BHMI, a provider of back-office payment software, has released new enhancements to its Concourse Financial Software Suite, designed to assist companies in meeting the processing and operational requirements for participation in Canada’s Interac network. These Concourse feature enhancements extend capabilities for settlement, reconciliation, dispute management, and reporting. The updates are intended to help both acquirers and issuers comply with Interac’s back-office payment processing mandates. Interac serves as Canada’s national debit network, utilized by approximately 90% of the population, facilitating connections between financial institutions and merchant acquirers for in-person, online, and mobile transactions. Membership in the Interac network requires adherence to specific processing and operational criteria. A new Interac settlement and reconciliation module has been developed for Concourse. This component enables members directly connected to the network to settle and reconcile transactions and disputes seamlessly with other members. The settlement process uses Concourse’s continuous summarization infrastructure, making net positions available shortly after the network’s end-of-day. Summaries record all debits and credits between member organizations. Upon completion of processing, a settlement report is generated and integrated into the settlement process to facilitate fund movements, detailing amounts a company will debit from and be debited by other members. Additionally, the Concourse suite now includes an Interac Settlement Manager screen, offering users a continuous view of settlement positions. The reconciliation functionality, along with the new Interac Reconciliation Manager screen, supports companies in initiating and tracking both inbound and outbound reconciliations. For inbound reconciliations, Concourse monitors for incoming files, performs automated comparisons against internal data, and generates reports to identify discrepancies. For outbound reconciliations, the system produces reconciliation files for delivery to requesting members. To streamline the management of Interac disputes, Concourse incorporates dispute plans for environments where authorization systems provide Interac connectivity. These plans facilitate the exchange of Interac-supported dispute actions between issuers and acquirers. Furthermore, to assist acquirers in meeting Interac reporting requirements, Concourse now provides an Acquirer Member Transaction Data (AMTD) Extract. This extract supports various formats depending on the transaction type, such as point-of-sale (POS), cash, cross-border, and e-commerce transactions. Susie Swenson, Concourse Product Manager at BHMI, stated, “Interac participation comes with specific processing and operational requirements. We are pleased to provide these product extensions to allow Concourse clients to meet the complex back-office processing requirements for Interac.” BHMI specializes in software solutions for the back-office processing of electronic payment transactions. Its Concourse Financial Software Suite supports a range of payment types, including debit, credit, ATM, POS, mobile, account-to-account, and real-time payments, providing capabilities such as reconciliation, fees assessment, disputes management, and settlement.