Fime has been selected by BancNet, the Philippine-based domestic scheme, to support the onboarding, testing, and certification process for its instant payments service, InstaPay. BancNet is the Clearing Switch Operator (CSO) for InstaPay and has been authorised by the central bank as an Operator of a Designated Payment System (ODPS), with InstaPay being a Prominently Important Payment System (PIPS).
Through BancNet, InstaPay-participating financial institutions can utilise the Fime Test Factory platform to test their instant payments solutions based on the ISO 20022 specification, the international standard for financial messaging. The automated and cloud-based testing platform, along with Fime's support throughout the process, will significantly reduce the time required to onboard these institutions. This helps institutions launch their instant payments services to customers more quickly.
In addition to speeding up time-to-market, the bespoke testing and certification platform ensures that InstaPay participants experience a seamless testing and certification journey. This streamlined process allows for consistent and reliable onboarding, supporting the rapid expansion of InstaPay's instant payment capabilities across the Philippines.
Officials from BancNet said that since 2014, Fime has supported their mission to enable the safe, efficient, and reliable delivery of payment services in the Philippines. With Fime’s continued support, they can do their part in helping the financial industry to further increase adoption of InstaPay, helping more citizens to make payments instantly anywhere, anytime.
Fime’s representatives added that they look forward to building on their ten-year partnership with BancNet to help take its InstaPay service to the next level. Their goal is to support BancNet to bring its members into the ecosystem quickly and efficiently. They are happy to support this journey to drive financial inclusion and digitalisation in the Philippines through the automated test tool facilitating convenient, easy, and cost-effective payments.
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