SWIFT

 

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the main secure 𝐦𝐞𝐬𝐬𝐚𝐠𝐢𝐧𝐠 𝐬𝐲𝐬𝐭𝐞𝐦 that links the world’s banks.

The Belgium-based system is run by its member banks and handles millions of payment messages per day. The diagram below illustrates how payment messages are transmitted from Bank A (in New York) to Bank B (in London).

Step 1: Bank A sends a message with transfer details to Regional Processor A in New York. The destination is Bank B.

Step 2: Regional processor validates the format and sends it to Slice 

Processor A. The Regional Processor is responsible for input message validation and output message queuing. The Slice Processor is responsible for storing and routing messages safely.

Step 3: Slice Processor A stores the message.

Step 4: Slice Processor A informs Regional Processor A the message is stored.

Step 5: Regional Processor A sends ACK/NAK to Bank A. ACK means a message will be sent to Bank B. NAK means the message will NOT be sent to Bank B.

Step 6: Slice Processor A sends the message to Regional Processor B in London.

Step 7: Regional Processor B stores the message temporarily.

Step 8: Regional Processor B assigns a unique ID MON (Message Output Number) to the message and sends it to Slice Processor B

Step 9: Slice Processor B validates MON.

Step 10: Slice Processor B authorizes Regional Processor B to send the message to Bank B.

Step 11: Regional Processor B sends the message to Bank B.

Step 12: Bank B receives the message and stores it

Step 13: Bank B sends UAK/UNK to Regional Processor B. UAK (user positive acknowledgment) means Bank B received the message without error; UNK (user negative acknowledgment) means Bank B received checksum failure.

Step 14: Regional Processor B creates a report based on Bank B’s response, and sends it to Slice Processor B.

Step 15: Slice Processor B stores the report.

Step 16 - 17: Slice Processor B sends a copy of the report to Slice Processor A. Slice Processor A stores the report.

Payconiq and iDEAL

 Dutch association Currence, the brand owner of iDEAL, has partnered with Payconiq International to deliver a major upgrade version of the Dutch online payment scheme, iDEAL 2.0. The upgrade is expected  claims to provide significant benefits to consumers, payment service providers, and merchants.

iDEAL is responsible for more than 900 million transactions per year. On the other hand, Payconiq International is expected to handle more than a billion iDEAL payments per year in the long term. 

Payconiq's infrastructure was chosen very quickly and it delivers a 2.0 version of Ideal from 1 January 2022.

The new solution is based on Payconiq International’s payment platform and aims to optimise payment flows to boost the user experience and facilitate merchant integration.

Besides, Payconiq will handle iDEAL payment traffic in the Netherlands, providing an application programming interface (API) that will enable merchants, banks, and other service providers to connect to the new iDEAL platform via a common access point.

As for iDEAL 2.0, it aims to improve the purchase conversion ratio by providing a new UX design and features for value-added services provided by Payconiq. Furthermore, the solution’s technical infrastructure aims to boost how issuers, acquirers, payment service providers, merchants, and consumers connect to iDEAL.

Payconiq claims to be the first European payment company to offer multi-country payment solutions that allow consumers to pay invoices online, in-store, and other individuals using smartphones.

The company aims to become a leading technology provider in Europe and expects this partnership with iDEAL to be a significant contribution towards that goal. With this development, Payconiq, Currence iDEAL, and affiliated payment service providers can develop new value-added services, such as a fast check-out service.

Payconiq

 Payconiq is a payment method in EU that can be used via an application. It allows you to pay in shops, online and between friends, but also to pay bills and restaurant bills. It's very popular because end-users benefit from fast and easy payment via their smartphone, while merchants reduce checkout duration and pay lower fees per transaction than any other payment method.

Using Payconiq for mobile payments is simple – all your customer needs to do is scan a QR code with an Apple or Android smartphone. The transaction is conducted directly through the Payconiq app, which is already linked to your customer’s bank account.

How it works

Paying with Payconiq is fast and user-friendly. First of all, your customer downloads the free Payconiq app for iOS or Android. They then link their bank account to the app with a simple, one-off action that works for all Dutch banks. Once the bank account is linked, your customer can use Payconiq immediately to make a payment!

Payconiq allows you to pay easily in a physical or online shop, simply by scanning a QR code:

1. The QR code appears on a display or PIN terminal;
2. Your customer scans the code with a smartphone and then approves the payment in the Payconiq app with a four-digit code, fingerprint scan or face ID. This completes the payment, and the transaction will appear on the screen of your payment device or in your online shop. Your customer has paid!