With the rapid pace of digitalisation and the constant growth of e-commerce, easy and instant cashless payments are becoming a must-have for consumers of financial services.
The past few years have seen the fast development of national fast payment systems in compliance with the ISO 20022 international financial communications standard. Currently countries are one by one implementing local, instant real-time payment systems, including: Europe – SCT Inst, Australia – NPP, India – UPI, Sweden – Swish, Singapore – FAST, Russia – SBP and others.
Fast payment services have a huge positive impact on economic growth. A user-friendly and transparent money transfer experience for both senders and receivers leads to an increase in the consumption of goods and services. This translates into production growth and thereby increased GDP. The national systems’ regulators stimulate consumer activity via lower tariffs and faster transactions in order to streamline the money flow and compete with traditional international money transfer systems over the payment industry control.
Instant money transfer services have received positive feedback from both banks and potential users.
NATIONAL FAST PAYMENT SYSTEMS PROVIDE CONTINUOUS AVAILABILITY, SIMPLICITY AND SECURITY, REAL-TIME PROCESSING AND NOTIFICATION ABOUT THE FINAL STATUS OF THE PAYMENT
Instant payment systems make it possible to transfer money by specifying a recipient’s unique identifier such as phone or account number, by scanning the qr code or via a virtual payment address, providing the sender’s bank and receiver’s bank are connected to the specified system. There is a selection of different speedy money transfer options:
Instant payment systems are beneficial for all participants in the payment chain:
In order to connect to the national fast payment system, banks need to properly adapt their internal processes, choose the appropriate integration solution and pass certification with the national system operator.
The selected product should provide easy integration with the internal banking system, support different protocols and fully address instant payment system requirements.
The Solution should:
Introduced by Solanteq, Solar Rapid Transfer is fully compliant with the mandatory scheme requirements. The product allows a link to be maintained between the bank account number and the client’s unique identifiers and can be seamlessly integrated with a wallet solution from Solanteq or 3rd party providers.
The solution maintains flexible rules for calculating fees and helps to perform reconciliation with both the national payment system and core accounting systems.
Furthermore, the product does not require expensive hardware due to its horizontal scalability.
SOLAR RAPID TRANSFER SUPPORTS ALL THE FEATURES OF THE INSTANT PAYMENT SERVICE, IT'S PLANNED MODIFICATIONS, AND PROVIDES RELEVANT UPDATES IN A TIMELY MANNER. THE SOLUTION WILL HELP TO INCREASE TRANSACTION OPTIONS BY SOPPORTING A SEAMLESS CONNECTION TO THE NATIONAL FAST PAYMENT SYSTEM