Transaction Requirements

Confirm Transaction Page:

SMP shall be required to provide a confirmation page to a user before the user completes initiation of any transaction in the platform. The Confirmation page shall provide the following information for verification before the transaction is initiated:

• Sender name

• Sender bank/card used (Bank name if bank is used and Last 4 digit of the card if card is used)

• Amount in Dollars

• Fees Deducted

• Amount to be debited from the sender account

• Beneficiary name

• Beneficiary bank

• Beneficiary account number

• Amount to be received by Beneficiary in the destination country

• Exchange rate

The users must be provided with the options to either move forward by confirming the transaction details or to edit the transaction details, if required.

Debit Authorization Text:

The user shall authorize the debit of their funding source used for the transaction they have initiated before the transaction is sent for processing. For the same, SMP shall provide the following authorization for the user to accept before the transaction is initiated. The Debit authorization will be prompted after the transaction confirmation page. The text for the debit authorization is as follows:

1. For SMPs:

I authorize <<Name of FI Partner>> via <<Name of SMP>> which is a Marketing Affiliate of <<Name of FI Partner>> to debit the bank account indicated in this web form for the noted amount on today's date. I will not dispute <<Name of FI Partner>> debiting my checking/savings account, so long as the transaction corresponds to the terms indicated in this web form. (Note: The funds for your money transfer will be debited from your bank account by <<Name of FI Partner>> via Tabapay. Click here for details.

Click Yes to continue or click Cancel

The “Click here” link shall redirect to the Licensing Page of the respective FI Partners hosted by Machnet.

The user is redirected to the confirmation page if they click No to the Debit authorization for them to review and edit the transaction details.

Transaction Payout

There are different transaction payout status. They are as follows:

Payout Status	Description
Pending	The payout status of all transaction will be shown as pending after they the transaction has been created.
Delivery Requested	Transaction Payout Status will be shown as Delivery Requested once SMP has sent the request to deliver the transaction.
Delivery Authorized	After the transaction has been checked by the respective FI Partners and has been released for payout, the delivery status will be shown as Delivery Authorized.
Delivery Failed	If a transaction fails to payout with reasons like invalid bank account of the beneficiary or network error at the beneficiary bank. Transaction delivery status will be shown as Delivery Failed.
Delivered	The transaction will have its payout status as Delivered after a transaction has been delivered.
Hold	This status will be seen for all cancelled transactions and also for transactions whose payout has been kept on hold for compliance reasons.

Transaction Cancellation and Refund

The user will have the right to cancel their transaction until their transaction has been delivered. If the user wants to cancel a transaction at any point of time before it is paid out, they must be guided to contact the customer support (Via phone and email) to cancel their transaction. The transaction will be canceled if the transaction has not been sent for batch processing. Else if the transaction has already been processed, the transaction needs to be refunded.

Customer Integration Program:

The transaction limits and KYC requirements for end users of the service shall be as defined in the Customer Integration Program (CIP) document. The CIP document shall be communicated by Machnet and shall be revised as and when required. SMPs shall ensure appropriate validation to ensure that all transaction created by users are within the limits specified by the CIP.