Transactility, Inc. has disclosed that the Nigeria Inter-Bank Settlement System (NIBSS), Nigeria’s central payment infrastructure operator, leveraged Transactility’s open-source technology to roll out the National Payment Stack (NPS).
NPS is a next-generation ISO-20022 instant payments platform that NIBSS designed and developed for Nigeria’s payments ecosystem.
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Commenting on the rollout of NPS, Premier Oiwoh, managing director/CEO, Nigeria Inter-Bank Settlement System (NIBSS), said the invention was designed for the scale of Nigeria’s payment market.
“The NPS was designed and built for the scale and demands of the Nigerian payments market. The jPOS ecosystem gives us the flexibility to continue developing the platform as the ecosystem evolves,” he said.
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Founder and CTO of Transactility, Alejandro Revilla, stated that the development is an important milestone for Transactility and the wider payments community.
“We are proud that NIBSS selected technologies from the jPOS ecosystem for the National Payment Stack. NPS shows how open technology and local engineering can be used to build national payment infrastructure at scale,” Mr Revilla said.
NPS
NIBSS designed NPS using a modular architecture that combines NIBSS-developed capabilities with selected open and enterprise technologies.
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NIBSS selected Transactility’s open-source stack, including the extreme-performance jPTS switch, built on jPOS, the gold standard for ISO-8583 payment processing, used in billions of transactions worldwide daily, as the foundation for the NPS.
NIBSS has used jPOS within its payment infrastructure for many years, particularly for ISO 8583 transaction processing.
For the National Payment Stack, NIBSS leveraged jPTS and its newly introduced ISO-20022 support to architect a switch purpose-built for the demands of Africa’s largest economy.
With full access to the source code and the Transactility stack’s full customizability, NIBSS retains control of the NPS architecture, product roadmap, and operational development, as well as the intellectual property NIBSS develops for the platform.
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The use of open source-accessible technologies also enables NIBSS to extend the platform and respond to market and regulatory requirements without relying on a proprietary vendor’s release cycle.
NPS supports account-to-account instant transfers, QR merchant payments, alias-based addressing such as phone numbers, and bulk payments. It is designed to deliver the performance and availability required for national payment infrastructure while providing a foundation for new services as the market develops.
The use of jPTS reflects NIBSS’ approach to NPS, combining proven technologies with NIBSS’ own payments expertise and engineering.
NIBSS Plc was incorporated in 1993 and is owned by the Central Bank of Nigeria (CBN) and all licensed Deposit Money Banks (DMBs) in Nigeria.
NIBSS provides key payment infrastructure that facilitates instant clearing and settlement of interbank transfers.
Transactility is the commercial steward of jPOS, an open-source framework for processing payment transactions. Its products include jPTS, jCard, and ISO/Bridge. Headquartered in Boca Raton, Florida, it serves clients in over 120 countries.
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