Instant Payments
Central and participant components for instantaneous payments.
Overview
Instant Payments assists central banks and financial institutions within the country in offering instantaneous and always available payment services. The central component implemented at the central bank is responsible for managing and ensuring an end-to-end immediate cycle in the country, whereas the participant component is used by financial institutions to offer those services to the users and connect to the central bank. Benefits of implementing the solution include:
24x7 and immediate access to funds
New innovative services
Better control over financial situations/spending
Improved monitoring of cash positions
Enhanced interoperability and financial inclusion
Features
Payment Types
Supports P2P, P2B, B2B, governmental transactions and more.
Settlement Cycles
Allows multiple settlement cycles during the day to cover 24x7 payments.
Financial Transactions
Processes credit transfers, request-to-pay, return, request-to-return transactions and more.
Useful Parameters
Allows defining amount limits per user, currency, channel, country and beyond.
Multicurrency Support
Accommodates for different currencies and operates settlement cycles for each.
Payment Standards
Complies with international payment standards including ISO 20022.
Solution Design
Instant Payments was designed to be flexible in terms of modular components, interfaces, and interface designs. It was formulated to satisfy both banks and central banks in configuring the solution, integrating it with other solutions, and even choosing to add or remove specific components that satisfy the users’ or country’s demands.
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