Tanzania Instant Payments System – Bank of India

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Case Study

Tanzania Instant Payments System

Introduction:

TIPS is an interoperable digital payment platform operated by the Bank of Tanzania, which offers real-time transfers or payments of funds between Financial Service Providers (FSPs), both banks and non-banks such as e-money issuers. TIPS project required Finacle CBS to process both INWARD & OUTWARD request messages.

Problems:

Participation of Bank of India Tanzania in the Tanzania Regulatory Global Payment Network -TIPS. Increasing the Customer Base by providing with the TIPS Payment facility and increasing the Bank Revenue via TIPS Payment Facility. Providing with a fast, super-efficient & Real Time Payment Facility while enhancing the Overall Customer Service for BOI TZ Customers.

Solution:

They have handled the outward payments via Java Socket connection and inward requests are accepted in ISO 8583 format and real time credit is provided to customers. Provided with the facility to accept the request, hold the amount until confirmation/rejection from the beneficiary customer and with the opportunity for customers to reverse the Outward payments in case of any wrong debit. Necessary data is available for reconciliation.

Challenges:

Providing with a fast, super-efficient and Real Time Payment Facility and enhancing the Overall Customer Service for BOI TZ Customers. Inability of Finacle 10.2.09 to send OUTBOUND requests outside Finacle.

Innovation:

In case Bank of India, Tanzania is not taking part in the TIPS network it can create reputation loss among the banks in Tanzania. Also, it can cause revenue loss as customers would prefer other Banks over BOI Tanzania, resulting in reduction of Overall Customer Base.

Outcomes:

Participation in the Global Payment Network at Tanzania and increase Overall Customer Base and bank’s revenue providing real time payment facility for our customers. LIEN marking will be done and amount will be released only after Confirmation from the beneficiary and avoiding reputation loss.

Opportunities:

TIPS has incorporated payments through Account Number only, in future payment facilities will be made available by alias name , mobile number and MNO ID

Summary:

TIPS require reversal to be done only after Reversal Confirmation from Bank of Tanzania. So, the confirmation from other Financial Service Provider will be accepted in ISO8583 format and Customer will be paid the reversal amount. Inward Transaction will be immediately credited to beneficiary except for INWARD Reversal request where upon receipt of reversal request.

For more information, please contact:
Swapnil Danade at swapnil.danade@bankofindia.co.in

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