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MX Connect Release (August 13, 2024)

3 months ago by Liam Eng

MX Connect Release (August 13, 2024)

This release includes the following adjustments:

New Features

  • Payfac to Direct Funded Merchant Conversion Scenarios: A new option has been added to the client details page, allowing users to promote Payfac merchants to direct funding. This feature is accessible via a UI element and requires role-based permissions, ensuring that only authorized users can initiate this process. When selected, the merchant undergoes underwriting, and upon approval, the acquiring account ID is automatically updated in MX Merchant. This enhancement streamlines the promotion process, improving efficiency and securing user control during merchant onboarding.

Enhancements

  • Decommission of the Daily Detail File: The system has transitioned from using the Daily Detail File to the more detailed Transaction Daily Detail File (TDDF). This update includes the creation of settled and unsettled transaction reports for the TDDF and the integration of TDDF indices into the system's preferences. Several jobs related to TSYS processes were also updated, and a new clearing report for TSYS was added. This transition ensures that the system continues to function smoothly while improving data accuracy and reporting capabilities for TSYS processing.

  • Change “Instant Funding” to “Faster Funding” on the Passport UI Tab: The Passport UI has been updated to replace the term "Instant Funding" with "Faster Funding." This change was made to align with stakeholder feedback and to provide clearer terminology. The update affects both the configuration and underwriting tabs, ensuring consistent use of the new term across the platform. While the functionality remains unchanged, the improved clarity enhances the user experience.

  • Fiserv North - Clearing Report - Location Name Update: The Fiserv North Clearing report has been updated to allow merchants to display an alternative "doing business as" (DBA) name on customer statements. The system now retrieves the Location Name from a specific field in the CLX Settlement report, ensuring that the appropriate DBA name is used. This update improves transaction transparency and customer experience by accurately reflecting merchants' preferred business names on statements, reducing confusion and the risk of chargebacks.