Kenya has upgraded its real-time payments infrastructure, the Integrated Payment Services Limited (IPSL) that will be running an ISO 20022 instant payments system with modern micro-services technology.
A product of the Kenya Bankers Association’s (KBA) popularly known as Pesalink, launched a modernized real-time payment system based on ISO 20022.
The new real-time payment system was delivered to Kenya by TietoEVRY.
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 the modernisation of real-time payment rails.
With the launch of a new instant payment system by IPSL, Kenya becomes 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 (fintech, 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.
How does PesaLink work?
1). Ensure you are registered for mobile and internet banking. Check with your bank to confirm
2). Log into your bank’s app/USSD/internet banking
3). Find Pesalink among the different products offered by your bank
4). Choose the send to account option
5). Enter the account number you are sending funds to
6). From the drop-down menu choose the bank you are sending to
7). Enter the amount you are sending and proceed to complete the transaction
Valdis Janovs, TietoEVRY, Head of Instant, Retail Payments and Cards said, “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.”
TietoEVRY was chosen as a partner for this project due to the company’s proven credentials in providing modern, real-time payment solutions around the world.
Recently, the Maldives Monetary Authority has been working with TietoEVRY on their Instant Payments System project.
In addition, TietoEVRY has worked with the Swedish company Getswish, the owner of the successful mobile real-time payment solution Swish, and has developed Siirto, Finland’s first real-time mobile payment platform for Automatia.