Nets Launches Real time Payment System in Denmark
Nets, the payments infrastructures provider that operates in the Nordic countries, has launched RealTime24/7, described as “a new real time payment solution supporting the Danish banking community’s efforts in providing customers with instant payment options”.
A key target when launching real time payments is moving mobile peer-to-peer (P2P) payments from existing platforms into a true real time environment offering full reach and interoperability.
“The launch of the real time payment solution is the pinnacle of the modernisation process of the Danish clearing infrastructure undertaken by the Danish financial sector and the Danish Central Bank [Danmarks Nationalbank],” said Torben Hohlmann, senior vice president (SVP) for payments, Nets.
“Supplying this solution underpins our strategy to be the leading provider of innovative payment solutions. RealTime24/7 is not just a real time payment clearing and settlement system, but an information highway where all types of messages may be processed according to requirements.”
The ISO 20022 based real time software is designed to support future innovative product and services, including open code level access options, as well as easy implementation of local needs, as required by individual banking communities. RealTime24/7 features include a liquidity module, minimising banks’ liquidity needs across multiple clearing systems, DNS and/or real time settlement options, and transaction processing of less than 40 milliseconds per transaction.
The RealTime24/7 system is developed by Nets and operated from Nets’ location in Norway, although the current implementation serves the Danish market.