The digitization process has led to the emergence of novel payment methods, including MMO and QR code, which
present
complex transactional interconnection and clearing requirements that the traditional bank card switching
network is
incapable of addressing. From the standpoint of national financial infrastructure, it is imperative to
establish a
clearing network system that is tailored specifically for electronic payment.
The MuRong Electronic Payment Switch System (EPSS) is digitalized payment switch solution that provide
transaction
switching, clearing and settlement, dispute resolution, risk management, and value-added services. Serving as
a robust
infrastructure, it efficiently connects banks, payment solution service providers (PSP), mobile money
operators (MMO),
and various other participating entities, enabling seamless collaboration across the digital ecosystem. This
comprehensive system not only ensures smooth transactions but also significantly enhances the overall customer
experience.
E-KYC for segment customer verification;
No cash based on E-wallet;
Cardless based on digital account;
Digital operation support all services;
TTM decreased significantly;
Digital finance ecosystemcould be built with new partners easy and quickly;
360° customer reviewprovide unified growth plan and experience for customer;
Customer acquisition cost reduction based onprecision marketing;
Open platform is easy to get customers from its ecosystem;
Reduce cost of softwareand hardware;
Improvement of system carrying capacity;
Easy parameterization and configuration based ondistributed and micro service design.
EPSS integrates a range of access specifications into a unified framework, leveraging an open platform to achieve seamless integration.
EPSS has an independent dispute resolution system that provides a unified approach to handling disputes across various business modules.
EPSS employs a diversified pricing strategy that allows for flexible pricing based on the differences among participants.
EPSS is designed with a strong focus on internationalization, fully embracing international standard data specifications. eg. ISO8583, ISO20022, etc.
Offers real-time clearing and real-time settlement functionalities, enabling swift and efficient transaction processing.
EPSS supporting dual-active and three-center deployment methods across two locations. Seamless support for 7x24 hours service.
EPSS has a unified and independent risk control and anti-money laundering (AML) system. Through data analysis and model-based predictions, it ensures the security and integrity of its business operations.
EPSS meets PCI-DSS standards, ensuring transaction security and data storage safety.
Unified Access System and Robust Risk Control of EPSS Lowers Barriers for SMEs to Participate in Financial Markets, Enhancing Competitiveness.
EPSS has unified specifications, which solves the complex docking problems of multi-participant and multi-standard systems and improves the operational efficiency of the payment market.
Supports Multi-Channel and Diversified Payment Tools, Drives Digital Payments to Meet Varied Socioeconomic Needs.
The use of the advance architecture with open-source software can significantly reduce the infrastructure costs and the IT operation & maintenance costs. The easy and quick integration can also save the costs for participants.
The transactions are process within the country and the data are kept in country which can strengthen the regulatory for payment & settlement to safeguard and defuse financial risks in the field of payment and maintain financial security.
EPSS provides the automated process which can improve the operation efficiency for system owner and participants.
Connects the national money market, bond market, foreign exchange market and other financial markets.
The core infrastructure of national economy and finance Prevent.
Promote the improvement of digital finance efficiency.
Strengthen public confidence.
The key layout to solve the existing financial problems of the various of industries.
Promote the long-term and healthy development of the market.
Resolve the imbalance of market competition.
The efficiency and security of economic operation is required by economic subjects.
Higher requirements for cross-border payment.
Rapid development of Foreign exchange clearing.
Prevent the outflow of illegal funds.
Promote the development of nationalFDI.
Curb illegal and criminal acts due tothe cashless transaction.
National stability Serving monetary policy.
Financial stability Anti moneylaundering.
Anti terrorist financing Anti corruption and anti tax evasion.