Payment Systems are the key component of any financial system. The efficient functioning of the payment system makes a key contribution to overall economic performance by allowing safe and timely completion of financial transactions. Payment Systems also provides the conduit for effective transmission of monetary policy.
It is recognized worldwide that an efficient and secure payment system is an enabler of economic activity. There are diverse payment systems functioning in the country, ranging from the paper based systems where the instruments are physically exchanged and settlements worked out manually to the most sophisticated electronic fund transfer system which are fully secured and settle transactions on a gross, real time basis. They cater to both low value retail payments and large value payments relating to the settlement of inter-bank money market, Government securities and FOREX transactions.
Banks are the main providers of payment services to the customers in India. The payment systems are Message based funds transfer like NEFT, RTGS and SWIFT. These messages facilitate the bank to receive and remit funds across the banking system and inter-bank financial settlements would take place in real time i.e. online environment.
ZSL's PayManager offers the bank the capability to better regulate and optimize funds for NEFT, RTGS and SWIFT transactions before releasing it to the Central Bank. PayManager incorporates comprehensive algorithms and validation features to hold the fund to NEFT, RTGS and SWIFT so as to better manage the outflow of funds from the bank to the Central Bank. PayManager also provides facility to help the bank to monitor any incoming and outgoing transactions, and provides real-time position for all incoming and outgoing payment instructions. In addition to the aforementioned features, PayManager provides multiple host interfaces and functions as a common interface to the various host applications within the bank. The protocol used to interface with the various hosts is MQ Series, a messaging middleware.