ALLOW 24 TO 48 HOURS FOR INTERNAL BANK SETTLEMENT PROCESSES
- REPORTS PRODUCED BY 5 AM EACH DAY