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This application provides a secure, convenient method for 3rd party companies such as insurance, micro-lending, union memberships etc. to retrieve their monthly premiums from their clients’ salaries/wages and/or regular grants/pension payments. The deduction is performed by the System Host before the income being received is generated into a 10-digit signature code for loading to the smart card. Although the deduction is processed on the System Host, a feedback record in respect of the deduction is sent with the income value to the smart card when loading funds. The smart card is loaded with the remaining balance of income after the deductions have been applied and a slip outlining the income value less any deductions is printed. The back-end system is parameter driven and allows for two different methods of operation, being randomisation and prioritisation. This is country specific. Parameters can be set on the system to limit the total amount of deductions that can be applied against an individual’s income to guarantee a minimum take-home amount. If a limit is set, once the limit is reached, any other outstanding deduction is rejected. This parameter is typically percentage based and determined by each country. Once deductions have been successfully processed, the total amount less any processing fees are written according to the settlement option selected by the 3rd Party Customer. If the funds are to be deposited to a traditional bank account, the credit instruction is written to the tape for EFT clearing and settlement to the 3rd Party Company’s traditional bank account specified during registration. |
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