NIBSS Instant Payment

1. Rationale For NIBSS Instant Payments

• Present yearnings of the market for On-Line Real-Time, Account Number based credit transfers
• The NCS infrastructures required for Instant Payments is now in operational state
• A crucial requirement for Mobile Payment systems to be licensed soon by the CBN

2. Features

• On-Line Real-Time payment delivery
• Inter-Bank Credit Transfer
• Based on Bank Account Numbers (non-Card)
• Authentication is done by sending Bank
• Ideal for single-item payments e.g. P2P, B2B, P2B, B2P, revenue collection

3. Delivery Channels

• Bank Branches(Tellering System)
• Existing Internet Banking channel of Banks
• Mobile
• E-Commerce (Online Payments)
• Platform on which other bank products can be deployed e.g. B2B

4. Operational Modalities

• Instant Payments would be operated on the NCS infrastructures
• Instant Payments message traffic is directed to the Core Banking System(CBS), not card-based Front-End Processor
• NIP Switch would receive credit leg from one bank’s CBS and route to another bank’s CBS
• Routing is based on CBN-assigned 3-digit Bank Code
• Settlement shall be in line with NACS Settlement regime, with same day value
• 12am cut-over time for settlement purposes and for generation and delivery of necessary reports

5. Transaction Types

1. Account Name Enquiry
2. Fund Transfer (Direct Credit)
3. Fund Transfer (Direct Debit)

6. Requirements from Banks

• Specifications for connection to the Core banking System
• Banks to provide Faster Payments functionality to

  - Teller
  - Internet Banking