Instant Payments (IPP)
1. Credit Transfer
The customer requests that are confirmed by the Bank’s core system will be captured, processed, subject to internal controls, and released to Central Bank’s Instant Payments Processing (IPP) for Clearing and Settlement. Responses and incoming credit requests will be processed and the bank’s CBS will be updated at real-time. IPP will initiate a payment instruction or a sequence of payment instructions made for the purpose of placing funds at the disposal of the beneficiary. Both the payment instructions and the funds described therein move from the bank of the payer to the bank of the payee. There are standard SLA’s maintained with few seconds to complete the settlements.
2. Request for Payment
Recipients of funds should be able to make requests that will be processed and facilitated for the payers to initiate payments. Request to pay (RTP) instruction allows its originator to request for a payment with defined amount. Request to pay initiated by a Creditor Agent or by any participant in order retrieve funds from Debtor account registered on Debtor Agent side. Status of RTP is linked to status of the linked payment. Additionally, RTP can have status “Rejected” in case if RTP is rejected by IPP.
3. Return payment
Payment executed in IPP returned by creating transaction of the special type called “return transaction”. Return transaction contains information about initial one. Return transaction is linked at IPP to initial one and can be viewed in IPP operational workplaces.
4. Addressing Service (AS)
IPP solution includes the central customer database module that can be used to manage the central addressing scheme. AS module of IPP system allows identification of end customers by “alias” and participant to which customer is related. Customer registered by Member in CAS is presented by separate “master” customer record and related to it “alias” record. Master record of the customer defines common information about the person like person name, address or other similar data. “Alias” record contains information about aliases registered for the customer by its institution and their correspondence to customer bank account. Each “default” account can contain several “alias” records. “Alias” record information is used for response on request for customer details.
5. Direct Debit/ e-Direct Debit (e-DDA)
The mandate management is the key functionality where the central bank provides the mandates applicable for each type of Direct Debit/ e-Direct Debit. This includes Set up, Edit, update or remove Direct Debit Mandate or e- Direct Debit Mandate.
6. Dispute management
IPP has a facility for participants to register, track, escalate and store history of resolution of complaints/grievances. Complaints received from the customers and system participants can be uploaded to the Dispute Management Module of IPP. In order to monitor their status, each complaint/grievance will have a unique reference number.
7. Request for Return of Funds
Allows a participant to request return of processed transaction. Applicable for the cases, where return transaction is applicable.
UAEFTS & IPI
The ECS IMS Payment Platform is rich with payment modules, preprocessing services, post processing modules and connectivity services. Connect instantly with the Central Bank FTS (RTGS network) and IPI (instant payments) system and make high amount payments for your customers.
End-to-end automation of UAEFTS and IPI workflows from inception to settlement and beyond to data governance and reporting. Intelligent routing to FTS or IPI payment systems based on predefined conditions. Prepare payment instructions utilizing feeds from various source systems. Provide dashboard and interface for role based secured access, visibility and control. Send messages to central bank complying with mandated formats and protocols. Process incoming responses and remittance advices. Reach 100% STP.
Extend web portals to corporate customers and prestigious retail corporates. Facilitate bank/customer communication. Eliminate long deployment cycles, fragile data mapping services, data redundancy and unwarranted travel of data between systems.
Re-route via alternate payment channels through manual switching capabilities as and when needed. Offer PREMIER services to all customers.
UAE- WPS
IMS Payments, ECS Fin’s Enterprise Payment Hub is a well-organized transaction processing system that can manage and control the entire range of payments, connectivity, integration and messaging. Connect instantly with the Central Bank WPS (Wages Protection System) and provide a safe, secure, efficient and robust mechanism to streamline the timely payment of wages to employees by their employers; enabling the desired objectives of the Ministry of Labor.
Bank can receive millions of payment instructions packed in files in any / multiple / mixed formats. IMS pre-processor will sort, validate, enrich and divert to the payment module for further processing. End-to-end automation of WPS workflows from inception to settlement and beyond to data governance and reporting. Complete processing and generation of WPS files such as Salary Information File (SIF), Payment Information File (PIF), payment refund files (RFR, RTC, RRI) etc.
Integrates seamlessly with various source systems and facilitates data exchange between internal applications, external entities and interested parties.
Provide dashboard and interface for role based secured access, visibility and control.
Send messages to central bank complying with mandated formats and protocols. Process incoming responses and remittance advices. Reach 100% STP.
Extend web portals to corporate customers and prestigious retail corporates. Facilitate bank/customer communication. Eliminate long deployment cycles, fragile data mapping services, data redundancy and unwarranted travel of data between systems.