What is Batch Settlement?
It is a process in which a Merchant's batch of payment transactions for a particular day are sent over the network for processing and payment settlement. For Non-bankcards, the Issuer pays the Merchant directly and then send the bill to the cardholder. For bankcards, the Acquirer pays the Merchant with funds from Visa/MasterCard. The bankcard Issuer then bills the cardholder for the amount of the sale.
In its alert, Visa said it had received reliable information from a "third-party entity" that a criminal group planned to submit a large batch settlement through a merchant account approved by a bank in Eastern Europe. "The criminals claimed to have access to account numbers and the ability to submit a large batch settlement upload to occur over a weekend," Visa warned.
Visa said it had no details about who exactly was involved or when the fraudulent activity might occur. The alert noted that the people behind the scheme were likely a "consortium of online merchants that have been trying to secure processing arrangements after being shut down at several acquirers across many geographies."
It is a process in which a Merchant's batch of payment transactions for a particular day are sent over the network for processing and payment settlement. For Non-bankcards, the Issuer pays the Merchant directly and then send the bill to the cardholder. For bankcards, the Acquirer pays the Merchant with funds from Visa/MasterCard. The bankcard Issuer then bills the cardholder for the amount of the sale.
In its alert, Visa said it had received reliable information from a "third-party entity" that a criminal group planned to submit a large batch settlement through a merchant account approved by a bank in Eastern Europe. "The criminals claimed to have access to account numbers and the ability to submit a large batch settlement upload to occur over a weekend," Visa warned.
Visa said it had no details about who exactly was involved or when the fraudulent activity might occur. The alert noted that the people behind the scheme were likely a "consortium of online merchants that have been trying to secure processing arrangements after being shut down at several acquirers across many geographies."
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