We want to create a Platform, where a normal consumer having Multiple Debit/ Credit Cards can easily get real time alerts for all the transactions (swipe/non swipe) that occurred on there Accounts. The Alerts should have all the Transactions details like Transaction amount, Time/Date, Merchant Name, Merchant Category, Merchant ID, etc. In the end, we want to deliver the Alerts to the Phone App in real time (delivery is easy :-) ) but the real question is, Is there a way that once my users provide all the bank or Card details, we can receive the transaction alerts in real time from the banks or existing platforms like Yodlee, or even connecting to Visa/ Mastercard directly.
2 Answers
2
votes
In a word, no.
The main reason something like this isn't possible is due to the way financial transactions work. Although an authorization request is carried out 'in real time', the actual money isn't debited from the account until the merchant (or merchant processor) submits a settlement file. This is generally done in a batch at the end of the day, though in cases where the item is out of stock the merchant may only perform settlement just prior to dispatch (days/weeks later)
Visa/MasterCard etc don't offer a 'real time' alert service on authorization as this would likely trigger lots of false alerts. Frequently an authorization request may be for zero value/1 cent, just for validating card details, or may be instantly reversed if the merchant/cardholder cancels the transaction.
