IFTS - Instant Funds Transfer System
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IFTS is a multifunctional online instant payments system that offers a range of funds transfer/collection services covering all of country’s economic sectors, from individual remittance transfers to government and large corporate institutions payments. The system greatly improves bill payment services for telecoms, government and municipal authorities, and other financial service providers.

  • Instant P2P, B2B payments services with immediate funds availability for end beneficiary within seconds

  • Bill Payment collections supported by Electronic Bill Presentment and Payment module (EBPP)

  • Cheques/E-Cheques processing

  • Remittance services

CMA’s implementation procedures cover the design, development, supply, installation, configuration, testing, implementation, delivery and support of ACH system. Responsibilities are aligned with these management streams both within the CMA team and, correspondingly, within the Central Bank team. The project is further divided into phases that include requirements analysis, testing and training. During all the different phases of the project, the CMA team works very closely with their counterparts at Central Bank.

CMA realizes the importance of the ACH project to Central Bank at large. To supplement the local knowledge and cross-industry project expertise of the Central Bank and Participants, CMA assigns a dedicated team for project implementation who bring their individual experience of implementing ACH system and other banking project expertise to the successful delivery of the Central Bank project. CMA has great proficiency in the various aspects of developing and delivery of national payment systems.

  • Support of pre-configured and custom instruments:

    • Direct Debits/Credits

    • Cheques/E-Cheques

    • Remittances

    • Bills (incl. Enquiry)

    • Taxes, salaries and government payments

  • Unlimited set of currencies

  • Central Customers database with flexible set of attributes

  • Mandates management

  • AML and Fraud Detection module with possibility of integration with external system

  • Wide set of Risk Management options

    • Bilateral/Multilateral Limits

    • Transactions and batch limits

    • Advanced collateral management options

  • Scalable and high-performance solution

System’s services are made available to participants from private and public sectors and can be accessed by any eligible Participating Institution, such as:

  •     Commercial Banks and Branch services;
  •     Internet and Mobile banking;
  •     Mobile operators;
  •     Billers and their affiliates;

Payments from different types of Financial Service Providers sources: Credit Bureaus, Micro Finance, Money Transfer Operators and more.
Payments can be initiated through different channels such as Internet and Mobile banking, Cash Desks, ATMs, Mobile devices, Kiosks and others, available on the market.

  • IFTS is built around CMA’s payment processing engine which is designed to process millions of daily payments to and from millions of end-customers with a response time for every individual payment within just a second. IFTS has a proven high performance and reliability record based on a number of live installations.

  • IFTS operates in 24x7 mode with 99.99% availability per year. System components are functioning in active-active mode. System component upgrade process is performed on-the-fly with zero downtime.

  • IFTS is designed to provide secure payment and information exchange over secure private network and/or SWIFTNet with electronic digital signatures and traffic encryption thus providing point-to-point security. IFTS can be integrated with existing Security infrastructure such as LDAP services, Certification Authority Centers, etc.

CMA pays particular attention to risk management which is a key function of IFTS system that features:

  • Individual payment amount limits linked to payment type and source;

  • Daily/weekly/any amount limits linked to payment type and source;

  • Bilateral Debit and Credit limits between Participating institutions;

  • Multilateral Debit Caps and Credit limits for each Participating institutions;

  • Support of “Pool of Accounts” concept for better liquidity management by Participating institutions;

  • Different types of Collateral management options and services.

Solution Benefits

  • Diverse set of business parameters and plug-in modules allows to adjust the system behavior to specific business model which is best suitable for Customer’s goals and local practices.

  • IFTS is built around CMA’s payment processing engine which is designed to process millions of daily payments to and from millions of end-customers with a response time for every individual payment within just a second. IFTS has a proven high performance and reliability record based on a number of live installations.

  • IFTS is designed to provide secure payment and information exchange over secure private network and/or SWIFTNet with electronic digital signatures and traffic encryption thus providing point-to-point security. IFTS can be integrated with existing Security infrastructure such as LDAP services, Certification Authority Centers, etc.

  • Different payment processing strategies are supported by default, such as payment pre-validation by IFTS with further approval, payment authorization by counterparties, point-to-point straight delivery, delivery of payment by request and some others.

  • IFTS operates in 24x7 mode with 99.99% availability per year.

  • System components are functioning in active-active mode.

  • System component upgrade process is performed on-the-fly with zero downtime.

Trusted by Many

  • Benefit - Bahrain
    Benefit - Bahrain
  • Central Bank of Cambodia
    Central Bank of Cambodia
  • Online Clearing System for National Bank of Rwanda
    Online Clearing System for National Bank of Rwanda

Electronic Bill Presentment and Payment (EBPP) module acts as a uniform centralized directory of billers and services which they provide. This information is available to Participating institutions via messaging interface and can be correspondingly published to end-customers via public channels (mobile, WEB, etc.). Customers can query their bills with online billers using real-time messaging as per rules established by Billers for published services. All the information is stored centrally in IFTS database and available for reporting.

eMandates module supports direct debit payments allowing customers to have centralized storage and management of mandates data along with scanned copies of paper-based mandates which ensures secure digitally-signed delivery of scanned mandate contracts. E-Mandates are supported as well.

Fraud Detection and Management module provides automated fraud detection mechanism for payment processing. Detection of suspicious transactions can be performed either in online or in offline mode. It is possible to define detection rules for all Customers/Participants or for specific ones.
Fraud detection is built around a rule-based concept against a set of conditions. These conditions can be configured by System administrator using administrative workplace. Online alerts are issued by the system and sent to System Users via different channels like IFTS workstations, SMS, e-mail, system alerts. A set of fraud detection incidents and statistical reports are available for authorized users.

Fee and penalty collection module provides powerful mechanism of fees and penalties collection and their distribution between involved parties. Fee structures can be defined by Participants providing services as well as by System Operator. Penalty collection happens in case of failure of one of the Participants to follow system rules (usually time processing targets) and can be collected in a smooth and automated way. Fee configuration parameters provide flexible mechanisms to define attractive rates and policies to promote electronic payments growth. Corresponding reporting mechanisms related to fees and penalties are also available in the system.

Remittances module allows processing of in-country remittances as well as inbound/outbound foreign payments. This module provides integration with Money transfer operators on full STP basis. It allows payment transfers to/from non-banked people who do not have a bank account or even a mobile device.

Statistical module provides System Operators, Participants and regulatory entities with a set of reports, charts and other statistics which allows to analyze trends in payment processing based on different dimensions like payment volumes and values per payment type, participant type, business day window, and other parameters. These statistics enable monitoring of liquidity usage, local and foreign cash flows, increasing demand on particular services and of other useful metrics. A set of metrics, reports and statistics are extendable and new items can be added at any time.

IFTS system can be extended with a classic deferred net clearing service (DNS service). DNS service provides an internationally-accepted session-based Clearing functionality for Direct Debit and Direct Credit instructions including Mandate management and other related functions. Along with classic clearing services IFTS may include cheque clearing functionality with cheque truncation and image transmission functions. E-Cheques are supported as well.

CMA’s IFTS solution might include central clients database module that can be used to manage central clients database for IFTS system:

  • to import/export clients information via administrative workplace in CSV/XLS formats;
  • to modify individual records via IFTS administrative workplace interface;
  • to accept request for client information (request with phone number of specific ID) and to provide response to payment provider that can be used for validation of transfer recipient;
  • to provide possibility to use alternate Client credentials (e.g., account number, tax number, IBAN etc. depending on destinations and type of payment) using functionality of client information request.
  • to accept request for new clients registration/modification from external systems/participants.