Among the current initiatives for the digitalization of the payments business, Instant Payments is one promising 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). These payment systems have been developed (and are currently under development) worldwide, as the need of faster and reliable transactions is the new economy's common requirement.
The number of regional and national schemes for Instant Payments is growing constantly. In general, these schemes have in common:
Omikron’s solutions are successfully in place 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 modernise 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.
Detailed information on Instant Payments can be found in our White Paper, which describes the effects of the new regulations on the banking world and summarizes potential technological solutions. In addition, the White Paper outlines the strategic opportunities for the banks to exploit the business potential from the changes.
For Bank staff only : To receive your personal copy of the White Paper, please use the contact form.
For bank staff only : Your request for PSD2 - Instant Payments whitepaper