Sopra Banking Software introduces instant payment solution
3 mins read

Sopra Banking Software introduces instant payment solution

Sopra Banking Software (SBS), the global financial technology company trusted by more than 1,500 financial institutions to digitally transform the way they work, today announced the availability of its cloud-based instant payments solution. The technology enables banks and financial institutions to secure instant payments for consumers anytime, anywhere. The Sopra Banking Platform (SBP) Instant Payments solution expands the company's existing digital payments services, which currently facilitate over 11 billion transactions for 250+ finance customers in 50 countries including Société Générale, Transactis and Banque Nagelmakers .

There are differences in the existing legacy systems of banks and financial institutions recent updates In accordance with Europe's Single Euro Payments Area (SEPA) rules. The law requires financial organizations to process payments in ten seconds or less, at no extra cost, at any time of the day, including outside business hours, within any European region and the European Economic Area (EEA) . Many of the core banking systems that banks currently rely on have regular nightly downtime to maintain their performance, hampering banks' ability to promptly process payments around the clock. The ability to offer instant payments 24 hours a day, 365 days a year will also require an expanded workforce to process transactions outside of traditional business hours for banks without digital infrastructure and automated processes.

SBP Instant Payments' API-based software enables banks and financial institutions to quickly integrate instant payment functionality into their existing systems. The solution's cloud-native architecture facilitates instant payments up to 1,500 transactions per second in real-time. Leveraging the latest technology and security standards, SBP Instant Payments ensures that organizations can grow their business without any disruption to their customers, and supports European Payments Initiative (EPI), Request-to-Pay (RTP). Can adapt to the evolving payment scenario defined by. One-Leg Out Instant Credit Transfer (OCT Inst), and more.

Additional capabilities include:

  • Compliance with market standards such as REST API and ISO, and compatibility with all major clearing and settlement mechanisms (CSMs) in Europe, including STET, equensWorldline, EBA Clearing and TIPS.
  • AI and machine learning-powered crime management that detects fraudulent activities in real-time, reducing false positives by up to 85%. Ensures compliance with the resolution sanctions list and conducts regular anti-money laundering checks
  • Fast, cost-efficient SaaS implementation that enables banks and financial institutions to bring their instant payments offerings to market faster in response to new regulations, while reducing total cost of ownership (TCO). Current SBS customers have optimized their TCO by 33% by implementing the infrastructure.

“The European Parliament's decision to standardize instant payments across the region reinforces a large, global sentiment among consumers and businesses that no longer want to wait days for their money,” said Eric Bieri, CEO of Sopra Banking Software. “For banks and financial institutions that rely on legacy banking systems, this means work to be done to comply with regulations and provide customers with the experience they want.”

SBP Instant Payments is part of SBS's larger Payment Offerings within its digital core solution, which include services such as cloud-based card processing, request-to-pay, payment reporting, payment delinquency management and more. SBP Instant Payments is used by some of the largest banks and financial institutions in Europe, and currently processes 40% of all instant payments in France.

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