MasterCard International has released its new clearing system, part of a $160 million payment systems upgrade designed to take advantage of the card firm's global virtual private network (VPN) Banknet.
MasterCard says the new component links authorisation and clearing messages and is one of the last key components of its core processing platform that will utilise the Banknet VPN.
The multi-currency platform, which will provide transaction processing operations, including authorisation, clearing, settlement and file transfers, can be customised to allow users to process payments through multiple channels, including the Internet and wireless applications.