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Interoperable Instant Payments System

PS-IIPS

ProgressSoft’s Interoperable Instant Payments System facilitates instant payments across various transaction types on a nationwide scale. It operates 24/7 and enables central banks to support interoperability between bank accounts and e-wallets across financial institutions.

The system offers multiple deployment models in alignment with the central bank’s vision and market demand. With its flexible payment initiation and processing capabilities, it allows financial institutions to leverage their respective strengths to launch customer-centric and efficient payment services.

Interoperable Instant Payments System

Features

Multiple Settlement Cycles
PS-IIPS allows multiple settlement cycles during the day to cover the entire 24 hours. The settlement cycles can be arranged according to a configurable time duration, or an amount threshold equivalent to the liquidity reserves of financial institutions i.e. debit caps.
Multiple Settlement Cycles
Deferred Net Settlement
Deferred Net Settlement
PS-IIPS utilizes the Deferred Net Settlement (DNS) approach for inter-institutional settlement. Once each settlement cycle is completed, the system generates the net positions of the participant financial institutions and communicates them to the central bank for final settlement in the RTGS system.
Flexible Deployment Model
PS-IIPS, in addition to the traditional two-party deployment model, offers the flexibility for users to initiate payments through white-label apps and payment service providers. This innovation expands the possibilities for launching a wide range of value-added services while driving greater adoption of the instant payments system nationwide.
Flexible Deployment Model

More features

Versatile Transactions

PS-IIPS processes a wide variety of financial transactions including credit transfers, request-to-pay, return and request-to-return among others to provide financial institutions with the ability to offer versatile instant payments transactions to their end users.

Flexible National Alias Directory

PS-IIPS provides financial institutions with a flexible national alias directory, enabling seamless payment initiation across various transaction types on a nationwide scale.

Controlled Data Access

PS-IIPS offers role-based access control (RBAC) for its Application Programming Interface (API) stack, ensuring secure and controlled access to sensitive payment data and enhancing system security across financial institutions.

Secure Data Management

PS-IIPS includes a secure PIN encryption Software Development Kit (SDK), allowing financial institutions to safely manage sensitive authentication data while maintaining high levels of security in instant payment transactions.

Inter-Institutional Settlement

PS-IIPS communicates with any RTGS system at the central bank to perform the actual settlement of the different cycles. However, PS-IIPS can also perform inter-institutional settlement operations via an embedded settlement component without the need for an RTGS system when run by the central bank.

Flexible Design

PS-IIPS is designed with flexibility at its core, and this flexibility manifests in different forms such as its modular design, standard communication interface and configurability. All those aspects were designed to satisfy the different needs of regulatory bodies.

Valuable Parameters

PS-IIPS includes a wide set of parameters such as defining maximum amount limits per exchanged payment or customized definitions per channel, currency, or institution. This is in addition to monitoring and maintaining of Service-Level Agreements (SLAs) between financial institutions to ensure compliance and stability.

Intelligent Settlement

PS-IIPS distinguishes settlement between consumers, which is immediate and at any point in time including nighttime, weekends and holidays, and settlement between financial institutions, which takes place typically in an RTGS system when the central bank is open.

Multicurrency Support

PS-IIPS can be configured to operate multiple settlement cycles in parallel, each pertaining for a different currency.

Convenient Services

PS-IIPS provides financial institutions’ end users with the ability to initiate instant payments using an alias, mobile number or IBAN number, facilitating convenient and adaptable services.

Compliance with International Standards

PS-IIPS exposes open Application Programming Interfaces (APIs) and adopts ISO20022 payment standards.

Multilingual Support

PS-IIPS user interfaces and system notifications are automatically provided with the configured language while data is stored and maintained using the original language of input.

Benefits

Expanded Payment Flexibility

Enables payments through third-party financial services, linking bank accounts with external services and removing the reliance on a bank’s app.

Instant Payments

Operates on a 24/7 basis and provides immediate access to funds.

Enabled Interoperability

Provides an open system for multiple service providers and provisions interoperability among them.

Optimized Liquidity

Optimizes financial institutions’ liquidity using collateralized debit caps.

Mitigated Risk

Minimizes credit risk through multiple settlement cycles and near-real time settlement of funds between financial institutions.

Facilitated Financial Inclusion

Eliminates extensive networks of financial institutions and physical points to operate.

Modernized Payment Systems

Enhances digital capabilities and accelerates the adoption of modern payment systems, driving organizational growth and innovation.

Cost-effective Processing

Reduces transaction costs through optimized payment processing, providing financial institutions with significant savings and increased profitability.

Streamlined Efficiency

Improves operational efficiency and reduces processing time, enabling faster and more reliable service delivery for both businesses and end users.

Versatile Transaction Platform

Expands payment options by offering a versatile platform for P2P, P2B and P2G transactions, improving accessibility and convenience.

Secured Platform

Assists in the fight against the financing of illegal activities.

Fostered Innovation

Helps financial institutions with the development of new innovative and digital products for end users.

Elevated Businesses

Improves cash flow for businesses and guarantees payments for merchants.

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