IRD and RCA

Under the new cheque clearing and truncation system to be implemented tentatively end May 2008, you will not receive the original physical cheque returned by the paying bank.

Instead, either an 'Inward Return Document (IRD)' with a return reason that allows re-depositing or a 'Return Cheque Advice (RCA)' which cannot be re-deposited will be issued. If you receive a RCA, you will need to request the cheque issuer to issue you a replacement cheque. 

• Inward Return Document (IRD) – Cheque return reasons that ALLOWS    re-depositing	• Return Cheque Advice (RCA) – Cheque return reasons that CANNOT be    re-deposited
- Refer to Drawer - Exceeded Arrangement - Effects Not Cleared - Not Arranged For - Post Dated	- Signature different from mandate - Irregularly drawn - Date required - Payee name required - Altered cheque - and etc.

How Credit Card Transaction Works?

There are billion credit cards transactions are processed annually. But have you ever wondered what exactly happens after your card is swiped? There are 4 steps to credit card transactions processing

1）Authorization
2）Batching
3）Clearing
4）Funding

Here are how your credit card transactions processed. 

 

 

Authorization

1) The cardholder requests a purchase from the merchant.

2) The merchant will submit the request to acquirer (merchant bank)

3)The acquirer sends a request to issuer to authorize the transaction

4)An authorization code will be sent out by card issuer to the acquirer if there is a valid available balance

5)Acquirer authorizes the transaction

6)Cardholder receives the purchased item

Batching

1)At the end of the day, the merchant will review all the day's sales to ensure they were authorized and signed by cardholder.

2)The merchant will transmit all the sales at once, called a batch to acquirer to receive payment

Clearing

1)The batch is sent through the card network (Visa / Master) to request payment from card issuer.

2)Card network distributes each transaction to appropriate card issuer

3)The card issuer subtract its interchange fees, which are share with card network, and then transfer the amount.

4)The card network routes the amount to acquirer 

 

 

Funding

1)The acquirer subtract its discount fee and pays the merchant

2) The merchant receives the payment, which minus the interchange and discount fee

3) The cardholder is billed for the transaction

Glossary:-

 1)Interchange fee = A fee paid by merchant to credit card issuer and credit card network as a fee to accepting credit card. They generally range from 1% - 3%.

2)Discount fee = A processing fee paid by merchant to card acquirer to cover the cost of processing credit card

政治家与政客的差别

政治家（英文：Statesman），在中文裡是一個正面的名詞，用於正面肯定的用法，與具有貶意的「政客」一詞的用法不同。「政治家」一般是指從事或积极投入政治的人，且其有理想，能為國家與人民著想，其動機著眼於民眾的福祉、世界的和平與發展。許多人確實在政治上相當有建樹，堪稱國之棟樑，或為後世之楷模。

西方有這樣一句形容詞:「政客是為了下一次的選舉，政治家卻是為了下一代」。政治人物若能為了下一代子孫的尊嚴、自主與幸福著想，才是真正的政治家；相對地，有些政治人物為了繼續保有自己的權位與利益，總是想盡辦法與用盡手段，祗為了當選與連任，那就是政客。

政治家"和"政客"是两个感情色彩十分鲜明的不同概念，一般人都认为政治家是遵守基本职业道德的人，政客则反之，比较油滑且投机。被公认为二十世纪西方最有影响的哲学家之一的罗尔斯有一句话讲得十分透彻，「政客的眼睛只盯着下届选举，而政治家的心中装的却是下一代」，他想表达的意思是，「政治家」不同于「政客」的其中一点就在于：政治家俱有长远的历史眼光，而政客却目光短浅，没有宏观涛略。

马来西亚只有一群不知所谓没脑袋的政客。。。。。。悲哀！