Flexible and cost-effective approach to interbank instant payments

The volume of real-time payments between banks is rapidly increasing due to new cross-border instant payment services. Several service providers exist in the SEPA area only and the Nordic P27 project will expand the coverage beyond the euro currency. International payment platforms are also emerging and blockchain techology is being actively researched as a solution for liquidation challenges.

Identer IDBAG is a gateway solution to connect bank core systems into both existing and future instant payment architectures and messaging network connections, in a very easy and cost-effective manner. By taking advantage of standard EBICS protocol, the EBA Clearing RT1 instant payment system, for example, can be utilized without any transactional transport costs. Finnish banks may also implement European-wide instant payment coverage quickly without a need to change bank internal systems in the first phase. This is possible by using the IDBAG POPS instant payment emulation and existing Finnish bank POPS interfaces.

TUPAS transition without a chaos

The vast majority of Finnish eServices utilizing strong electronic identification are based on the old TUPAS protocol. This old communication convention is no longer compliant with the new European Union regulations and legislation. After the final deadline at 30th September 2019 set by the Finnish Transport and Communications Agency Traficom, TUPAS is not longer allowed to be used for strong e-identification. Considering the large number of service applications using TUPAS and the short timeframe left even a chaos is being predicted.

IDMIG is a software solution to be installed at the service provider system. It allows transition to new secure and more advanced protocols (Open ID Connect, SAML) within hours, without the actual service applications being touched at all. The chaos can be completely prevented and the implementation of new services utilizing strong identification also gets much simpler.