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How a Canadian Credit Union Meets Interac® Transaction Monitoring Compliance

A Credit Union located in Eastern Canada offers their members a variety of self-serve banking channels, including Automated Banking Machines (ABMs), telephone banking and online banking. The CU is responsible for the issuing of close to 30,000 debit cards across all their branches and self-serve banking channels, receiving electronic financial transactions 24X7. These transactions are completed in real time over the Interac® interbank network.

With their recent upgrade to an in-house banking system, the Credit Union realized they would need to re-certify as an Interac® debit card issuer. They discovered that the INETCO Insight® real time, transaction-level monitoring and alerting software was their easiest and most affordable answer…

"We chose INETCO Insight because when it comes to debit card security, reliability and reputation count. We trust the stability of this real time, transaction-level monitoring solution, and know from first-hand experience that INETCO’s responsiveness will serve us well should an issue ever arise." Manager of Facilities & Special Projects

Challenges

With their recent upgrade to an in-house banking system, the Credit Union realized they would need to re-certify as an Interac® debit card issuer. Compliance criteria for monitoring included:

  • 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 issue
  • Instant notification by email or SMS – the system needed to send out real-time notification that an anomaly was occurring
  • Overnight reporting capabilities – the operators needed the ability to generate reports on trends, usage, incidents and previous day activity

Solution

The Credit Union discovered that the INETCO Insight® real time, transaction-level monitoring and alerting software was their easiest and most affordable answer to meeting Interac® compliance.

INETCO Insight automatically carries out the decoding and logging of each 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

Results

INETCO Insight immediately notifies the operations team when performance bottlenecks, response time-outs or communication/connection issues occur with the in-house host banking system, or along the network backbone to the Everlink® switch. Key benefits to this Credit Union included the ability to:

  • Reliably meet Interac® compliance in a faster, more cost effective way and receive debit card transactions
  • Establish end-to-end visibility into the performance of every debit card transaction
  • Quickly isolate performance issues related to the in-house host banking system and the Everlink® switch