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Offer first class services with Instant Payments

Among the current initiatives for the digitalization of the payments business, Instant Payments is one which is delivering radical changes. Instant payments is a new way to exchange money in seconds. Compared with standard transfers, these schemes allow the transfer of money from the payer bank account to the payee bank account almost immediately, instead of requiring a few business days (or at least hours).

Many Instant Payments schemes have already been deployed, others are under development. One significant signal that the need of faster and reliable transactions is the new economy's common requirement is the fact that regulators, including the European Payments Council (EPC) are now increasingly defining the support of Instant Payments as mandatory.

Instant Payments are driving the digitalization of payments

Key criteria for instant payments

The number of regional and national schemes for Instant Payments is growing constantly. In general, these schemes have in common:

Credit on an account of the payment beneficiary should be received within a number of seconds of the order being received by the payment service provider

Transactions have to be processed directly (not as part of a batch)

Operations have to run 24/7 for 365 days per year

Banks must use a new connection for interbank clearing, dedicated for Instant Payments

Omikron’s solutions are successfully in place and constantly maintained for SEPA Instant Payments, as well as other national initiatives (e.g. Hungary, Romania). Any bank which is able to meet these demands quickly and provide its clients with a working solution is well positioned to gain a competitive advantage.

To process Instant Payments as stipulated, banks have to modernize their systems to ensure that payments and confirmation messages are verified and processed in real-time. Omikron has a suite of components available to meet the requirements.

Sebastian Schäfer | Team Lead Bank Sales | Omikron Systemhaus
Real-time processing of instant payments using the MultiCash Communication Platform

Key Features of the Instant Payments solution at a glance

MULTICASH COMMUNICATION PLATFORM

The MultiCash Communication Platform can verify and process transactions in real time. Delivery to the bank’s accounting system can then be made in real time using the Transaction Data Connector. Additionally, receiving, creating and processing confirmation messages is supported on all levels.

Instant Payments made easy with MultiCash and MultiCash On

Key Features of the Instant Payments solution at a glance

MULTICASH & MULTICASH ON

Instant Payment orders can be set-up and generated in our Online Banking solution MultiCash On, as well as in the Electronic Banking product MultiCash. An add-on for the relevant payment module is all that is needed. For feedback on the status of the transactions, confirmation messages can be received and processed.

Messages and alerts on instant payments with the Alerts and Notifications module

Key Features of the Instant Payments solution at a glance

ALERTS & NOTIFICATIONS MODULE

In addition, an Alerts & Notifications module for the MultiCash Communication Platform allows the bank to send real time messages or alerts about Instant Payments.

White Paper: MASTERING PSD2 AND INSTANT PAYMENTS

Read our White Paper to learn about the challenges and opportunities of real time transactions with Instant Payments.

Request white paper on PSD2 and Instant Payments