MasterCard Revamps Payment Platform

MasterCard International is delivering new processing applications designed to allow member financial institutions to better manage and expand their business. MasterCard's plan for delivery of the new core processing platform includes a worldwide upgrade of Banknet, its global network, to a virtual private network. Additional strategies include development of customizable features through proprietary modular software, focused on introduction of a new clearing system. MasterCard is deploying the Global Clearing Management System (GCMS), the replacement for its previous clearing system, INET. GCMS captures more information during clearing, gives members more control over how the data is handled, and links authorization and clearing messages. Another phase involves worldwide introduction of regional service centers. Other benefits, according to the company, include localization of information and processes, members' choice of settlement times and currency according to local needs instead of conforming to U.S. standards, and more streamlined transaction processing.