What does OCT stand for?

Original Credit Transaction (OCT) is a payment method that allows money to be sent directly to your customer's card. Mastercard MoneySend service allows you to transfer money easily and seamlessly.  Money transfers are made directly by an acquiring bank to a customer’s debit or credit card based on PCI requirements; no IBAN or BIC numbers necessary. OCT is less expensive, faster and more easily traceable than the traditional payment methods.

What is an OCT account?

FMPay OCT account will allow you to transfer the funds directly to your client's Mastercard debit and credit cards within 24 hours. Your account with us should be funded in EUR and then the funds can be transferred in more than 60 currencies. There will be certain limits applied for a single transaction, for a total amount per month for one customer and for the total monthly turnover. OCT account fees are comprised of 3 components: a percentage of each successful transaction plus fixed amount and monthly account maintenance fee. 

What types of payments can I send to my clients?

You can send mass payments in different currencies across various jurisdictions, such as insurance disbursements, refunds and payments to gig economy workers (this includes independent contractors, online platform workers, contract firm workers, on-call workers and temporary workers). At the moment it is not possible to make payouts for activities that involve cryptocurrencies and gambling.

What card brands and card types are supported by Payouts?

We can send the funds to your clients' Mastercard debit, credit and prepaid cards.

Can I send the funds to my clients all over the world?

Payouts are ideal for sending money in multiple currencies to recipients in over 80 countries. However there are certain country restrictions. Please note that it will NOT be possible to send the funds to the cards issued by the banks located in the following countries: Afghanistan, Australia, Belarus, Cameroon, Canada, Central African Republic, DR Congo, Cuba, Egypt, Equatorial Guinea, Ghana, Guinea-Bissau, Haiti, Iran, Iraq, Jordan, Lebanon, Libya, Mali, Moldova, Myanmar, Nicaragua, Nigeria, North Korea, Pakistan, Panama, Russia, Somalia, South Sudan, Sudan, Syria, Uganda, USA, Venezuela, Yemen, Zimbabwe. The global geopolitical situation is constantly changing and the list of countries might be updated at any time.

What currency exchange fees will you apply for transfers in local currencies?

We are using fixed exchange rates for the day provided by an outside partner. You may find these rates in your back office or access them through API by sending a GET /exchange_rates/ request.

How long does it take for the funds to be credited to my clients' cards?

Your customers will receive the funds directly to their credit or debit card accounts in 30 minutes, if the card’s issuing bank supports Fast Funds feature, or not later than 24 hours. Payments are transferred securely via Mastercard’s existing network.

Are there any limits per transaction or monthly maximum amount per card?

Yes, we set individual transaction limits for payouts depending on the conditions of the Service Agreements.

What KYC documents do I need to store for my clients?

We ask you to store a valid passport copy or ID for your clients. From time to time we may need to identify your cardholder and you will be asked to provide us with the passport copy/ID and purpose of payment.

How do I fund my account so that I can send money transfers to my customers?

You will find our safeguarding account details in your Service Schedule. You can only fund your OCT account in EUR currency.

My client is claiming he does not receive the funds, how should I investigate the case? 

We are happy to check the transaction for you. Please contact us at [email protected] and send the transaction details, such as time, amount and cardholder's name. If we don't find a problem on our side, we will provide you with an acquirer reference number (ARN) that the cardholder may use to trace the transaction with their bank.