Sep 3, 2020

RTGS Global and Microsoft reimagine payment networks

RTGS Global
Microsoft
WorldPay
Payment Networks
William Girling
2 min
RTGS Global and Microsoft are transforming payment networks and bringing cross-border transaction infrastructure up to a 21st-century standard
Cross-border liquidity network RTGS Global is collaborating with Microsoft to develop a unique and transformative payments network...

Cross-border liquidity network RTGS Global is collaborating with Microsoft to develop a unique and transformative payments network.

Now at the first stage of its operational rollout, RTGS Global’s network operates on a 24/7/365 basis, allowing for the authentication and auditing of interbank real-time liquidity on a granular (transaction by transaction) level.

Facilitating multi-currency payments while also providing solid integrity, security and reduced risk, the company estimates that its end-to-end process can take only 300 milliseconds.

Microsoft’s cloud platform, Azure, provides the architecture for the network. Bill Borden, Corporate VP, Worldwide Financial Services at Microsoft, believes that the partnership could fundamentally change international payments for banks:

“Using Azure’s AI and data analytics capabilities, RTGS Global’s new system provides a powerful way for banks to transform their international payments process, delivering enhanced value to their customers while reducing costs, improving efficiencies, and staying secure and compliant.”

Nick Ogden: creating a vision

RTGS Global was founded by fintech entrepreneur Nick Ogden, whose previous ventures include the successful payment processing company WorldPay.

Recognising that the contemporary payments industry is burdened by legacy technology, inefficient networks and slow transaction speeds at a time of economic crisis, Ogden decided that making it fit for 21st-century purposes was essential.

“Invisibility of liquidity undoubtedly contributed to the last global financial crisis. We believe that we have made significant progress by ensuring that every international transaction is matched to corresponding real-time institutional liquidity,” he stated.

“Throughout many decades spent working on new technologies to revolutionise the global payments industry, I’ve worked closely with regulators, central banks and commercial institutions. RTGS Global is the culmination of that experience.”

Answering the ‘call to arms’

It should be noted that this news comes almost two months after a proclamation from the G20, wherein a report declared the forum’s belief that “faster, cheaper, more transparent and more inclusive cross-border payment services would deliver widespread benefits for citizens and economies worldwide.”

Indeed, the recent surge in digital payments solutions developing all around the world, including the US, Africa and Asia, seems to indicate that this ‘call to arms’ is being heeded by the financial services community, and particularly fintechs.

If Capital on Tap’s report is to be believed, that digital payments will be the future of finance post-COVID-19, then RTGS Global and Microsoft could be part of a developing movement which aims to democratise payment infrastructure and improve the quality of life for communities in a way which wasn’t previously possible.

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Jun 17, 2021

Tink partners with Novalnet AG for open banking payments

novelnet
Tink
Fintech
Digitalpayments
2 min
Novalnet AG will collaborate with Tink for the fintech’s payment initiation services

The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.

Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide. 

According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform. 

The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly. 

Novalnet partnership with Tink

By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe. 

The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021. 

Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties. 

“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants." 

Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”

He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”

Image credit: Novalnet AG

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