What is the purpose of the clearing and settlement audit software provided by Visa and MasterCard?

The clearing and settlement audit software provided by Visa and MasterCard is specifically designed to validate interchange qualification. This software plays a crucial role in the payments ecosystem by ensuring that transactions meet the necessary criteria for the interchange fees, which are the transaction fees paid between banks for the acceptance of card-based transactions.

By analyzing various transaction data and patterns, the software helps to confirm that merchants and acquirers are complying with the payment network rules and are eligible for the respective interchange rates. This validation is essential for maintaining the integrity of the payment processing system and ensuring that all parties involved in a transaction are fulfilling their financial obligations correctly.

The other options, while they relate to the broader context of payment processing, do not align with the specific purpose of the audit software. Processing credit card applications pertains to merchant onboarding, handling customer service inquiries focuses on customer support, and managing merchant account fees concerns the financial administrative side, none of which directly involves the auditing for interchange qualification.