Regulatory Compliance: A Canadian Credit Union Meets Interac®

As most of us can surely agree on, regulatory compliance is definitely a thorn in our sides. That is why many Credit Unions have turned to INETCO Insight® to help meet the standards imposed by groups such as the Canadian interbank network, Interac®.

If you are a Canadian Bank or Credit Union, having Interac® servicing your transactions is essential to ensuring bank reputation and client security. Since Credit Unions are non-profit organizations that aim to provide the best services to their clients at competitive rates, they need to seek out solutions that manage to amaze without figuratively breaking the bank.

And that is just what this eastern Canadian Credit Union did by using INETCO Insight to help meet Interac®’s compliance regulations.

The Credit Union has issued close to 30,000 debit cards across all their branches and self-serve banking channels. All transactions on these cards are completed in real-time through the Interac® interbank network rail. When the Credit Union upgraded to an in-house banking system, they realized that they would need to re-certify as an Interac® debit card issuer.

The Challenge

The Credit Union turned to INETCO Insight as they needed to fulfill the following regulatory compliance criteria:

  • A console that could visually notify security events – the user interface needed to alert operators when a transaction anomaly occurred, and provide quick access to transaction data logs that would help them isolate the root cause of the issue
  • Instant notification by email or SMS – the system needed to send out real-time notifications that an anomaly was occurring
  • Overnight reporting capabilities – the operators needed the ability to generate reports on trends, usage, incidents, and previous day activity

card-data

The Solution

INETCO Insight’s transaction-level monitoring and alerting software is specifically designed to make real-time transaction data easily accessible for end-to-end performance monitoring, research, and anomaly detection across all banking channels. Furthering its best-in-class reputation, INETCO Insight was not only an easy answer to meeting Interac®’s compliance regulations, but also an affordable one.

INETCO Insight automatically carries out the decoding and logging of each message field for every transaction, including mandatory audit and security fields such as:

  • Message types
  • Card numbers
  • Amounts
  • Transaction dates and times
  • Response codes
  • Terminal ID’s
  • ISO 8583 messages

The solution also provides a user-friendly console containing real-time alerts, network topology maps, and dashboard overviews that enable the Credit Union’s team to be instantly aware of potential fraud activity, hacking attempts, and security incident events related to:

  • Invalid MAC values
  • HSM failure errors
  • MAC key sync
  • Server timeouts

INETCO Payments System Security Solution for Meeting Regulatory Compliance

With INETCO Insight, the Credit Union as able to:

  • Reliably meet Interac® compliance in a faster, more cost effective way
  • Establish end-to-end visibility into the performance of every debit card transaction
  • Control debit card security and quickly identify hacking attempts on the link between the switch and the banking host through real time alerting, customized thresholds and monitoring
  • Improve data access and usability through a user-friendly console, research tools and robust transaction logging (no technical data operators or advanced database queries needed)
  • Quickly isolate performance issues related to the in-house host banking system and the Everlink® switch

If you are interested in exploring more on how INETCO Insight can help meet regulatory compliance, download the INETCO Insight- Interac® Case Study, or contact me directly.

Leave a Reply