Information Quality

Instant Payments

The new way of conducting transactions

The instant payments are a new way of conducting transactions that are completed in real-time, without delays or complications. This means that users will be able to carry out the transfer of payments between themselves, regardless of the entity in which they have their deposited funds, will be able to receive or send money immediately, without the need to wait days or even hours to process the payment.

The instant payments have come to revolutionize the way we do business. Allow companies to adapt to this new era and offer their customers a payment experience fast, easy and secure

Benefits of instant payments:

Higher speed: Increases the efficiency and satisfaction of customers and users payments that are completed in seconds.

Improving the customer experience: Offer a payment process fast, easy and without interruptions.

Reduction of costs: Decrease the costs associated with traditional payment methods.

How do instant payments?

The instant payments work through a network of banks and financial institutions that have agreed to work together to allow transactions to be processed in real-time. To make an instant payment, you only need the phone number or email address of the recipient.

Actors involved in the instant payments

The instant payments are a complex ecosystem that involves multiple actors, each with a specific role:

  1. Payment services providers (PSP): Are the entities that manage the authorization and processing of instant payments. Example: (banks, financial institutions, companies fintech.)
  2. Schemes of instant payments: Infrastructure that facilitates the interconnection between the PSP and allows the instant transfer of funds. Examples: SPEI (Mexico), PIX (Brazil), RTP (Uk).
  3. Clearinghouses: Entities that manage the settlement of instant payments between the PSP. Examples: National Chamber of Payments of Mexico (CANAPE), House Interbank Payments (CIP).
  4. Central banks: Supervise and regulate the system of instant payments to ensure its stability and security. Examples: Bank of Mexico, Central Bank of Brazil. Bank of the Republic of Colombia
  5. Consumers: People who use instant payments to make purchases, send money or receive payments.
  6. Companies: Implement instant payments to provide its customers with a payment experience fast and comfortable.
  7. Regulators: Governmental entities that establish the standards and requirements for the operation of the instant payments. Examples: comisión Nacional Bancaria y de valores (CNBV), European Central Bank (ECB). Bank of the Republic of Colombia

 

Interactions between the actors:

1.Client initiates an instant payment: The customer selects the payment option instant on the platform of the PSP.

2.Request sent to the payment scheme: The PSP sends the payment request to the schema of instant payments.

3.Authorization and payment processing: The scheme of payments authorizes the transaction and sends the funds to the PSP of the receiver.

4.Settlement of payment: The clearing house settles the payment among the PSP.

5.Receipt of payment: The PSP receptor credited the funds in the account of the customer.

The instant payments constitute a complex ecosystem that involves the participation of various actors, each with specific roles. Although the interaction between these actors facilitates the creation of a payment system, fast, safe and efficient, it is essential to ensure the regulatory compliance of safety standards. This ensures not only the integrity and reliability of the system, but also the protection of the financial data of all the participants involved.

Why is it so crucial regulatory compliance in the instant payments?

The instant payments are revolutionizing the way we do business, but the speed may not be at the expense of security. Regulatory compliance is crucial in the Protection of customer data, which can be carried out through the implementation of a ISMS ISO 27001, and have as reference the rules PCI DSS.

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