Instant Payments : Real time payments around the clock

Offer first class services with Instant Payments

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:

  • 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 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.

Key Features of the Instant Payments solution at a glance

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

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.

Contact form

For bank staff only : Your request for PSD2 - Instant Payments whitepaper

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Contact

sales@omikron.de
+49(221)-595699-0