Payment and Settlement Systems

“People were poor not because they were stupid or lazy. ……………………
They were poor because the financial institution in the country did not help them widen their economic base.”
― Muhammad Yunus, Banker to the Poor

Payment and Settlement Systems

These are indeed prophetic words of a visionary. Safe, Reliable, Economical Interoperable payment systems can help accelerate prosperity of individuals and thereby the economic wealth of the nations. It is imperative for the stakeholders including the governments, the central banks, the commercial bank, the technology providers and even the mobile network operators to come together and create a payment infrastructure which can become a growth engine of a country.

Digital Dimensions is working closely with the Central Banks to put in place the following building blocks to build, host and operate the digital interoperable payment system.

  • A comprehensive policy framework in the form of “Scheme Rules”
  • Approved transaction types in the overall Scope of Work and messaging formats
  • Roles and Responsibilities of the network participants
  • Service Level Agreements (SLAs) amongst the network participants
  • Business and Revenue Models
  • Dispute Management System and Arbitration mechanism
  • Brand Guidelines and Intellectual Property
  • Policies for On-boarding, Audit, Inspection, Data Protection, Data Retention, Compliance, Termination of the network participants
  • Governance Structure
  • Policies with respect to Reconciliation, Clearing and Settlement
  • Fraud and Risk Management (FRM)
  • MIS and Reports
  • A detailed solution architecture for the smooth functioning of the proposed digital Payment System
  • Operating and Procedural Guidelines for the network participants
  • A sandbox and a detailed certification program for on-boarding of the network participants
  • A training manual for the personnel of the network participants
  • Go to Market Strategy