Real-Time Payments: Adding value to our customers with IMS

Real-time payment systems are revolutionizing global consumer preferences, driving the demand for instantaneous transactions. This transformative technology places significant responsibility on market infrastructures, financial institutions and regional regulations to keep pace with these expectations. The market initiatives, such as ISO 20022 standardization, promote collaboration and harmony. With the rapid adoption of real-time payments across multiple countries, financial institutions are now actively exploring the implementation of payment service hubs. The payment platforms aim to accommodate various payment types and anticipate transaction volumes while ensuring scalability and readiness for the dynamic landscape of tomorrow’s payment ecosystem.

Real-Time Payments: Adding value to end customers with IMS

The global RTP picture where IMS products are proliferating

Globally, Real-time payment initiatives continue to proliferate and evolve from the retail consumer space into the corporate, B2B segment, and cross-border space. As per the Global Payments Report 2024, by Mastercard, almost 75% of the world’s population have or will soon get access to real-time payments. Are you ready for this shift?
The global RTP picture where IMS products are proliferating
Middle East- The playground for RTP Innovation

Middle East- The playground for RTP Innovation

Payments are undergoing a radical transformation in the Middle East region and are no longer about “just” getting processed. Many banks and other financial institutions are rapidly modernizing their payment technology to provide customers with more efficient and faster payment solutions.
The emergence of initiatives like NPSS (National Payment Systems Strategy) marks a significant stride towards universal interoperability and the promotion of a cashless society centered on real-time transactions. In fact, this region is continually advancing in the realm of real-time payments. Our IMS Products provide a flexible architecture and built-in integration capabilities to respond to country-specific real-time payment schemes.

United States - A Market with Significant Global Growth Potential in Real-Time Payments Transactions

As the demand for real-time payments surges within the US market payments landscape, so does the pressure on financial institutions to provide faster and more efficient payment solutions. While the Clearing House (TCH) RTP network paved the way with its connectivity protocols, many institutions have eagerly awaited the breakthrough of FedNow for real-time payments.
The long-anticipated launch of FedNow on July 20, 2023, marked a significant milestone in the evolution of real-time payment capabilities. FedNow is an interbank instant payment infrastructure developed by The Federal Reserve Bank in the interest of enabling banks, credit unions, FI, and service providers across the US to provide 24x7x365 safe as well as efficient instant payment services. FedNow works with the ISO 20022 standards for rich data support.
United States - A Market with Significant Global Growth Potential in Real-Time Payments Transactions
Malaysia- At the forefront of progress in the realm of Real-Time Payments:

Malaysia- At the forefront of progress in the realm of Real-Time Payments:

Real-time Retail Payments Platform (RPP) in Malaysia have sparked a revolution in traditional payment methods like credit, debit, and prepaid cards, as consumers now demand faster settlement periods as the norm. The real-time journey commenced in December 2018 with the launch of DuitNow, a new real-time payments system introduced by PayNet, the national payments network and central infrastructure provider. Its growth is anticipated to surge significantly in the coming years. Financial Process Exchange, commonly known as FPX, is another widely used payment method streamlining online transactions. Both FPX and RPP serves as real-time payment solutions, enabling customers for various C2B and B2C use cases.

Latin America: Real-Time Payments volumes are expected to soar by 2027

Across the region, the push for real-time payments (RTP) is on and is expected to grow from 33 million in 2022 to 1.2 billion by 2027, representing a CAGR of 29.3%. Brazilian 24/7 real-time payment network, PIX, is considered the most prominent RTP solution in Latin America.
Latin America: Real-Time Payments volumes are expected to soar by 2027

Challenges for Real-Time Payments

Financial institutions require a streamlined, cost-effective, and adaptable interface to enhance their technological capabilities and provide round-the-clock instant payments. However, the challenge lies in the diversity of payment systems across markets, leading varied implementation methods that jeopardize the efficiency of real-time clearing and settlement.
The most common challenges in supporting banks as they transition to offering instant payments systems are becoming clearer, with emerging best practices focusing on:
Establishing the necessary infrastructure for banks to facilitate instant payments around the clock.
Facilitating seamless integration of value-added services to enhance the payment ecosystem.
Adopting industry-standard messaging protocols, such as ISO 20022, to ensure interoperability.
Implementing lean and open architecture to minimize setup and operational costs, as well as accelerate time to market.
Prioritizing user experience to provide convenience and instil confidence in end users.
Effectively managing interbank settlement risk to maintain financial stability.

ECS is committed to helping FI and non-banking institutions overcome Real-Time Payments challenges:

IMS Payments, ECS Fin’s innovative payment hub solution, seamlessly integrates with the Real-Time Payments (RTP) networks, providing a comprehensive enterprise-wide approach to real-time payments.
• Competitive edge:
IMS Payments is an end-to-end solution for the entire real-time payment processing lifecycle, from initiation to clearing and settlement. Our solution supports rapid time to market and time to value – 60 days or less for many payment types– domestic and cross-border RTGS support, including Swift gpi and immediate payment gateways to all major schemes without disrupting existing infrastructure and operations.
• Enhanced customer experience:
Get access to real-time data via API and other versatile connectivity services. Our solution also natively supports message formats based on the richer data sets of ISO20022, comfortably processing high transaction volumes within mandated SLAs. What’s more, engaging IMS Payments, provides banks with several key value additions in offering services such as Request to Pay, Pay by Proxy and Direct Debits to both consumers and businesses. It also supports liquidity management transfers to mitigate settlement risks associated with real time payment processing. These features collectively streamline the payment process, enhancing both customer experience and financial management for the bank. Save 50% on costs and benefit from new revenue opportunities.
IMS Real-time Payments presents an interoperable platform designed to reduce the expenses associated with real-time interbank settlement. By leveraging ISO 20022 messages for real-time payments and rapid integrations to your ecosystem, our solution helps cut down on time and costs.

IMS Real-Time Payments Solution Features:

End-to-end real-time/instant payment processing, covering initiation through to clearing and settlement.

Proficient in ISO 20022 standards for smooth integration.

Intuitive user interface offering a comprehensive 360° view of payments.

Dynamic dashboards with real time transaction monitoring and exception handling.

Empowers value-added services like Request for Pay, Pay by Proxy, Real Time Direct Debits, Liquidity Management etc. enhancing versatility and utility.

Create and send statements to counterparty banks and customers in the desired format.

Generate and process reports for regulatory needs and transaction status management.

Facilitates private label and white label deployments, particularly beneficial for aggregator banks.

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