Payments Hub Platform

PS-PayHub

SWIFT Compatible platform

ProgressSoft’s Payments Hub is an advanced, full-fledged platform that handles all payment types and consolidates payment modules to act as a single orchestrator for transaction management. It offers a multi-tenant setup through one centralized enterprise platform that supports banks’ entire payment types across different countries and regions, subsidiaries and corresponding financial institutions.

The advanced platform is a Cross-Border Payments and Reporting Plus (CBPR+) ready solution that assists financial institutions in migrating to ISO 20022 with minimal to zero changes on back-end systems.

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PS-PayHub

Features

Swift Compatible Solution

PS-PayHub has been awarded the Swift Compatible Application Payments label for 2022. It is compliant with MT and ISO 20022 usage guidelines, market best practices, CBPR+/MT message standard validation, reconciliation, workflows, user interfaces, and additional Swift requirements.

Swift Compatible Solution
CBPR+ Ready Solution

CBPR+ Ready Solution

PS-PayHub is a Cross-Border Payments and Reporting Plus (CBPR+) ready solution that supports native CBPR+ messages workflows and guidelines. It includes embedded charges, fees, and correspondent management modules, enables processing payments with minimal manual intervention, and supports centralized, hybrid, native and translator ISO 20022 migration approaches.

Swift Go Ready Solution

PS-PayHub is a Swift Go ready solution that enables implementation of fast and competitively priced low-value payments for both gpi and non-gpi financial institutions. It includes an embedded API for initiating, monitoring and receiving Swift Go payments that can be utilized for mobile and online banking, guaranteeing minimal to zero changes on back-end systems.

Swift Go Ready Solution

More features

Compliance and Support

PS-PayHub supports all types of message processing, integrates with Swift’s Relationship Management Application (RMA) and interacts with FIN and FINplus services. It also complies with Swift’s customer security program, SWIFTRef practices, and anti-money laundering standards. This is in addition to supporting the market infrastructure closed user group and offering gpi implementation.

Multi-Tenant Enterprise Platform

PS-PayHub is a multi-tenant platform that provides financial institutions with one centralized platform for their subsidiary banks, branches and offices across different countries and regions, while addressing local market infrastructure rules and regulations.

Payment Types

PS-PayHub supports all types of payments including account-to-account, single, bulk, deferred, instant, domestic and cross-border payments, along with real-time, post-dated and standing orders. It also supports serial, cover and turnaround payments processing, posting and forwarding including integration with FX systems.

Payment Networks

PS-PayHub enables financial institutions to integrate with different payment networks to rollout new corridors with correspondents with minimal impact on back-end systems. This includes Swift MT/CBPR+, Swift Go, RTGS, ACH, Billing, Ripple, Visa, Mastercard, Western Union and more.

Smart Payments Routing

PS-PayHub performs end-to-end orchestration for any outgoing to incoming payment and directs it through designated process flows, validation rules and destination networks. It applies a set of validations to find the optimal route for outgoing payments based on defined parameters and service-level agreements per correspondent, currency, defined cross-border medium, or other.

Consolidated Reports and Dashboards

PS-PayHub presents sophisticated reports, dashboards and statistical information that offer full visibility over processed payments and messages with rich filtering mechanisms.

Correspondent Management

PS-PayHub enables the financial institution to define its correspondent banks and corporate customer details including type, nostro and vostro accounts, IBAN, and more information to enable straight-through processing for payments.

Charges, Fees and FX

PS-PayHub automatically calculates charges associated with payments. It also enables the financial institution to define specific schemes that will be utilized by the system automatically during message processing. The solution can be integrated with third-party FX systems to execute currency conversion as a part of the message processing.

Service-Level Agreement Management

PS-PayHub is designed to handle different correspondents for financial institutions with different countries and currencies. Each correspondent has its own agreed-on terms of working hours, weekends and holidays, time zones, average processing time, countries coverage, accepted currencies and implied fees and charges.

Omnichannel Integration

PS-PayHub avails open Application Programming Interfaces (APIs) for integration with all omnichannels including online mobile and corporate banking applications as well as mobile wallets and branch automations. This allows clients to easily initiate, submit and inquire about payments, and financial institutions to effectively handle and conduct those payments.

Third-Party System Integration

PS-PayHub contains a set of microservices designed to integrate with third-party systems such as core banking systems, treasury and Foreign Exchange (FX) tickers, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT), and sanctioned list screening systems.

Digital Ledgers and Currencies

PS-PayHub accommodates for both e-money and digital currency such as digital wallet transactions, or bank-to-bank digital ledger transactions. It supports a rich set of digital currencies and ledger transactions including funds management, balance inquiry, pledging, redemption and transactions management. It also provides the necessary monitoring and reporting capabilities for cash management and balances sweeping, as well as ensures the continuity of remittance operations.

Benefits