Core Banking Payment Module

This project pertains to payment handling as part of the core banking platform activities. The HPS team developed new implementation of the platform for payment transactions, messaging and customer communications, status updates and report generations. 

Client Overview

The client is a global leader in AI and Automation, enabling clients with digital transformation. Its products are used by global corporations across financial services, insurance, retail, consumer & packaged goods, life sciences, manufacturing telecom and utilities. 

Features

Hong Kong Faster Payment System (HK FPS)

Message handling system

If the bank of the payer account is different from that of the payee account, it is not simple to transfer money without enforcing regulatory standards and format conversion. This module parses relevant payroll data, creates payment orders and executes it. The payment instructions are of industry standards, such as PAIN001, PACS008 (payment customer processing and settlement), PACS002 (acknowledgement with accepted or rejected status)

File processing operations

This module corrects misinformation in input files. It sends error and validation messages between systems, performs bulk and individual cancellations of payment orders, and generates bulk reports, retrieved through SQL queries, leveraging Jasper reports.

Network directory system

This contains a detailed directory of bank identifier codes (BIC) for HK FPS. It allows a user to configure key–value pairs and upload bulk XLS, XML, API docs containing bank details like name, addresses, etc. Users can also query data by BICs to retrieve bank details. This is important to PO creation where it automatically retrieves the bank details through a specified BIC. Faster information search and retrieval is carried out by caching through Redis. 

Message Hub

When payment instructions are uploaded by the corporate, this module sends acknowledgements to the user. This handles hundreds of thousands of instructions/records and sends messages indicating that processing is error-free with “accepted” or “rejected” status information.

Client preference settings

Each bank can set their own profile, what payment system they subscribe to, and different payment channels (FPSC1, FPSC2, FPSC3, BKRTP, etc). They can transfer money according to channels and rules set by the management. They can also set notification preferences.  

Clearance system messages

This module triggers notification messages between systems, such as MT 900 (debit), MT 910 (credit), echo messages, etc.

Ongoing module:

Working on US Real-time Payments (US RTP) 

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