Maestro Global Rules (PDF) - MasterCard

10.1 Definitions
10.2 Settlement
Settlement and Reconciliation
10.1 Definitions
As used in the Rules set forth in this Chapter 10, the following terms have
the meanings set forth below:
• “Interchange fee” means an amount paid by the Acquirer to the Issuer
with respect to the interchange of a POS or Merchandise Transaction. All
references to interchange fees in this Chapter 10 mean both the levels of the
fees and all qualifying criteria and conditions for their applicability.
• “Intracountry issuing Volume” means the issuing Volume resulting from
Intracountry Transactions.
• “Intracountry acquiring Volume” means the acquiring Volume resulting from
Intracountry Transactions.
• “Service fee” means an amount paid by the Issuer to the Acquirer with
respect to the interchange of an ATM or PIN-Based In-Branch Terminal
Transaction. All references to service fees in this Chapter 10 mean both
the levels of the fees and all qualifying criteria and conditions for their
applicability.
The settlement process used by the Interchange System calculates each
Customer’s financial position regarding Transaction Activity, moves funds, and
provides justification via reports and files. This information is provided every
calendar day.
The net value of Transactions must be settled either:
1. via clearing through GCMS; or
2. via entries through the Automated Clearing House (ACH), submitted by
the Single Message System on the next Interchange System Business Day
after settlement.
Information regarding the Interchange System Business Day cut-off time may
be found in the technical specifications of the Corporation.
If the Corporation does not support the local currency of a particular country in
the regional settlement service, then each Customer engaged in Intracountry
Transaction Activity in the country must participate in the Corporation’s
intracurrency settlement service for the country, if any.
NOTE
Additional regional Rules on this topic appear in Chapter 16, “Canada Region,”
Chapter 17, “Europe Region,” and Chapter 20, “United States Region,” of this
rulebook.
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Maestro Global Rules • 9 November 2012 10-1