Flux IPP, the Next Generation Payments processing platform has been designed for processing of Indian Domestic payments such as NG-RTGS, NEFT, NACH and is ISO 20022 compliant and achieve STP.
Online PR News – 06-July-2013 – Bengaluru – India payment landscape is changing very fast for all the RETAIL Payments in the country. The NPCI (National Payment Corporation of India) nodal agency for various retail payment processing and settlement has started offering various payment settlement services includes, NFS (National Financial switch), IMPS (Immediate payment services), ACH (Automated clearing house), ABPS (Aadhaar payment bridge system), CTS (Cheque Truncation system), AEPS (Aadhaar Enabled payment system), RuPay card payment system. Reserve Bank of India has also decided to migrate the existing fund transfer system i.e. RTGS and NEFT to new platform, moving from current message format (text based ) to next generation messages format (xml based) i.e. ISO20022. The ISO20022 is globally gaining acceptance as next generation message format for all type of payments initiation, clearing and settlement.
To address the changing and evolving payment market, Evolvus solutions has launched the unique payment processing platform “ Flux “ which can consolidate and support the end to end processing of next generation payments(ISO20022), in a manner that is robust, efficient, secure and cost effective.
Flux is an universal and integrated payment processing platform, which enables banks and financial institutions to have centralized mechanism to processes various image and non- image based payments (like RTGS, NEFT, ACH, IMPS and remittances etc). Flux is centralised message processing platform that helps to consolidate and enables seamless integration with any payment channel, Core banking systems and regulatory payment gateway.
Evolvus offers two products under Flux product suit for Indian banks i.e Flux PayDirect for NACH and Flux IPP for NG-RTGS.
Evolvus has launched Flux PayDirect for UAE direct debits in August 2012 and subsequently launched for India NACH in Banking Information Technology Summit (BITS), held on 6th March 2013 in Mumbai. Flux PayDirect platform supports ACH payment processing which is mainly based on the mandate provided by the banks customers. This provides capability to capture, store and forward the Image based mandate processing. Flux PayDirect provides unique features and functionality to efficiently handle ACH requests and provides capability to sponsor bank to achieve end to end automation and STP for their originator ACH transactions processing.
Flux IPP is truly universal payment processing platform which is designed to process next generation payments. Is base platform is fully compatible and support ISO20022 for all types of payments processing whether it is NG-RTGS, NG-NEFT or NACH. Flux IPP platform is also designed keeping the growing volume processing need of Indian payment market and support robustness. Flux Platform is an elastic scalable platform that means it can be scaled vertically as well as horizontally to address the growing volume processing needs of banks.
Flux is built on J2EE architecture and offers comprehensive set of features enabling seamless integration with any core banking system, easy integration with other payment origination channels, auto alerting and reporting in the payment ecosystem, and provides end to end automation and Straight Through Processing and supports all the features and functions for Indian domestic retail payments processing that includes all the regulatory payments initiatives from RBI, NPCI and IDRBT.
Payments domain Expert and Director of Business Development of Evolvus Solutions, Mr. Sanjay Bhoite says “Flux is a true enterprise wide, robust, scalable platform for all next generation payments, which can process any image or non-image based payments or messages which provides end to end automation for processing. The implementation of Flux for multiple payment gateways provides both technological and business benefits to banks. It is multiplatform compatible solution which can help banks of all size and volume to streamline and consolidate their infrastructure, by supporting all type of payments, this actually help to reduce their overall TCO. “
Evolvus launches the latest release of its payment integrator, Flux 3.0 shortly. This version has been built on an enterprise bus model considering all prominent types of payment messages across the world. The salient features of the framework include efficient data representation, universal payment message transformer to ensure that the base architecture serves uniform across the all payment origination systems. It also permits flexibility in configuration of rules according to the banks preferences, and enhanced auditing information. The new features of this release of Flux are built to deliver a truly world class enterprise payment integrator with an enhanced user experience and a comprehensive solution that can address bank’s entire current and future payment processing needs.
Evolvus Solutions is committed to continuous evolution, innovation and delivery of best solution for the BFSI Payments processing.