Instant Payments through FinTP

FinTP-Instant is a new functionality of FinTP which connects back-office applications of a bank to an Instant Payments service offered by a third party, such as the Romanian ACH, TransFonD. This functionality retrieves payment messages in the format provided by these applications (database tables, message queues etc), converts them to the ISO 20022 standard and routes them to the Instant Payments System (IPS).

One of the requirements of the IPS is for the bank application to have STP capabilities (straight through processing). FinTP successfully meets this requirement, interfacing with the ACH through web services.

In order to fall within the appropriate processing timeframe defined for the instant payments service, the timestamp is created by FinTP.

FinTP-Instant Characteristics

  • Message formatting exceptions from originator bank: cancelling and sending reject message
  • Automatic generation and routing of related messages: SCT Inst Recall, Negative answer, SCT Inst Transaction Status Investigation
  • Reports for received or sent instructions
  • Clients and accounts list for processing incoming payments (beneficiary IBAN check and validation etc.) and for generating the confirmation message to the IPS (additional message to the classic SCT scheme)

FinTP-Instant Functionalities

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