Instant Payment (IP) initiatives are developing everywhere. Whether it is a renewal of an existing infrastructure or a brand-new rail, almost all regions across the world are moving to new Instant Payments facilities. For instance, this is the case in Switzerland with SIC Instant Payments, in Europe with SEPA Inst, and in the UK with the New Payments Architecture.
This move to Instant Payments is a key driver for economies to remain competitive, to facilitate liquidity management, to meet customers expectations and to unlock the funds trapped in the traditional systems for improved overall efficiency across the whole ecosystem.
But IP is a new paradigm that requires new components and infrastructure to cope with the 10 seconds latency requirement. This 24x7x365 availability also carries the necessity for improved liquidity management, updated technology, & best-in-class risk and compliance. As such, SIC Instant Payment offers an opportunity for the Swiss players to upgrade their architecture and to look at different deployment options.
To provide the marketplace with a state-of-the-art proposition, Bottomline has developed a new API enabled SaaS platform, relying on the most modern technologies to future proof access to SIC IP and, by extension, to other payment schemes.
The implementation of SIC IP is not only about coping with a processing time of 10 seconds; it also has ramifications across the whole ecosystem with many areas such as end user experience, non-stop availability, sanctions screening, balance check, reporting, storage, and flow orchestration being impacted. Therefore, this whole integration needs to be carefully planned and implemented.
Operating costs must also be included into the remit since the 24x7x365 requirement will create new Service Level Agreements with partners and customers that have the potential to turn into additional commitments.
The new Bottomline SaaS platform Universal Aggregator IQ (UAIQ), is an intelligent hosted proposition which goes further than just traditional Financial Messaging.
By leveraging new SaaS technologies, UAIQ can also reduce costs, accelerate time to market, ease integration, and provide new functions in a smarter, faster and more efficient way.
Built on a solid and future-proofed architectural framework, UAIQ can deliver speed-to-market for new payment and financial rails like SIC IP, along with other traditional networks such as SIC RTGS, SWIFT, SECOM and many others. Once onboarded and ‘live’, the building block of the UAIQ transaction processing can be leveraged for other rails, especially if you take into account the blanket usage of ISO 20022.
UAIQ goes a step further in meeting market expectations for better visibility on payments by not only managing messages end-to-end, but also by providing the option to monitor the full payment lifecycle, including any individual message involved in the payment. In one end-to-end view you can access all the messages that are part of a payment transaction, whilst also being able to drill-down into each message and create a full audit trail with links for the associated payment. This provides unrivalled visibility on the full lifecycle of a payment and message, with granular access to the various rails and messages involved in a payment transaction.
The solution can be complemented by additional overlay services such as long-term storage, sanctions screening, and Clearing and Settlement Mechanisms
The solution is modular and incorporates the following key features:
- the generation of business acknowledgements on-behalf of the back-end system
- the generation of time out if needed
- the generation of a negative acknowledgement when the back-end system is not available
- format check
- duplicate check
The solution can also be enriched with other overlay services available for SIC IP. These services include:
The solution and the various services offered are illustrated below.
The SIC IP proposition built on UAIQ provides the following benefits:
Easy access to SIC IP
Best of breed architecture
Integration options
- MPLS
- SSFN
- VPN
- Internet
- Standard Connectors (e.g., Finnova connector, CardX-IP connector, Logisoft connector
- Standard REST API
- Custom integration (e.g., MQ-based, file-based, REST-based, SOAP-based)
Modern user experience
UAIQ for SIC IP presents a modern single User Interface for all actions, making on-boarding of new users and the navigation across the solutions more seamless than ever.
A priority has been given to a providing a functional and business approach, avoiding technical display. All the screens have been designed at their core by our user experience experts to enable a harmonised interaction with the system. The experience is clean, intuitive and focuses on the key elements that need to be displayed, for both messages and payments.
Complementary services for an enhanced experience
To complement the standard proposition for SIC IP, additional overlay services can be ordered, such as End-to-end Payment Visibility, Message Vault for long term storage, Transformation and Enrichment Services, SIC IP Sanctions Screening, and Clearing and Settlement Mechanisms.
Additional supporting services across our portfolio can be included (e.g. SIC RTGS, SWIFT, KYC, SEPA Inst, etc.).
"To meet market expectations for better visibility on payments, UAIQ goes a step further by not only managing messages end-to-end, but also by optionally providing the monitoring of the full payment lifecycle, including any individual message involved in the payment."
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