Overview of Cross Border Payments
ECS offers a series of methods and options to clear and settle payments covering all geographical regions and currencies.
If you are a bank or a credit union, you should be able to offer payment services to all your customers and be able to draw new prospects by offering rapid onboarding.
You do not have to acquire massive infrastructure, Swift services, or depend on an intermediary or correspondent to do cross border payments. Subscribe to ECS’ Payment Platform and you should be able to start clearing and settling cross-border payments anywhere in the world within weeks.
The platform consists of pre-processing services, channel selection, clearing & settlement, and post-processing services. The QA environment can be made available on integrating with your CBS system/s, and/or other payments services from where payment requests can be gathered.
The various components of our platform and associated functions are summarized in topics listed on the left-side menu. A more detailed description of our platform can be understood by browsing our Products and Services pages.
Utilizing the Swift Network
The Swift network can be utilized for crediting beneficiary accounts by directly instructing the Beneficiary bank and crediting the Beneficiary bank through your correspondent. The MT 103 message and MT 202 COV message will be created as 2 legs of the same transaction and transmitted to the appropriate banks via Swift network.
Acknowledgements and Confirms are captured and reconciled with the underlying transaction. Real-time dashboards and interfaces will be extended to each department/user who have specific roles in operational activities and control. Each instruction is reconciled against end of the day statements for ensuring that books and records of all parties are in sync.
Swift gpi, Better Coverage, Pricing & Real-time Tracking
ECS supports all messaging and workflows associated with Swift gpi. The best routing is identified within the Swift network for the fastest or cheapest path to be taken. The dashboards and interfaces are further enriched with additional information, status, and visibility to the location of money at each stage during the clearing and settlement activities through each correspondent bank.
Swift go & Workers Remittance
ECS also supports the workers’ remittance workflows, whereby frequent low-value payments on the Swift network can be done with better pre-approved bank fees and charges.
Utilizing PSPs
The IMS Payment Platform is rich with a series of modules that clears and settles payments using Payment Service Providers ECS is able to support the following PSPs.
- NIUM
- VISA B2B
- Mastercard XBS
- Ripple
- Thunes
- Banking Circle
- Western Union
If your preferred PSP is not listed above, we should be able to add a new one within a 2 month period.
The PSPs’ takes away the need for you to find a Correspondent Bank or an Intermediary. The PSP will act as your intermediary thereby payments can be cleared by making requests directly.
Coverage, Fees & Settlement Time
If a payment request can be satisfied through one or more services available in the platform, each such service will be listed along with fees, charges and settlement time. Such information will become the input for the routing module to make the appropriate decision on the channel to be used.
Payment Control
ECS offers a well-organized dashboard and interface that gives full visibility and control on every payment being processed. Payments go through a series of “touch-points” allowing any number of departments to interact individually or collectively, serially or in parallel.
The internal controls dashboard has built a good reputation for ECS from its customers. They are able to review, attach documents, reassign exchange rates, add processing notes, set release times, engage dependencies, and conditions very easily without having to write scripts or engage the development team.
Every payment instruction is categorized by its type, purpose, location of initiator/beneficiary, amount, type of currency exchange, nature of recurrence, etc. The payment profile dictates the path it should take while it goes through a series of processing desks and touch points.
Usage of beneficiary account numbers within a payment instruction is also controlled through simple parameter settings.
Smart Routing
ECS offers a well-structured payment routing module that allows a bank’s operations team to easily implement the rules that decide which channel to be utilized for clearing and settling each payment.
This facility removes the need to have multiple integration services with the CBS system and eliminates the need to write processing rules inside a CBS system.
The routing service can also interface with a customer’s payment initiation portal or device in real-time and offer options where the customer (or a bank teller) can see all options available for settling a payment along with cost and time factors. The customer or the bank teller on behalf of the customer can take an informed decision supporting customer needs and optimizing the bank charges.
ERP systems can take advantage of such facilities whereby each payment instruction from an integrated file will pick the most appropriate channel taking into consideration the specific need of the customer and ensuring maximum profit for the bank.
Our customers have managed to gracefully terminate thousands of payment processing rules written to accommodate specific needs of customers, operations, market practices, and regulatory needs.
Platform Details
All modules, components, and services needed to make your solution complete are available on the
IMS Payments pages.
Risk-free Acquisition
Request a QA environment for a detailed evaluation and a rapid engagement path. Save millions of dollars in bank fees and charges while growing your payments business without boundaries or limitations.
