Following this announcement, the Somalia Payment Switch (SPS1) has launched its Instant Payment System with QR payments support powered by BPC’s SmartVista platform. The initiative marks an important step in the process of modernising the company’s payment infrastructure, as well as promoting financial inclusion and improving the overall local economic stability.
As the demand for secure, fast, and modern payment solutions has been pressing, with the introduction of the SOMQR standard and the launch of the SPS as the scheme manager and operator, CBS aims to reduce the overall reliance on cash, ensure interoperability, as well as expand financial solutions across the country.
According to the official press release, SPS selected BPC’s SmartVista platform in order to remain complaint with both the local and international regulatory standards, as well as meet the needs, preferences, and demands of clients and users in an ever-evolving market. The platform incorporates several components, including an Integration Platform for secure connectivity, a Participant Portal for real-time transaction monitoring, and a Dispute Portal for efficient case resolution. At the same time, BPC’s Fraud Management Solution was developed in order to strengthen security measures and safeguard transactions from potential threats. Initially deployed in the cloud, the system is set to transition to a local data center in order to enhance resilience and operational stability.
The newly deployed infrastructure is expected to give SPS the possibility to process transactions in real-time, with robust security features such as Public Key Infrastructure (PKI) to prevent fraud and unauthorised access. In addition, it also integrated settlement and liquidity management solutions, overseen by the Central Bank as the clearing and settlement agent, in order to provide real-time net position updates and multiple settlement cycles, while a national QR payment standard known now as `SOMQR` is set to enable fast and secure contactless transactions with a simple scan.
Furthermore, Somali clients will have the possibility to initiate instant transfers from their mobile or banking app, as well as make QR-based payments by entering the recipient’s details and authenticate transactions securely with a PIN or OTP. Businesses and merchants will be enabled to present a QR code that users scan in order to automatically route transaction data through the SmartVista Instant Payment system.
In the future, CBS and SPS aim to develop a resilient, secure, and efficient National Payment Infrastructure that aligns with Somalia’s overall economic recovery goals and supports international financial integration.
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