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NIBSS Deploys New Payment Stack to Expand Instant Transfers Infrastructure

• Open-source architecture supports QR payments, phone-number addressing, allows for greater flexibility over upgrades, product development James Emejo in Abuja Nigeria Inter-Bank Settlement System (NIBSS) has deployed a new national

The National Inter-Bank Settlement System (NIBSS) in Nigeria has introduced a new payment platform, the National Payment Stack (NPS), utilizing open-source technology to enhance its digital payment infrastructure. The platform, designed and developed by NIBSS, runs on Transactility's jPTS switching platform, which supports instant payments based on the ISO 20022 messaging standard. This gives NIBSS greater control over the development and expansion of critical payment services as demand and transaction volumes evolve.

NIBSS Managing Director/Chief Executive, Premier Oiwoh, stated the platform was created to meet the scale and demands of Nigeria's payments market, acknowledging the jPOS ecosystem's flexibility for future development. The NPS supports various payment services, including account-to-account transfers, QR-code payments, alias-based transactions, and bulk payments. Its architecture is designed to process national payment transactions efficiently while allowing room for additional services as the market expands.

A key feature of the NPS is its adoption of ISO 20022, an international financial messaging standard that enables more structured and detailed information in payment transactions, paving the way for richer transaction data and better interoperability. NIBSS built the platform using a modular architecture, combining its engineering capabilities with selected open-source and enterprise technologies, including JPOS, an open-source framework for payment transaction processing.

The deployment of NPS combines local engineering expertise with established technology, illustrating the potential for open-source technology to support large-scale payment systems. Transactility, a US-based company, supplies the jPTS platform, and its founder and CTO, Alejandro Revilla, described the deployment as a milestone for the company and the payments community, highlighting the role of open-source technology in supporting national-scale payment systems.

Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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