What do Instant Payments mean for you and the service you provide to your clients?

An Instant Payment is a Euro transfer that is credited to the beneficiary’s account from the client’s account within seconds. “Instant” payments can already be made in a few European countries and this will also be possible on the Dutch market from 1 May 2019. Instant payments can then be credited to the beneficiary’s account within a maximum of 5 seconds in the Netherlands 24 hours a day, 365 days a year.

Christien van Meurs
Christien van Meurs
Executive Consultant
For companies

What are the consequences of Instant Payments for your organisation?

Your clients expect instant processing of their payments when they purchase your products or services. This has an impact on you as a business and on your operational and logistic processes. For example, instant display of payments in your client portal and real-time reconciliation of these. Do not forget that payment traffic now continues over weekends. In addition, it often requires acceleration of your processes; cash management, bank relationship management, payment methods, payment channels, etc.

What does this mean for your own organisation and respective operational processes and how can you manage this? Have you considered this or undertaken any action yet?

In discussions with our clients, it has emerged that there is a strong need for clarity about the impact and opportunities presented by Instant Payments. Enigma Consulting can assist in the form of an Instant Payments Scan for your company. We ascertain the impact and opportunities in consultation with you, enabling you to devise the best strategy for Instant Payments.

This scan is based on ascertaining the impact of instant payments across the whole chain.

We clarify the choices you will need to make step by step, from Front to Mid to Back office.

This approach proved very useful in a session Enigma hosted for a number of banks and insurance companies in September 2018. We have also incorporated the experiences gleaned from this session into our Scan.

We would be delighted to provide you with this service!

For banks

What are the consequences of Instant Payments for your payment processes?

Given that processing, interbank clearing and settlement of these transactions is changing from batch to real time, this will have a big impact on your current payment processes. For example:

  • The structure of your cash & liquidity management
  • Connections to existing or new clearing and settlement mechanisms (CSMs) such as the new TIPS interbank platform, which is based on the structure of the ECB’s Target2
  • The structure of your customer services, operations and IT environment

What does all this mean for your own organisation and the respective operational processes and how can you exploit this?

Discussions with various Dutch banks have shown that there is a strong need for clarity about the impact and opportunities presented by Instant Payments. Enigma Consulting can assist you in the form of an Instant Payments Scan for your organisation. We ascertain the impact and opportunities in consultation with you, enabling you to devise the best strategy for Instant Payments. We possess extensive experience in any package selections required or, for example, a payment engine or sanctions screening package, and we know which functional requirements need to be met. We can also assist you in the implementation process.

This scan is based on ascertaining the impact of instant payments across the whole chain.

We clarify the choices you will need to make step by step, from Front to Mid to Back office.

This approach proved very useful in a session Enigma hosted for a number of banks and insurance companies in September 2018. We have also incorporated the experiences gleaned from this session into our Scan.

We would be delighted to provide you with this service!

Other Payments Services

Payments
Interbank payment traffic
Bank migration
PSD2 scan
Vision & Roadmap
Trends in the payments domain
Blockchain

Our Instant Payments Experts

Christien van Meurs

Executive Consultant