OCT: Low-cost payments sent in seconds

FMPay are expanding its payment solutions and offering an alternative payment method Original Credit Transaction (OCT).

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This method, also known as Mastercard Moneysend, delivers a secure way to transfer funds directly to Mastercard users in over 200 countries across the globe.

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The Gig Economy has seen huge need for the use of OCT. With the number of freelancers expected to hit nearly one billion in 2023 and wage disbursement to reach $300 billion, OCT is crucial to make payments more convenient for receivers and issuers alike.

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For example, due to the popularity of online education skyrocketing since the beginning of the Covid-19 pandemic, it has been essential for remote teachers to be paid quickly by their students or online platforms. Insurance companies making payouts and firms dealing in money remittance have also experienced the fantastic advantages of this system.

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These benefits include:

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• Minimal waiting time, with most payments being received almost instantly, even cross-border transactions;
• Excellent value for money, costing pennies/cents per transaction;
• Safe, secure technology which complies to the Payment Card Industry Data Security Standard.

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It works by following a simple three-step procedure. First, the sender instructs FMPay, using a secure API connection, to transfer funds to the recipient’s Mastercard account. After FMPay confirms the availability of these funds, we use OCT to initiate the transfer. Finally, if the receiving institution authorises the payment, the transaction will be completed and the funds will be transferred to the recipient’s debit, credit or prepaid card.

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So, with OCT FMPay ensures a secure, rapid and low-cost payment delivery system, one in which both receiver and issuers can trust.