In Indonesia, banks have begun to adopt the ISO 20022 messaging standard to connect to the BI-Fast real-time payments services that were implemented in December 2021 and is expected to be completed by 2022.
During this adoption, pressure is expected to grow exponentially on banks and payment firms to optimize, modernize and upgrade their internal payment engines and legacy infrastructure to meet the Service Level Agreement for the new payment method.
It is therefore critical to adopt a flexible, purpose-built analytics and monitoring solution that can be configured according to your organization’s changing needs to improve reliability, profitability, cut costs, and mitigates risk – this is where IR Transact’s Real-Time Payments solution can help.
While cash has traditionally been the preferred payment method in Indonesia and the ASEAN region, electronic payments continue to steadily increase, supported by government initiatives and improvements in payment infrastructure.
We’ve also seen enormous growth in real-time payments by banks, financial institutions, and businesses as a result of the COVID-19 pandemic.
Customers are now expecting that their real-time payments are made available in the recipient’s account within seconds. However, when these expectations and SLAs are not met, organizations can face penalties, reputational damage, or even in loss of business.
Real-time payments also provide a huge opportunity for economic growth. It has been reported that with real-time transactions set to rise in Indonesia to 1.6 billion in 2026, net savings for consumers and businesses are forecasted to climb to $222 million.
It’s estimated this could help to generate an additional $747 million of economic output, equivalent to 0.05 % of the country’s forecasted GDP.
Building a solid real-time payment network capability is challenging, but the hurdles are significantly increased with legacy infrastructures and existing system or operational constraints.
There is also the challenge of adapting to ever-evolving regulation changes – including around security, privacy and performance – and reluctance from merchant and traders to invest in setting up new processes.
IR Transact’s Real-Time Payments solution provides a single dashboard to simplify the complexity of managing real-time payments.
Our solution can help in isolating real-time bottlenecks and hung transactions for banks to ensure optimal user and customer experience. It can help you build a robust analysis to track multi-leg transactions in the payment hubs as part of your modernization journey.
With IR Transact, you can identify and troubleshoot slowdowns that may cause SLA breaches by:
We know customers expect their real-time payments to complete within seconds. When they don’t, you need to know immediately. With IR Transact you can:
Other key benefits of IR Transact’s Real-Time Payments solution include: