Deployment of Interoperable Instant Payments System at SATIM

ProgressSoft, in partnership with GEP Technology, is thrilled to announce the launch of its state-of-the-art Interoperable Instant Payments System through a groundbreaking strategic collaboration with Société d'Automatisation des Transactions Interbancaires et de Monétique (SATIM). This initiative, named 'Switch Mobile,' marks a significant milestone in Algeria's financial landscape, ushering in a transformative era for the nation's payment infrastructure.

The partnership's primary objective is to promote inclusive growth by enabling seamless, nationwide instant payments across a diverse array of transaction types, including person-to-person, person-to-business, business-to-business and governmental transactions. With ProgressSoft’s Interoperable Instant Payments System operating 24/7, immediate fund access and optimized liquidity management become the new standard.

Through its multiple settlement cycles, the system ensures uninterrupted transactions, including account-to-account, account-to-wallet and wallet-to-wallet transfers, providing users with versatile and user-friendly payment options. This technological advancement heralds a new era for Algeria's banking sector, anticipating a significant boost in financial accessibility.

Moreover, ProgressSoft’s solution is designed with extensive configurability, seamlessly accommodating multicurrency operations, multilingual interfaces and strict adherence to ISO 20022 payment standards. This ensures SATIM's requirements are met while providing a secure environment conducive to the development of innovative digital solutions.

This collaboration holds immense promise to reshape Algeria's payment ecosystem, fostering financial inclusion, mitigating risks, and fostering innovation.