Way4Pay - Principles

The Way4Pay Principle

The Way4Pay principle consists in coverage of the whole payment process. It begins with issuing of a bill, continues with transmitting the bill to the payer's smarthphone, approval of the bill and creation of the payment, authorization of the payment by the bank keeping the payers account, notification of the bill issuer, and finally processing of the payment for final settlement.

communication options
main components
example of a mobile payment of parking fees

Bill

The bill consists at least of the name of the merchant, identificationnumber of the bill, what is paid for, due amount, currency of the payment and the account where to pay.

Payment

The payment approval procedure adds to the bill the payer's account tobe debited, timestamp, identification of the payment device, thatapproves the payment and signature.

Clearing and Settlement of Payments

Way4Pay provides 3 basic options for clearing of a payment according to the way of implementation at the bank operating the system:

against a current account kept in the Solution4Clear component installed at the bank
against a shadow account kept in the Solution4Clear component installed at the bank
directly against a banking account kept in the bank core system