Finland is hoping to establish a real-time payments system and is looking for partners to build it with. The country’s current system “Pops” has been in place since the 1990’s and rapidly becoming obsolete, according to the Federation of Finnish Financial Services, which maintains the platform, reports Finextra.
The federation has put out a ‘request for information’ that asks potential suppliers to explain how they could enhance the creation of a 24/7/365 system fit for the post SEPA migration Eurozone nation. The system must meet the following requirements: real-time, SEPA-zone compliant with application-level acknowledgement of the payments being received by the designated beneficiary.
The banks say that the system must be connected to a network that is “at least equal to Swift” and designed to make developing their own products and services easy.
Potential suppliers have until September to submit a written response to the request for information.
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