Paysys Labs team members recently traveled to Indonesia and the Philippines to demonstrate real-time, interoperable payments and transfers among select credit unions.
Working as sub-contractors of Paysys Global, our team has been actively involved in the World Council of Credit Union’s (WOCCU) planning phase project to enable low-cost, interoperable, real-time payments and transfers between credit unions and cooperatives in Indonesia and the Philippines. Our work included assessing the technical readiness of a handful of exemplar credit unions to support real-time payments, as well as the development and customization of software that resulted in the demo lab being established. Our team developed and customized an integration layer that orchestrated flows between the front-end channel, the participants’ core banking system/wallet system, and the real-time payment system. System integration testing was also conducted with select participants in both countries, which resulted in findings on the approximate associated participant costs and time required for future integrations. Finally, our team developed a mobile application to be used in the live demo, and serve as a prototype for the next phase of the project.
All the above culminated in the live demo events that our team was a part of, which demonstrated how a real-time, interoperable payment system could enable credit unions to perform:
- Customer on-boarding/registration
- Peer-to-peer transfers
- QR-code-based merchant payments
Needless to say, everyone was happy with the results!