Application Business Process
CDM (Cash Deposits Machines), like ATMs but used exclusively by retailers to deposits Cash.
MBCC (Multi Bank Cash Center), a licensed company contracted by Bank(s) to manage its Cash (supply of cash to ATMs and branches and receive cash from retailers).
1. Retailer registration
Banks register with MBCC for Cash Deposit Service:
• Bank authorizes MBCC to take cash from its retailers (bank guarantees operation to retailers)
• Commercial agreement between bank and MBCC defining charges to customers and split of revenue
2. Depositor Registration
Corporate retailers create a profile on Application identifying and managing their bank account
3. Depositor Onboarding
• Retailers create and manage their depositors on the Application
• Depositors will create a virtual card that will be used to login to CDMs
• Retailers to provide KYC requirements, using their mobiles, for all their staff that will be using this service
4. CDM/Retailer Management by MBCC
• MBCC creates profile for each CDM on the Application
• Application informs MBCC of new retailers’ registration
And creates retailers MBCC profile
5. Cash Deposit
• Depositor Verification: On getting to the CDM, depositor will scan its QR image using his mobile and then enter an OTP code sent to him for verification
• Cash Deposit: Once authorized, CDM will allow the depositor to enter cash and subsequently a receipt will be provided.
• Transaction Summary: Application sends Retailer-Finance a message with transaction details
6. MBCC Account at FINANCIAL PARTNER
• MBCC open Corporate Account (merchant) at FINANCIAL PARTNER defining Commercial relationship (split of revenue, credit limit to etc.)
7. Daily Cash Pickup
• Contracted CIT by the MBCC retrieves money bags.
• The Application informs MBCC about the bag removal and the cash bag content details (amounts per retailers and total for each bank)
• Application computes the charges to each retailer based on commercial agreement (number of deposits, total amount deposited, etc.) and determine its distribution (MCC and FINANCIAL PARTNER share).
• Application ensures availability of fund in MBCC account
Transfer to a temporary account an amount equaling the bag amount
Deduct the charges and credit MBCC profit account
Credit FINANCIAL PARTNER profit account.
Transfer balance to FINANCIAL PARTNER Operation with the detailed list of Retails and their respective banks and amounts
8. Cash Processing at MBCC
• Bags are accepted at MBCC as per agreed procedure (bag untampered or counting etc.).
• Once money is checked and verified, it is used to replenish MBCC account at FINANCIAL PARTNER.
9. Retailers Settlement – Verification
Application provides each retailer with a daily report on deposited cash in his bank account; the retailer receives confirmation of deposit from his bank account (current process).
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