Technical requirements checklist
The proactive participation of all financial industry players including banks, MFBs, EMIs, and PSPs is critical to the success of MPG. In order to ensure smooth integration with MPG over the course of its implementation, participants will have to meet technical requirements across various categories, as outlined below:
- Prepare systems including core banking, online banking, and mobile banking to support 24x7x365 operations
- Ensure 99.9% uptime of all systems connected to MPG
- Send and receive payment orders in near real-time (i.e. within 5 seconds)
- Enable front-end channels to create and register aliases for customer accounts and process alias-based payments
- Integrate with MPG via an API gateway
- Process ISO20022 message formats
- Establish a network connection to primary and secondary MPG sites, separate from the RTGS connection
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- Align funding and liquidity management processes with multiple daily settlement cycles (e.g. 3-5 settlements per day)
- Ensure that funding and liquidity management process account for transactions of indirect participants (e.g. PSP, EMIs, etc.)
- Reconcile customer balances in real-time
- Ensure continuous transaction processing while reconciling and settling the previous cycle
- Complete all compliance checks within the 5 second time limit to process a payment message
- Enable multi-factor authentication across all front-end channels
- Enable customer authentication through encrypted security credentials (e.g. IMEI)
- Enable different transaction and exposure limits based on the customer risk profile
- Allocate project budget and establish project team with business and IT representatives
- Onboard technical expertise required to integrate to MPG
- Ensure technology vendors are aligned with the overall project timelines
- Ensure operational capability to monitor systems and provide customer service 24 x 7 x 365