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Canadian Settlement

Visa DPS does not participate in, nor act as an intermediary for the settlement of funds.

You can access a detailed explanation of how settlement works and descriptions of both the client's and Visa's responsibilities regarding settlement. See the VisaNet Settlement Services (VSS) User Guide, Volumes 1 and 2.

Visa offers these settlement services:

  • International Settlement Service—Used to settle all international transactions.
  • Canada National Net Settlement Service—Used to settle qualifying domestic transactions through a central settlement agent bank.

Qualifying transactions are those for which the merchant, acquirer, and issuer are in the same country or defined area, and the transaction currency is the local currency for that country or defined area.

For Canadian Prepaid programs, BIN registration with Visa is configured to support these elements:

  • The Client BIN/Account Range is registered as Canadian and Credit.
  • The card bill currency is registered as Canadian dollars.
  • The settlement currency is registered as Canadian dollars.

Settlement and Reconciliation

Visa DPS does not participate in, nor act as an intermediary for the settlement of funds.

However, Visa offers these settlement services:

  • International Settlement Service—Used to settle all international transactions.
  • Canada National Net Settlement Service—Used to settle qualifying domestic transactions through a central settlement agent bank.

Qualifying transactions are those for which the merchant, acquirer, and issuer are in the same country or defined area, and the transaction currency is the local currency for that country or defined area.

For Canadian programs, BIN registration with Visa is configured to support these elements:

  • The Client BIN/Account Range is registered as Canadian and Credit.
  • The card bill currency is registered as Canadian dollars.
  • The settlement currency is registered as Canadian dollars.

DPS Business Day Schedule

Visa DPS reporting ties together VisaNet settlement timelines with Visa DPS business day processing for reconciliation. Visa settles client activity on a daily basis with your institution. Visa daily settlement includes all transactions and disputes resolutions completed in a 24-hour period. The settlement position is a total of all your institution's net debits and credits.

Settlement and Reconciliation Reports

DPS provides reports to help reconcile activity channeled through the program with the settlement information provided by Visa Inc. DPS also provides the Visa Enhanced Raw Data File (VERF), to be used for data mining and custom report development.