Facts about TMF: You Must Know
Whether you are a student reading about intricacies of finance, a banker, or a merchant, you may happen to come across the words TMF, credit card, etc. Considering this, we have brought forth an article which shall brief you about these terms and the companies dealing with it.
.What is TMF?
When the term TMF list terminated match file is used in the case of banking and finance, it is a tool which is used by the companies who deal in the processing of credit cards. With this tool they screen the potential merchants before giving them the merchant account. It is also known by the name MATCH list. It is managed as well as created by MasterCard. It is nothing else but a database to accommodate the information regarding the businesses as well as their owners who have lost the privileges for credit card processing. The MATCH list is used for verification.
.What is the purpose?
The match list credit card processors share the TMF in order to screen merchants and stop them from opening accounts with different credit card processors in case they have excessive charge backs or high risk accounts. This is also used for preventing merchant collusion, fraud, or money laundering. For example, if a merchant has a high risk account and he applies for the fresh account with a different credit card company, the match list credit card processor will not let him account open with the that company. In other words, the request will be declined because his name appears in MATCH list.
.Can the credit card request be processed when their name appears in MATCH list
When an applicant applies for credit card processing, the bankers verify whether the applicant has any record of being terminated. The acquiring bank has the power to remove or add to the MATCH database. In certain cases, it may be possible that the name of the merchant has appeared in the MATCH list on wrong or inaccurate information. This leads to disputes. So, the correct justification on the part of the merchant is necessary.
If after the justification the merchant is verified, the match list credit card processors remove the name of the suspected merchant and they may get the credit card. The discretion of the acquirer is very important. In making the decision the acquiring bank is authorized to contact and verify from a previous bank about the merchant.
.What is TMF?
When the term TMF list terminated match file is used in the case of banking and finance, it is a tool which is used by the companies who deal in the processing of credit cards. With this tool they screen the potential merchants before giving them the merchant account. It is also known by the name MATCH list. It is managed as well as created by MasterCard. It is nothing else but a database to accommodate the information regarding the businesses as well as their owners who have lost the privileges for credit card processing. The MATCH list is used for verification.
.What is the purpose?
The match list credit card processors share the TMF in order to screen merchants and stop them from opening accounts with different credit card processors in case they have excessive charge backs or high risk accounts. This is also used for preventing merchant collusion, fraud, or money laundering. For example, if a merchant has a high risk account and he applies for the fresh account with a different credit card company, the match list credit card processor will not let him account open with the that company. In other words, the request will be declined because his name appears in MATCH list.
.Can the credit card request be processed when their name appears in MATCH list
When an applicant applies for credit card processing, the bankers verify whether the applicant has any record of being terminated. The acquiring bank has the power to remove or add to the MATCH database. In certain cases, it may be possible that the name of the merchant has appeared in the MATCH list on wrong or inaccurate information. This leads to disputes. So, the correct justification on the part of the merchant is necessary.
If after the justification the merchant is verified, the match list credit card processors remove the name of the suspected merchant and they may get the credit card. The discretion of the acquirer is very important. In making the decision the acquiring bank is authorized to contact and verify from a previous bank about the merchant.
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