The difference between low and high value payments
Banks separate payment processing into two (or more) separate payment streams, low and high value. High value payments refer to transactions that are usually conducted interbank, and settled on the same day. High value payment systems apply to transactions that occur in the financial market, such as payments between financial institutions or financial intermediaries and have very high dollar value.
High value transactions are processed using real time message-based gross settlement (RTGS).
Low value payments are usually retail payments that are often dealt with in batch processing based net settlement systems.
How does a high value payment monitoring system help my business?
Businesses depends on a quality payment monitoring system to oversee the high value and priority payments flowing through their systems.
A payment monitoring system allows you to see the payments have been processed in real time, and provides broad and specific visibility into accounts and account status. It also sends alerts if anomalies occur in real time and before they impact the customer or the settlement accounts.
Retaining customer trust is important and without the oversight provided by a high value payment monitoring system, it can be jeopardised if payments are not processed correctly. The ability to monitor high value payments precisely and accurately prevents any issues that can impact negatively on credit ratings or attract regulatory penalties.
Analysis of your payment data can also help with making the right business decisions at the right time.
High value payment monitoring systems like IR Transact’s is ideal for complex processing of transaction. It can offer simple management, with accurate monitoring of the health of your transactions in real time.
How do I choose a high value payment monitoring system?
When choosing your system you should look for key elements that offer your business peace of mind, security and efficiency in monitoring the health of your payment ecosystem.
This includes hardware, software and contextual information such as the type of payment and location. Performance metrics will be different for each of these layers, so your payment monitoring system should reflect that.
Your payment monitoring system must be able to adapt to regulation changes as they occur. IR Transact is built from the ground up and is flexible to industry regulation adjustments.
The rapid introduction of new and varied payment methods needs to be catered for in your high level payment monitoring system.
Your vendor should be reliably on hand when you need support. The smooth transaction of high level payments is vital and any system should provide 24 hour back up to ensure processes are not interrupted.
Taking advantage of an advanced high value payment monitoring system like IR Transact gives you the competitive lead, helps you manage uncertainty and risk and ensures that you address any processing issues with high value transactions as they happen.
High value transaction payment monitoring is the only way to monitor in-flight transaction health and ensure seamless processing systems for your customers.