Scheme
Mastercard
Clearing
GCMS · IPM files (T112)
Interchange
Set by the IRD on every record
Billing
Monthly invoice, line by billing event
Fee families
Interchange, assessments, processing and service fees
IPM · IRD
Interchange qualification
Each clearing record carries an interchange rate designator that sets the rate. Many transactions qualify for a lower rate than the one submitted.
✓
Every transaction re-qualified from its data, so wrong or more expensive IRDs surface with their value.
IPM · Fees
Interchange amounts
Interchange paid or received on each record, netted into daily settlement.
✓
Interchange recomputed per record and tied to the daily settlement totals.
Billing event
Cross-border assessments
Assessments on transactions where the card and merchant countries differ, billed monthly.
✓
Cross-border volume rebuilt from clearing, so billed volume and rate are both checked.
Billing event
Brand and volume fees
Brand fees calculated on your volumes per product and region.
✓
Volumes per product and region compared with what was billed.
Billing event
Processing and service fees
Authorization, clearing and service fees billed per unit.
✓
Units counted in your own authorization and clearing data, line by line.
Invoice
Monthly invoice
Hundreds of billing lines, each with units, rate and amount.
✓
Every line mapped to a fee type, recomputed and compared with your contracted rate.
Contract
Rebates and incentives
Negotiated rates and incentive programmes that should lower what you pay.
✓
Incentives included in the expected amount, so missing credits are flagged.
File and report names as used by the schemes. Fees depend on your region, products and contract.
Daily
Clearing in
IPM clearing files ingested and every IRD re-qualified.
Daily
Settlement tied
Interchange and fees tied to daily settlement.
Month end
Invoice in
The Mastercard invoice arrives and every line is read.
+1 day
Recomputed
Expected fees rebuilt from your volumes and contract.
+2 days
Claim drafted
Variances collected into one case, with evidence.
Invoice check
Every billing line with the expected and the billed amount.
Monthly
Per line
IRD report
Transactions on a wrong or more expensive IRD, valued.
Daily
Per transaction
Claim pack
Invoice lines, contract terms and volumes for the dispute.
Per variance
Export
Fee trend
Fees per transaction by type, month over month.
Monthly
Per product
From the field
The details that turn into overpaid fees. Valurec checks each of them by rule.
IRD downgrades
A missing data element can drop a transaction to a more expensive rate, and it is rarely checked afterwards.
Billing without volume
Fees billed on units your own data does not show, such as duplicate authorizations.
Rate changes
New or changed fees apply from a date, and the invoices after it are easy to accept unchecked.
Announcements
New and changed fees from Mastercard announcements mapped into your fee schedule before they bill.
Effective dates
Every rate versioned by date, so each invoice is checked against the rate that applied.
Your contract
Negotiated rates and incentives kept next to the scheme defaults.
