Introduction to Interac Instant

As part of the payment modernisation program in Canada, Interac implemented the Interac instant payments in the ISO20022 format.

Interac instant payments are processed in Temenos Transact via the Temenos Payments Hub (TPH - standalone system). To integrate the TPH system with Temenos Transact, the PEMINT interface module is used to store and send the request messages to Temenos Transact.

Interac instant transactions now supports the ISO 20022 message type for payment process via TPH.

This functionality allows banks to process the Interac instant payments using the Canadian specific validations through the TPH module.

This functionality provides the following benefits:

• Ability to process Interac payments with CAMB validations.
• Ability to process reversal of charges when the transaction is reversed.
• Ability to check the payment status using a customised enquiry.
• Ability to capture accounting based on the customer company using the company change process.