The era of global payments has arrived much earlier than anticipated, so financial futuristics across the globe are obliged to transform or improve their digital capabilities and cultivate an appetite for payment modernization evolution. We must build pillars supporting payment modernization schemes such as instant/real-time payments, cross-border interoperability, and ISO 20022 migration.
In Latin America, financial services are massive, with the popularity of contactless payments such as digital wallets, Apple pay, and real-time transfers eclipsing the traditional payment methods. The region has boasted 10% of global banking revenue by switching from a cash ecosystem to digital banking. For instance, Chile has become a new HubSpot for wearable digital payments technology, with businesses ready to accept transactions through smartwatches.
Just as The Clearing House’s RTP system works today, the FedNow service will also operate on ISO 20022 messages allowing individuals and businesses across the US to receive and make instant payments. ECS Fin team expects to witness the boosting trend of real-time payments in the US market in response to the rising potential for instant payments, both globally and domestically.
It is quite evident that modern payments demand innovative and collaborative instant payment solutions that can deliver the speed required for the movement of money through all channels instantly, data handling for ISO20022 messages, and multi-network capabilities. IMS Payments is an intelligent transaction processing system that can simplify, manage and control the full breadth of payments, connectivity, integration, and messaging. Select and stack the flexible IMS modules, components, and/or services to build solutions or address specific issues.
Sanctions Screening
OFAC Filtering
AML
Routing Decisions
Internal Controls
Fed Now (early adopter)
Fed ACH, Fed Wire
RTP TCH
SWIFT gpi, go
Blockchain
Cash Positions & Balances
Money Transfer & FX
Statement Reconciliation
Views & Reports
Customer Services
