INSTANT PAYMENT
Another milestone in our
partnership with ACTICO
In our close partnership with ACTICO a leading global provider of automation and decision-making software, we have set ourselves the joint goal of supporting companies in the implementation and development of use cases. This makes it possible to model complex decision-making processes visually and integrate them seamlessly into your business processes. With customized solutions, we create an efficient and transparent way of working, which is demonstrated by the improvement of real-time decisions, automation of processes through AI technology and efficiency gains.
In addition to the credit decision solution which, as a pre-designed solution based on the ACTICO platform, is integrated into the central banking functions, we sometimes concentrate on Instant payment solutions.
What are instant payments?
Instant payments, also known as SCT Inst or SEPA real-time transfers, are payment transactions between accounts within 10 seconds on any calendar day of the year. They therefore differ in this respect from the standard multi-day transfers. On 19.03.2024 the gazette of the EU on the Regulation on Instant Payments was published and is therefore to become mandatory for banks and other payment service providers that offer standard transfers in EUR.
What does this mean for the banks?
For real-time transfers, both sides must have the same payment service provider with the same standards, known as a “scheme”. The SCT Inst Scheme has enabled Euro Instant Payments in the SEPA area since 2017. Banks decide individually which payments to review based on various criteria, such as the regulatory context and risk appetite. These criteria include type of payment, transaction pattern, value and origin/destination. The challenge is that payments must be made within 10 seconds, which requires a quick sanctions list check. This places high demands on the software, including interface adaptations and cache optimization.
The solution?
ADWEKO Expertise + ACTICO Payment Screening Software!
Thanks to our many years of experience and proven best practices from integration projects in the financial industry, we at ADWEKO offer customized IT concepts for the financial world. Our expertise also includes payment transactions and the challenges that arise in the context of instant payment. From the translation of technical requirements into IT language to the subsequent implementation, our specialists are at your side. The ACTICO platform enables us to implement the desired requirements in your system efficiently, transparently and semi-automatically.
We use ACTICO Compliance Solutions to prepare banks ideally for the high requirements that arise with the new regulation on real-time payments. They check personal and payment data against various checklists, including EU or OFAC lists as well as Dow Jones and Refinitiv lists, and do so within a maximum check period. 500 milliseconds to one second. It is therefore versatile, whether in the cloud or on-premise, and offers high scalability and availability through cluster operation, with optimization through warm-up mechanisms and asynchronous storage ensuring efficient performance. Thanks to the high level of standardization, banks can react quickly to security updates or new releases.
Read the article from ACTICO on the topic “Instant Payments: EU sets new standards. Banks must act”:
More about Instant Payments
Our instant payment specialists will be happy to help you prepare for the high requirements. Feel free to contact us!
talk to
Christian Runde !
