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. The Cross-Border Payments and Reporting Plus (CBPR)+ ready solution fully supports financial institutions' migration to ISO 20022 with minimal to zero changes to back-end systems, making it the preferred technology for the future of financial innovation.
At a glance
For banks, there are two choices; to continue updating the core banking system according to latest demands; an expensive and time-consuming assignment, or utilizing a middleware for integration with different channels, which only serves for messaging.
Today, ProgressSoft is assisting financial institutions in meeting market requirements with minimal changes to their existing ecosystem and infrastructure through PS-PayHub.
Advantages of PS-PayHub
PS-PayHub provides financial institutions with advantageous capabilities to:
- Eliminate the time consuming and costly assignment of updating core banking systems
- Introduce new value-added services to customers
- Have iterative module rollouts with gradual migration of legacy components in alignment with the institution’s demand plan
- Have ideal time to market in a fast-paced digitization era
Why opt for PS-PayHub?
ProgressSoft’s Payments Hub comprises key features that distinguish it from other platforms in the market. Elaborate system components in PS-PayHub include:
- Service-Level Agreement (SLA) management
- Smart payments routing
- Open Application Programming Interfaces (APIs) for integration with the bank’s omni-channels and ecosystems and fintechs
- Unified operational rules and validations
- Customized payment processes and verifications per channel
- Automated payment processing orchestrator
- Integration with data providers such as SWIFT, Reuters and Bloomberg
- Full-fledged fees and charges management
- Correspondent and standard settlement instruction management with smart correspondent selection
Service-Level Agreement (SLA) Management
PS-PayHub is designed to handle different correspondents for banks and financial institutions across 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.
Smart Payments Routing
PS-PayHub serves as a comprehensive payment processing engine through its remittance management module that performs end-to-end orchestration for any outgoing to incoming payment and directs it through its designated process flow. The solution applies a set of validations to find the optimal route for outgoing payments. This is based on defined parameters in the payment itself and the SLAs for each correspondent.
PS-PayHub, as part of its open design architecture, avails open APIs for all types of omni-channels, allowing full integration with any third-party system or channel including online, mobile and corporate banking applications as well as mobile wallets and branch automations.
PS-PayHub also contains a set of microservices designed to integrate with third-party systems such as core banking systems, omni-channels, treasury and Foreign Exchange (FX) tickers, anti-money laundering, counterterrorism financing and sanctioned list screening systems.
ProgressSoft assists financial institutions in developing a better understanding of its PS-PayHub through a comprehensive presentation complemented with recommended approaches for each institution’s infrastructure, ecosystem and digitization goals.
Interested in a PS-PayHub presentation? Contact us at email@example.com
PS-PayHub facilitates internal, domestic and international payments. The remittances can be either a direct remittance from one beneficiary to the other, or a turnaround using the ‘payments redirecting’ feature in PS-PayHub.
PS-PayHub is designed to accommodate for digital ledger transactions including fund loading i.e. pledging and redemption. It also provides the necessary digital balances monitoring and reporting essential for cash management activities to ensure the continuity of remittances operations.
PS-PayHub is also designed to support upcoming digital currency transactions and funding, abiding by the policies applied by the regulator on a countrywide level.
PS-PayHub supports international message standards including ISO 20022 MX, ISO 15022 MT and ISO8583. The system also allows for proprietary message customizations. By this, PS-PayHub can be seamlessly connected to multiple payment networks.