Instant is an inherent attribute of today’s connected, digital economies. Customers expect no different from their payment services. Across the world, this is catalyzing the adoption of instant payments. Many countries are investing in real-time payment rails to reap efficiency benefits from immediate transfers and to exploit new opportunities arising from an on-demand, always-on 24/7 economy.
Real-time payments will have a transformative impact on the payments market. FSS, with 29+ years’ experience in developing and running mission-critical payment processing and switching solutions, is working with regulators and banks in many countries to modernize payment rails.
Designed to cater to the universal needs of the market, FSS Instant Payments platform orchestrates connections between payment service providers including banks, challengers and electronic money institutions to create a central real-time payment clearing and settlement infrastructure for domestic and international credit transfers. These real time payment solutions provide the ability to initiate any-to-any transfers in real-time 24/7, 365 days a year, improves transaction efficiencies and generates network effects, improves payment efficiencies and generates network effects, triggering a virtuous cycle of innovation and growth.
FSS works with central regulators and ecosystem participants for end-to-end systems design and development of scheme rules, increasing the speed of deployment and ensuring the overall efficiency of the infrastructure.
Multiple payment instrument
Supports bank accounts, mobile numbers, cards and mobile wallets - for any to any value transfers.
Supports virtual addresses and enables payments to be directed to accounts using information that is easier to recall than an IFSC code or an IBAN such as a phone number, email address or a social id number.
PayConnect offers immediate, secure, round-the-clock access to the Instant Payments scheme for payment service providers as directly connected settling or non-settling participants.
APIs for services extensibility
Exposes standardized APIs for banks to connect to indirect participants as well as interfaces to banks to connect to the central network.
Supports currency conversion for cross-border credit transfers.
Supports standard ISO 8583/87 and ISO 20022 message formats for financial transactions.
Flexible and easy-to-configure workflows
Define rules and procedures for bank registration, transmission of payments, fees, clearing and settlement for participant PSPs.
Clearing and settlement
Flexibility to define frequency of settlement cycles, which can be near real-time or periodic throughout the day. The Payment Hub supports multiple settlement windows and includes the ability to force settlement when a participating bank’s daily exposure limit is reached.
Broad set of volume and velocity controls based on channel, transaction type and periodicity and to mitigate transaction and settlement risk.
Allows configurations of various fee categories including transaction, switching settlement, adjustment and adjustment processing fee.
Exceptions handling and dispute management
Dispute Management portal with automated workflows to raise as well as view and track status of disputed transactions.
Real-time accounting, status, information, dashboards
Comprehensive statistical information available online to view real-time and historical transaction trends and settlement positions.
Multi-layered security measures including file encryption, dynamic MAC key exchange.
Orchestrate Broad Services Ecosystem
Person to Person Payments
Bill sharing with friends
Emergency fund transfer and remittances
Person to Business Payments
E-/M-commerce and in-store POS payments
Emergency bill payments or rent payments
Business to Business Payments
Just-in-time supplier payments (early payment discounts)
Immediate bill payments with E-invoicing
Business to Person Payments
- Salary/wage payments for temporary workers or contract employees
Instant insurance claim payouts
Government to Person Payments
Emergency Disaster Payments
Person to Government Payments
Payment of Fines
Instant Payments for
FSS helps payment providers of all types and sizes to take advantage of and prepare for real-time payments. FSS is a proven partner to leading banks in India for Unified Payment Interface services, (India’s central payment network for fast and easy transfers). FSS delivers custom apps as well as client routing capabilities to help PSPs connect to the central payments infrastructure to affect a low-risk transition to real-time payments.
Participants can leverage FSS expertise to enhance existing payment services as well as deploy innovative overlay services that deliver real customer value. Based on regional market trends, the use cases span a wide range of tailored offerings from money transfers to QR and NFC based payments for merchants.
Benefits to Banks
Instant processing of high volumes of payments 24/7, 365 days a year based on a “good funds” model. For customers it takes away the hassle of waiting for their funds to arrive.
Designed with growth and flexibility in mind, FSS Instant Payments can scale to accommodate the exponential growth volume often experienced with the introduction of real-time payments.
Highly Available Infrastructure
FSS Instant Payments is built on a resilient framework with high availability, guaranteeing continuous processing of payments 24x7, with minimal downtime.
Preserves Existing Investments
Co-exists with existing payment infrastructure and can be integrated with existing payment services, to offer instant payment options, significantly improving cost efficiencies for banks.
Provides a Foundation for the Future
Provides an equal opportunity to fintech /banks/financial institutions to rapidly address demand for innovative services, creating a foundation for democratization and adoption of digital payments.
Associated Products and Services
Assuring secure real time payments
Secure 3D 2.0
Win customer trust with adaptive authentication
Enabling cashless, cardless payments
EFT Switching Services
Enhance channel availability, security and agility for superior customer service ensure