iMPACT

Technology is impacting all industries today, and the banking industry is no exception. As banks push themselves to develop their businesses and expand into new areas, the complexity of their banking needs also increases. The year-on-year growth in transaction volumes has prompted banks to invest heavily in technology to meet growing customer demand.

The competition is even greater since Challenger banks, also known as digital banks or neobanks have emerged as a response to traditional banking models that have remained largely unchanged for decades. These are financial institutions that operate entirely online, with no physical branches.

As a result banks are under pressure to innovate and provide new and innovative services to their customers. Banks may use a variety of external systems and services, such as payment processors, bill aggregators, trading platforms, and credit rating agencies. An increasing number of banks and fintechs are now opening up for collaboration and partnerships with other entities which also requires them to open up their systems and data to third-party developers and partners as part of open banking initiatives

Conventionally, Financial Middlewares helped banks to integrate their internal systems and data with other external systems and data, such as those provided by third-party vendors or other financial institutions. The role of the Financial Middleware has largely evolved over the years.

In today’s fast-paced and constantly evolving financial landscape, modern financial middleware is essential for banks to stay competitive, improve efficiency, reduce costs, and enhance the customer experience. With the proliferation of new technologies and the rise of open banking, financial middleware has become more important than ever, helping banks to modernize their legacy systems and integrate with new technologies and APIs

|iPath offers iMPACT|

iPath offers iMPACT, a multi-institution transaction processing middleware that enables a broad spectrum of payment ecosystem requirements in a single robust platform. iMPACT allows quick and relatively simple change management processes to add new channels, enrich existing services, or implement payment scheme mandates. Rather than building new integrations and extensive development projects that require time and money, iMPACT’s fully configurable back-office empowers our customers to effectively manage changes in-house with flexibility, relative ease, and lower costs.

|Zero Code Platform|

iMPACT provides financial institutions with unparalleled agility to make seamless integrations with end systems without having to manage a team of expert developers to maintain and operate your middleware. It satisfies the need to modernize the existing payments architecture to match your rapidly evolving business needs by enabling operators to make changes or deploy new channels in hours from weeks. iMPACT is built to empower banks with scalability and seamless integrations with Internal and third-party systems.

Resilient Architecture

In today’s fast-paced business environment, a resilient software architecture is essential for businesses that want to remain competitive and deliver high-quality services to their customers.

iMPACT’s resilient architecture is designed to ensure the system can withstand unexpected failures or errors, minimizing the risk of downtime and data loss. The platform is designed to scale easily, allowing businesses to accommodate growing demand without having to invest in costly infrastructure upgrades. This results in improved system reliability and availability, greater cost-effectiveness, leading to increased customer satisfaction and loyalty.

Fault Tolerance

Being a fault-tolerant system, iMPACT minimizes the impact of system failures and ensures that the system continues to operate correctly even in an event of service disruption.

High Availability

By minimizing system failures and ensuring continuous operations, iMPACT helps businesses to maintain service levels, reduce revenue loss, and enhance customer trust. iMPACT is built on proven quality standards which improve system performance, scalability, and flexibility, enabling businesses to adapt to changing customer needs and market conditions.
iMPACT ascertains the lowest outage time and assures minimal RTO so that customers and applications can continue working without disruption.
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Multiple Channel Support

iMPACT provides a common interface for different systems to communicate with each other. This makes it easier for organizations to integrate their existing systems, regardless of the protocols they use, whether it is TCP or HTTP. This seamless protocol translation makes iMPACT a powerful tool for organizations looking to streamline their integration efforts by reducing complexity, increasing efficiency, and improving overall system interoperability.

Strong Cryptography

iMPACT implements industry-standard cryptographic standards and protocols, adhering to best practices for key management and data protection. Our team regularly updates and maintains iMPACT under the PCI-SSF and PCI SLC framework to ensure that it remains secure against new and emerging threats.

Time to Market

iMPACT is a competitive differentiator in the marketplace, offering cost-effectiveness, minimal downtime, zero missed opportunities, and agile change management.

Enriched Adaptability

iMPACT can operate in a wide range of transactional ecosystems, from standalone ATM / POS networks that support a single bank to interface with domestic and international networks, to payment service providers, payment gateways, multi-institution processors, multi-institution Banking-as-a-Service Platforms and Cloud financial service providers.

Security Standard

iMPACT’s PCI SSF certification ensures that it is fully compliant with industry standards for secure payment applications, which can give organizations a competitive advantage due to simplified validation process, enhanced security, increased customer confidence and avoid potential penalties and fines.By obtaining a PCI SSF certification, iPath reassures its commitment to developing secure payment applications, which can increase customer confidence in their products.

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