Technical considerations for instant payment implementations
Aniruddha Maheshwari, a payments consultant at Icon Solutions is interviewed by InstaPay, where he discusses the technical challenges introduced by instant payment schemes and shares his views on ‘best practices’. Below is a preview, to read the full interview click here.
What is the biggest impact of instant payments for banks?
Payments so far have been in the complete control of a bank’s operations team. They could hold payments for several hours to make liquidity arrangements, repair erroneous payments and retry them, change schemes to bypass cut-off requirements, and so on. In effect, they had complete manual control over the payments. However, instant payments demand real-time processing 24/7/365. Banks need to move away from slow, batch-based, manual processing to fully straight-through-processing (STP) systems that can perform payments data enrichment, method of payment (MOP) selection etc in real-time with complete automation.
Our team of payment experts will be at EBAday 2018 in Munich showcasing our IPF solution for instant payments.