{"id":17329,"date":"2020-06-01T10:46:23","date_gmt":"2020-06-01T10:46:23","guid":{"rendered":"http:\/\/watchdogplusmedia.com\/?p=17329"},"modified":"2020-06-01T10:46:29","modified_gmt":"2020-06-01T10:46:29","slug":"cbn-reduces-processing-time-for-reversal-of-failed-atm-pos-web-transactions","status":"publish","type":"post","link":"https:\/\/watchdogplusmedia.com\/?p=17329","title":{"rendered":"CBN reduces processing time for reversal of failed ATM, POS &#038; Web transactions"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/i3.wp.com\/www.ripplesnigeria.com\/wp-content\/uploads\/2018\/12\/Godwin-Emefiele-1.jpg\" alt=\"Farmers gets N174.48bn from CBN\"\/><\/figure>\n\n\n\n<p>The&nbsp;<a href=\"https:\/\/www.ripplesnigeria.com\/tag\/CBN\/\">Central Bank of Nigeria (CBN)<\/a>&nbsp;has reviewed its guidelines for the operation of electronic payment channels in the country and has directed banks and payment service providers to resolve customers\u2019 chargeback complaints on electronic channels within the new recommended timelines starting from 8th June 2020.<\/p>\n\n\n\n<p>The apex bank stated this in a circular issued on Sunday and endorsed by Musa I. Jimoh, its Director of Payments System Management.<\/p>\n\n\n\n<p>According to the directive, addressed to all banks and payment service providers, the reversal of failed on-us ATM transactions (failed transactions when customers use their cards on their bank\u2019s ATMs) shall be immediate from the current timeline of 3 days.<\/p>\n\n\n\n<p>However, in a situation where an instant reversal fails because of technical issues of system glitches, the timeline for manual reversal shall not be more than 24 hours.<\/p>\n\n\n\n<p>Similarly, the timeline for the reversals of failed not-on-us ATM transactions (failed transactions when customers use their cards on other banks\u2019 ATMs) shall not exceed 48 hours from the current 3 to 5 days.<\/p>\n\n\n\n<p>The central bank added that refunds on disputed\/failed&nbsp;<a href=\"https:\/\/www.ripplesnigeria.com\/consumer-protection-agency-overrules-cbn-cancels-n50-pos-transaction-charge\/\">POS\/Web transactions<\/a>&nbsp;shall be effected within 48 hours from current 5 days.<\/p>\n\n\n\n<p>\u201cAll Switches are to adjust the chargeback cycle in their dispute resolution systems to 24 hours from 72 hours.<\/p>\n\n\n\n<p>\u201cAll Acquirer-initiated refunds shall henceforth be initiated by all banks within 48 hours.<\/p>\n\n\n\n<p>\u201cProcessors are to provide daily settlement reports latest 8.am on T+1 basis.<\/p>\n\n\n\n<p>\u201cNIBSS shall send daily reports on reversals to processors on or before 10pm each day,\u201d the document read in part.<\/p>\n\n\n\n<p>The CBN also ordered banks in the country to clear their backlogs of all ATM refunds within one week and within two weeks for POS &amp; Web customers\u2019 refunds respectively with effect from 8th June 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The&nbsp;Central Bank of Nigeria (CBN)&nbsp;has reviewed its guidelines for the operation of electronic payment channels in the country and has directed banks and payment service providers to resolve customers\u2019 chargeback complaints on electronic channels within the new recommended timelines starting from 8th June 2020. The apex bank stated this in a circular issued on Sunday [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_mi_skip_tracking":false},"categories":[4,35],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>CBN reduces processing time for reversal of failed ATM, POS &amp; Web transactions &raquo; WatchDog Plus Media<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/watchdogplusmedia.com\/?p=17329\" \/>\n<meta name=\"author\" content=\"Odofin\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/watchdogplusmedia.com\/?p=17329#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/watchdogplusmedia.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business\",\"item\":\"https:\/\/watchdogplusmedia.com\/?cat=4\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"CBN reduces processing time for reversal of failed ATM, POS &#038; Web transactions\"}]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"CBN reduces processing time for reversal of failed ATM, POS & Web transactions &raquo; WatchDog Plus Media","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/watchdogplusmedia.com\/?p=17329","author":"Odofin","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"BreadcrumbList","@id":"https:\/\/watchdogplusmedia.com\/?p=17329#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/watchdogplusmedia.com\/"},{"@type":"ListItem","position":2,"name":"Business","item":"https:\/\/watchdogplusmedia.com\/?cat=4"},{"@type":"ListItem","position":3,"name":"CBN reduces processing time for reversal of failed ATM, POS &#038; Web transactions"}]}]}},"rttpg_featured_image_url":null,"rttpg_author":{"display_name":"Odofin","author_link":"https:\/\/watchdogplusmedia.com\/?author=2"},"rttpg_comment":0,"rttpg_category":"<a href=\"https:\/\/watchdogplusmedia.com\/?cat=4\" rel=\"category\">Business<\/a> <a href=\"https:\/\/watchdogplusmedia.com\/?cat=35\" rel=\"category\">Finance<\/a>","rttpg_excerpt":"The&nbsp;Central Bank of Nigeria (CBN)&nbsp;has reviewed its guidelines for the operation of electronic payment channels in the country and has directed banks and payment service providers to resolve customers\u2019 chargeback complaints on electronic channels within the new recommended timelines starting from 8th June 2020. The apex bank stated this in a circular issued on Sunday&hellip;","_links":{"self":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/17329"}],"collection":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17329"}],"version-history":[{"count":-4,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=\/wp\/v2\/posts\/17329\/revisions"}],"wp:attachment":[{"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17329"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17329"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/watchdogplusmedia.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17329"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}