Payments are broadly categorized into push payments and pull payments. When a payer initiates a payment to a specific recipient by debiting his own account and crediting the account of the recipient, that is a push payment. When the recipient invokes a contract (usually a payment instruction or mandate) to debit the payers account and credit his own account that…
Recently I had to do a thorough review of one of our very old products. A lot of the code was written over 10 years ago. Initially built with Apache Ant, it was one of our very first products to use Apache Maven as its build tool.The most striking feature of the exercise was the comfort I felt with the…
The banking industry has been one of the most eager adopters of technology, and also one which has perhaps managed to derive the maximum benefits out of the same. Not only has technology aided in significantly streamlining banking operations, but it has also massively improved customer experience when it comes to availing the services of financial institutions. One such aspect…
Real-time Payments represent the modernization of bank account-based payments. In comparison with legacy bank transfers, RTP brings additional benefits such as enhanced messaging and data capabilities, increased security and availability of funds in real-time. The 2017 launch of RTP by The Clearing House in the United States is billed as the first new payment system in the country in more…
India’s Unified Payment Interface (UPI), the real-time payments platform for the country, implemented in August 2016 has shown remarkable growth throughout 2018 in volume and value. Read more about UPI: Understanding UPI and its Impact on Payments in India As of the end of December 2018, UPI has crossed 600 million in monthly transactions volume, up from 145 million in 2017.…