Instant is the new norm of today’s connected, digital economies. Customers expect no different from their payment services. In addition to consumers’ rising expectations, the banking industry is facing pressure from governments to create ubiquitous payments systems that can be used by all financial institutions. Across the world, this is catalyzing the growth of immediate payments. Many countries are investing in faster payment rails to reap efficiency benefits from immediate transfers and to exploit new opportunities arising from an on-demand, always-on 24/7 digital economy.
- Instant transfers: The infrastructure is continuously available, 24 hours a day, any day of the year, including weekends and public holidays
- Multiple payment instrument support – Allows any-to-any value transfers using a range of diverse instruments – bank accounts, mobile numbers, cards and mobile wallets
- Multiple transaction types -- Supports push and pull transactions enabling a wide range of use cases
- Multi-currency support – Supports currency conversion for cross-border transfers
- Flexible and easy-to-configure workflows -- Define rules and procedures for bank registration, transmission of payments, fees, clearing and settlement for participant PSPs.
- Clearing and settlement-- Flexibility to define frequency of settlement cycles, which can be near real-time or periodic throughout the day. FSS Instant Payments supports multiple settlement windows and includes the ability to force settlement when a participating bank’s daily exposure limit is reached
- Risk management -- Broad set of controls to mitigate operational, transaction and settlement risk to safeguard integrity of the payment infrastructure
- Exceptions handling and dispute management -- Dispute Management portal to raise as well as view and track status of disputed transactions
- Real-time accounting, status, information, dashboards – Comprehensive reports available online to view real-time and historical transaction trends and settlement positions.
- Security: Multi-layered security measures including public private key infrastructure, and dynamic MAC key exchange to protect transactions
- Immediacy: Instantly processes high volumes of payments 24/7, 365 days a year based on a ‘good funds’ model. Business and consumers value the convenience and the certainty of payment and can manage cash flows more easily and with greater precision.
- Scalable Platform: Designed with growth and flexibility in mind, FSS Instant Payments can scale to accommodate the exponential growth volume often experienced with the introduction of real-time payments.
- Highly Available Infrastructure: FSS Instant Payments is built on a resilient framework with high availability, guaranteeing continuous processing of payments 24x7, with minimal downtime.
- Improves Revenues: Real-time payments generate new customers behaviours and spending patterns, improving overall volume of transactions, thereby increasing revenue for payment players who are well-positioned to capitalize on this evolution.
- Preserves Existing Investments: Co-exists with existing payment infrastructure and can be integrated with existing payment services, to offer instant payment options, significantly improving cost efficiencies for banks.
- Provides a Foundation for the Future: Creates a level-playing field for Fintechs, banks, financial institutions to rapidly address demand for innovative services, laying a foundation for democratization and adoption of digital payments.