IPSL,KBA Rolls out the Real-time Payments infrastructure Model

Globalization of real-time payments, adoption of real-time cross border payments, evolving changes in regulation, consumer choice for instant payments and rapid business complexities within the financial services industry, have all contributed to key investment decisions for modernization of real-time payment rails. With the launch of new instant payment system by IPSL, Kenya has now become one of the trailblazers in the industry and the first in Sub-Sahara Africa to run a national instant payment switch based on ISO20022.

“We expect the new instant payments system delivered by TietoEVRY to allow banks and other stakeholders (finetchs, PISPs, PSPs and MNOs) to accelerate real-time payments across the banking industry, align banks with regulatory directive for migration to ISO 20022,  launch new use cases, improve operational efficiencies, drive operational excellence and ensure best practices for KYC (Know Your Customer) and AML (Anti Money Laundering)  activities using data enriched messaging protocol,” said Seun Owoeye, Chief Operating Officer at  IPSL.

Valdis Janovs, TietoEVRY, Head of Instant, Retail Payments and Cards said, “We are proud to partner with IPSL and deliver our next generation Instant Payments Solution to Kenya. It’s clear that the payments market is advancing at a rapid pace and customer demands are growing exponentially. We are happy to be working with IPSL to meet all of these demands today and supporting them also in the future.” He also added, “Despite the exceptional circumstance caused by the Covid-19 pandemic, project implementation went as planned and was executed fully remotely, proving the ability of both involved parties to collaborate under any circumstances.”