Technological advancement can be seen in just about every aspect of life, from the distribution of the goods and services that we have come to rely on, to how we pay for them with eCommerce, contactless terminals and in some places even with facial recognition. But not everything has changed. Whilst Fintech firms strive to challenge the legacy institutions such as banks to persuade customers to switch to their latest app or new generation financial instrument, what of the underlying technologies that enable the payments? Today’s payment settlement platforms rely on the same systems that have been in use for years. These platforms are unable to be future proofed whilst also suffering from processing bottle necks that delay the transfers by hours and sometimes days. The question is can these problems be overcome?
Who would have thought that man would walk on the moon? Most thought that impossible, until it was done! To get to the moon mankind had to think beyond the existing and create the new frameworks and new technologies to achieve what had never before been achieved.
Blukite has embarked on just such a journey and will deliver the payment network of tomorrow using ‘open data’ to provide account to account settlement in real-time. The new network, expected to go live in early 2023, will provision the conventional networks at the same time enabling account to account settlement applications such as Talu® and Click2Pay®, which will be the pilot issuer/acquiring system. Most importantly the technology will enable new functionalities to make future innovations more readily deployable and scalable then current legacy systems allow.