It also securely stores card transaction data through public key cryptography which is relayed to the Transmo Clearing Centre using the existing data collection networks, eliminating the opportunity for systematic fraud. The TSM both accumulates and records card transaction history in parallel with the host equipment. This double audit provides extra confidence for both the service providers and card issuers. The design also ensures that new developments in contact and contactless card technology can be added to existing and future systems. On a daily basis, a summary of all card transactions which have taken place in payment machines equipped with TSMs is sent by modem to the Transmo Clearing Centre for reconciliation and the generation of payments advices for card issuers and acceptors.
Funds transfer is electronic and therefore secure and fast.
The information supplied from the Transmo Clearing Centre reports will offer key marketing information about customers' buying patterns helping operators and service providers develop and run their business better. The marketing information received by operators and service providers will assist in development and enhancement of the service or amenity, tailored to users' needs, resulting in increased usage from both existing and new customers.