Original Credit Transaction
OCT (Original Credit Transaction) is an innovative payment system for fast and convenient fund transfers to over a billion eligible Visa, MasterCard or Maestro cards.
Truevo facilitates OCTs by utilising the push payment capabilities of the Visa OCT and MasterCard MoneySend services.
Uses of OCT
The OCT solution is cheaper, faster, more convenient and more traceable than traditional payment methods. It facilitates payments and transfers such as:
- Fund disbursements by e-commerce marketplaces
- Government disbursements (such as VAT refunds)
- Forex trade payouts
- Affiliate and contractor payouts
- Expense reimbursements
- Corporate and manufacturing rebates
- Insurance claims
How Does it Work?
The merchant pays funds into their Truevo Wallet Account to cover the full amount of the transactions being requested.
The merchant submits the relevant transaction details to the Truevo system via the secure Truevo OCT API.
Truevo submits the transactions to the issuing banks for processing via the respective Visa OCT or MasterCard MoneySend services.
Funds are received by the beneficiary within 30 minutes if the Fast Funds feature is supported by the recipient bank.