The new European standard for electronic payment requests naturally also places new demands on banking IT. With TRAVIC-Payment Hub (TPH), however, the introduction of products related to RTP is no problem. After all, the platform stands for the highest degree of automation in European payments and at the same time offers extensive customisation options. The hybrid structure conserves the technical resources of financial service providers and makes operation within the framework of cloud services possible.
After instant payments, cross-border and high-value payments and SEPA mass payments, the fourth scheme has recently been implemented: the standard Request to Pay (RTP) of the European Payments Council (EPC). It defines parameters for sending an electronic payment request. The task of bank IT lies in making the service available 24/7/365 and enabling the support of time-critical end-to-end messaging. But is this feasible without far-reaching system changes?
The clear answer is: yes! The introduction of RTP is comparatively simple with TRAVIC-Payment Hub as it provides extensive options for adjustments based on user requirements. This is made possible by customised workflows per client at scheme and product level as well as individual interfaces and channels. In addition, there is a high degree of configurability at the levels of accounts, customers, customer groups and standards. For RTP applications, the basic design of TRAVIC-Payment Hub has several advantages:
As the regulatory requirements in payments keep increasing, a hybrid platform such as TRAVIC-Payment Hub (TPH) is particularly interesting because it can leverage synergies. This reduces both the adaptation effort during implementation ("change the bank") and the maintenance effort ("run the bank"). In running operation, TPH demonstrates how specialist teams merge and a cross-scheme view of payments is created. Even individual database extensions, GUI artifacts or business services can be combined with the standard product. The result is a functional overall system that covers all regulatory requirements in addition to the respective requirements of the financial institution.
As a new European standard, RTP bridges the gap between invoicing and payment, making it possible to realise electronic payment processes that are completely free of media discontinuities.
Real-time credit transfers via SEPA instant payments are becoming increasingly popular and at the same time present financial institutions with rather significant challenges in terms of processes and IT infrastructure.
Financial institutions and payment service providers have been working for years on the most uniform specifications possible for international money transfers. The widespread introduction of XML according to ISO 20022 is a big step forward on the way to this goal.