Solution from RS – Enabling the ecosystem
Payment landscape is undergoing a significant change to meet the demands of payment in a world operating on 24x7x365 basis. Real-time payment or instant payment is the need of the hour and many countries are now embracing real-time payment, making it the new normal. Real-time payment or instant payment allows for the immediate transfer of money from one account to another round the clock with certainty, convenience and low cost. It creates a world of friction-less commerce and enables a financial world where payment is seamless and immediate. A digital overlay service layer on top of real-time payment switch fosters innovation and realization of the real-time payment use cases.
A Central Infrastructure for faster payments
RS RTPS ™ is an advanced, state-of-art, real-time payment processing platform that is capable of processing instant account-based payments with very high throughput and high volume. It is designed to enable instant payment for retail and corporate customers, merchants and governments in country.
RS RTPS™ is built based on micro-service architecture and ensures 24x7 availability, 99.999% reliability, horizontal and linear scalability, 3000+ TPS throughput and end-to-end security. The platform can be implemented in multiple data centers in Active-Active mode or Active-Passive mode ensuring near zero RTO and RPO. The platform supports end-to-end encryption using RSA 2048 bit encryption methodology. The technology stack is chosen carefully to ensure that there is no stringent license binding on the owner and total cost of ownership [TCO] remains significantly low.
RS RTPS™ is designed with “mobile-first” strategy that supports ISO 20022 protocol and ensures seamless integration with mobile with both payment APIs and meta-APIs that enable authentication, payment and notification functionalities. The platform is future-ready to meet demand of future expansion and integration with other platforms or components as and when required.
Key Functions and Features:
A Digital Overlay Service Layer for Central Infrastructure of faster payments
RS DigitalEdge™ is an advanced, API-based digital layer which can integrate seamlessly with underlying instant payment or faster payment switch. This will modernize the earlier generation of faster or instant payment system, with an API based digital façade that provides payment APIs and meta-APIs for banks and fintechs to connect. It supports ISO 20022, ISO 8583 and other native protocols and enables a mobile-based payment. It supports smart addressing and different use cases of instant payment like instant bill payment.
Solution for Banks
RS Software provides the RS RealEdge™ solution for banks to connect to a Real-time payment / Faster payment scheme [Central Infrastructure]. RS RealEdge™ provides a Digital Overlay Service Layer for banks and enables API based integration with all digital channels like Mobile banking, Internet banking, Mobile Apps. This Digital Overlay Service Layer provides Real-time Payment APIs and Open Banking APIs for the Fintechs. At the backend, RS RealEdge™ integrates with bank’s core banking System [CBS] and other banking systems like FRM, ERP, CRM, Treasury etc. All form factors and most alternative payment methods involved in digital payments like QR codes are supported, whether the connected device originating the transaction is a mobile phone [app], internet banking, kiosk banking, mobile banking, digital wallets, e-money applications, or any other emerging FinTech.
RS BillAbhi - Central™
It is a central infrastructure for Bill Presentment and Bill Payment targeted for nations and processors. Built with API-first architecture principles, it is cloud-readay and orchestrates the presentment across banks and bill aggregators for Consumers and Billers.
Key features include:
RS Software developed Bharat Bill Payment System (BBPS), the central bill presentment payment solution for India, which is today transacting at 10 million payment transactions per month valued at $200 million.
RS BillAbhi - Bank™
It is a middleware solution that connects banks to Bharat Bill Pay System (BBPS), a national bill presentment and payment infrastructure. Built with API-first, Mobile-first architecture principles. RS BillAbhi™ - Bank is cloud-ready. It enables banks to operate as Customer operating units or Biller operating units or both. RS BillAbhi™ -Bank enables customers to pay their bills through multiple channels: integrated app on mobile banking and internet banking, through agents, business correspondent (BC) outlets and bank branch/online modes. RS BillAbhi – Bank™ connects to any Real-time Payments Rails and is ISO 20022 compliant.
Key features include:
For Customer operating unit:
RS BillAbhi – Bank™ has been built using open source technologies and commodity hardware leading to low TCO. RS BillAbhi - Bank™ is implemented at top 10 banks in India, both national (PSU) banks and private banks, including State Bank of India (236th among Fortune 500), ICICI, PNB, Canara Bank, IDBI and some of the tech savvy banks like RBL, SIB and others. It also connects Fintechs like Swiggy (app based food delivery service) and OLA (app based cab service).
As economies across the globe are shifting to digital payments, electronic fraud is rising exponentially with huge consequences to banks in terms of financial losses, trust and credibility. As per the Nilson report, it is anticipated that card frauds alone would amount to a whopping $30 billion worldwide by 2020. Meanwhile Real Time Payment (RTP) has taken the payments arena by storm, not only creating a disruption in both banking and payments but also introducing a whole new gamut of fraudulent activities that need to be dealt with in real time.
RTP facilitates account-to-account (A2A) money movement, instantly and irrevocably. It is estimated that both cash and other banking channels will soon lose volume to RTP. Financial institutions want to put in place enough security to prevent fraudulent activities without compromising on customer convenience. The FRM tools in use for traditional digital payment channels have been found to be lacking when it comes to RTP while the FRM tools that seem suitable for RTP are not compatible with conventional payment channels. An FRM tool that can bridge the gap between these diverse payment methods and make provisions for a multi-channel FRM is hard to come by.
RS IntelliEdge™, a highly scalable and highly available multi-tenant real-time Fraud and Risk Management (FRM) product from RS Software meets all the needs of the rapidly changing payments world. It supports multi-channel – cards to account (A2A) to biometric to RFID, traditional payments (POS, ATM, ECOM, ACH, etc.) and new age RTP and covers both in-flight and batch transactions. It incorporates a unique blend of rule based and model based scoring, such that every transaction is scrutinized by both systems to assign a risk score in the span of a few milliseconds. The system is benchmarked for 4000 transactions per second and is capable of handling up to 25% TPS beyond its benchmarked value without performance degradation.
RS IntelliEdge™ flaunts a robust rules engine that evaluates transactions using a system of intricate rules that can be easily created using a large spectrum of features that covers nearly every facet of a transaction including cross channel activity, consumer behaviour, past activity patterns and identity based aggregate statistics. The score generated by the rule engine is combined with the score received from state of the art machine learning models that give RS IntelliEdge™ the AI edge.
The product supports a complete workflow for responding to suspected fraud detected by the engine in a distributed manner so that multiple institutions can each work on suspects on their individual queues.
RS IntelliEdge™ is available in two flavours:
Both the versions support:
Both are cloud-ready and have been built using open source technologies and commodity hardware leading to low TCO.
RS Software has effectively implemented RS IntelliEdge – Central™ at the national level and is excited about making RS IntelliEdge – Banks™ available to member banks. Special customizations can be made for the banks that may help them to integrate this holistic solution with their existing systems.
RS IntelliEdge - Central™
It is an in-flight risk assessment solution for all payments channel and fund sources – covering cards, accounts and alternate payment methods (APM).
Key features include:
First SaaS implementation of RS IntelliEdge - Central™ is the Enterprise Fraud and Risk Management (EFRM) solution for NPCI serving the national payments pan-India, addressing all 18 channels which is operating with response time <200 milliseconds running @3500 TPS. It supports major channels: POS, ATM, E-Comm, UPI, IMPS, AEPS, CTS, NACH, Toll Collection [NETC] and bill payments. It covers key payments instruments such as Cards, Accounts, VPA, Checks, and Biometric payments.EFRM scores 150 Million transactions per day, evaluating 34K Rules with average FDR > 70% and FPR < 30%.
RS IntelliEdge - Banks™
Today banks either own payment solution in-house or commonly outsource it through payment service providers. This creates silo view of the payment across various channels for the same customer and hence collective intelligence cannot be harnessed. RS IntelliEdge™ (Banks) is designed to solve this problem by preserving what it banks have today but creates a common infrastructure to harness unified perspective.
This is an in-flight risk assessment solution for all payments channel and fund sources – covering cards, accounts and alternate payment methods (APM). Key features include:
RS iFinSwitch™ is a modern, API based digital switch for front-end acquiring. It has a multitude of features which include:
It can support both card-present and card-not-present payment methods. The multi-purpose platform is built using a modular microservice-based architecture that can be used as a payment gateway, a front-end processor or a fully functional processing platform. Its API-first design ensures it can communicate with the most modern devices using API based calls.
RS MerchantEdge™ is a comprehensive digital platform that streamlines merchant interactions with ISOs and PSPs, resulting in a dramatic reduction in the time taken by acquirers to originate and fulfill their merchants’ needs. It provides a complete system of record for merchant management and can be easily integrated with any sales or Customer Relationship Management system to manage the end-to-end merchant lifecycle.
It includes a Merchant Portal that acquirers can use to help their merchants monitor their business via a user-friendly dashboard. RS MerchantEdge™ is fully validated by the PCI Security Standards Council, conforming to PA-DSS v3.2 requirements.
RS Test2Pay™ (3DS2)
RS Test2Pay™ (3DS2) is a unique 3DS 2.0 test simulator platform based on the newest EMVCo standard. Our scalable architecture is unique since it delivers an authentication sandbox to encourage collaboration and innovation for authentication use cases. It is a cloud-hosted, web-based platform built on a multi-tenant model to support multiple users simultaneously. RS Test2Pay™ also supports end-to-end testing for 3DS 2.1, in compliance with the EMVCo guidelines. The platform simulates, tests, and automates testing across the entire payments ecosystem: Different components include the Access Control Server (ACS), Directory Server (DS), 3DS requestor, and 3DS client using a service virtualization technique. Architected to support a high volume of transactions it can drive large batches of transactions to test any system’s throughput. Configuration and automation of testing and test cases is business-friendly to reduce dependency on limited IT and testing resources. The platform is extensible so that any ISO or API-based message format can be tested.