Customer Business Objective
The customer is one of the largest domestic payment system in the Asia Pacific Region that has implemented various retail and real-time payment systems in the region with over a 1,000 direct/ sub-member banks as part of its network for various payment systems.
The customer’s introduction of a real-time payment system in April 2016 saw the adoption of digital payments at a rapid pace and has over the last 4 years scaled to almost 1.5 billion transactions per month.
The current system was based on offline settlement processing and with growing volume of transactions; the settlement process was taking longer than the cycle time leading to delayed/ missed settlement, increased disputes.
With the significant surge in the transaction volume and multiple settlement cycles during the day, the customer wanted to build a robust, future-ready and scalable platform to support the clearing and settlement requirements along with handling multi-party settlement unique to the payment system.
Addressing the objective
With a deep understanding and experience in the real-time payment systems and the expertise in offering reconciliation and settlement functions, Mindgate leveraged latest architecture and flexible system design to help build a robust and scalable system to bring down the settlement processing to near real-time across multiple cycles of settlement, with a flexibility to add more cycles and handle large volume of transactions.
Value of our partnership
Mindgate implemented the centralized back-office clearing and settlement system for the customer catering to the following key functions:
- Near real-time clearing and settlement processing capabilities with integration to the payment engine
- Configure member institutions and associated fees/ charges, limits on run time
- Core dispute life cycle management with option to configure and manage dispute types and associated actions and TAT for resolution
- Support multiple file formats for settlement
This helped the customer achieve:
- High performance throughput
- Scalability to handle huge growth on volumes and offer high availability
- Secure platform with high levels of data integrity, maintainability and recoverability
With the implementation, Mindgate helped the customer achieve the following objectives.
- Robust platform to support near-real time settlement and clearing – On-time and accurate clearing and settlement
- Flexibility to allow multiple settlement cycles to be configured in the system – to help add more settlement cycles as volume grows
- Facility to extend the platform for other retail/ real-time products of the customer – unified clearing and settlement platform for multiple real time payment systems