Instant Payment (IP) initiatives are developing everywhere, and with customers expecting speed and convenience, having the ability to offer real-time services is essential for financial institutions.
Almost all regions across the world are moving to Instant Payments facilities, for instance, in Switzerland with SIC Instant Payments and across Europe with SEPA Inst.
Background
SIC Instant Payments (SIC IP) determines that funds must be credited to a payee within less than 10 seconds from payment initiation. The scheme is available 24x7x365, and its real-time nature offers numerous benefits, including, immediate fund availability, enhanced transparency, and improved liquidity management.
SIC IP is transforming the Swiss financial system, making it more efficient and customer centric.
The implementation of SIC IP has seen advantages for many areas such as user experience, sanctions screening, reporting, and message storage. Whilst, importantly, allowing institutions to meet enhanced customer expectations around payment speed.
Integration to SIC IP must therefore be carefully planned and implemented.
Bottomline’s Solution for SIC IP
Connectivity Services from Bottomline provides a single platform for connectivity to instant payment networks such as SIC IP. Our Universal Aggregator solution leverages SaaS technologies to enable institutions to accelerate time to market, ease integration and reduce costs.
Universal Aggregator is a hosted platform that can deliver speed-to-market for new financial rails like SIC IP, along with other traditional networks such as SIC RTGS, Swift, SEPA, SECOM and many others. Offering the ability to provide new functionality, in one place, in a smarter, faster and more efficient way.
