Ready for Instant Payment
What has been possible in the EU for over 5 years is now coming to Switzerland in 2024: instant payments, or the ability to process payments in real time 24 hours a day, 365 days a year.
This makes real-time transfers a reality for customers. Although payment orders can already be placed at the weekend, they are not actually executed until Monday at the earliest, during a bank's regular operating hours. With instant payment, a payment can now also be executed within just 10 seconds, regardless of the day of the week or time of day.
In order to fulfil the Instant Payment regulation, banks must ready their systems to 24/7 operation. In addition, there are further adjustments needed such as the expansion of solutions to maintain a high level of fraud prevention or the addition of a service to be able to carry out the necessary IBAN name check. Such a comprehensive adaptation of a banks infrastructure can easily become a challenge for banks if it is not thoroughly planned and executed with foresight.
Our team of experts is very familiar with all the challenges associated with instant payment and knows the requirements of financial service providers inside out.
Your contact:
Stefan Keller
Manager
What is instant payment?
Execution within seconds
With Instant Payment, a payment order is transmitted from the sender to the beneficiary in just 10 seconds.
Immediate feedback
The sender receives an immediate payment confirmation and the funds are made available to the beneficiary immediately.
Availability 24 / 7 / 365
Payment orders can be processed at any time, regardless of weekdays or business hours.
Regulatory deadlines
What banks can expect from HCLTech Confinale Wealth Solutions
- Consulting
- Solution Architecture
- Bank specific process flows and technical diagrams
- Implementation
- Adapter for the integration of Avaloq to the infrastructure gateway
- Integration of the HCLTech Confinale Wealth Solutions PayConvey® to ensure 24/7/365 operation
- Integration of user journeys and digital channels
- Project management
PayConvey®: enabling availability 24 / 7 / 365
PayConvey® developed by Confinale is the centrepiece of the Instant Payment solution and ensures the availability of core bank data and bank-specific management of the available balance around the clock. The module is fully integrated into Avaloq and compliant with all regulatory requirements.
- Integrated booking and balance engine which ensures 24x7 availability
- Fully connected to the infrastructure gateway TIPS or SIC5
- Abstracts the payment integration complexity from the core banking services
- Mapping of the entire instant payment process from to Avaloq allowing booking management, no additional controls required in Avaloq
- Integrated account check ensures that SIC and SEPA payments are only accepted to customers who meet all necessary criteria
- No migration required and low production costs by reducing manual effort
- Easy scalability to other bank-specific use cases that require uninterrupted availability
Why implement an instant payment solution with HCLTech Confinale Wealth Solutions?
End-to-end offering
We offer comprehensive support from process analysis, implementation and integration through to the technical realisation of bank-specific use cases - all from a single source by our topic experts.
Availability guaranteed 24 / 7 / 365 thanks to PayConvey®
HCLTech Confinale Wealth Solutions' PayConvey® guarantees the availability of all data from the core banking system around the clock.
Full flexibility thanks to modular structure
The basic package already covers all regulatory requirements. Bank-specific customisations and additional modules, such as reporting or interfaces, can be developed upon request.
Fully compliant with all regulatory requirements
Our solution is 100% compliant with all regulatory requirements of SIC, SEPA and Faster-Payment-Service (FPS) for UK and Hong Kong.
Future-proof and flexible
Future requirements are covered in the maintenance contract. The PayConvey® module can be used for other bank-specific applications that require all-round availability, such as crypto or card payments.