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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