Closed Loop Payment Schemes
Closed loop payment schemes are sponsorship schemes for local payment systems. The principal bank (the sponsor) establishes partnerships with local banks and sets up the local payment scheme. The participating banks settle their card clients’ transactions through the sponsor bank. Quipu provides the complete technical infrastructure for these schemes and facilitates reporting. This includes authorisation, clearing and settlement between the members, fee definition, participation definition and dispute resolution.
Quipu has been running local closed loop payment schemes for the ProCredit group of banks for an extended period of time, and can provide full assistance with the configuration and deployment of this solution.