Payment Engine

At SONDA we have developed an IT solution for national and international electronic payments, that standardizes, centralizes, administrates and manages payment processes for financial institutions.

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The SONDA payment engine meets the standards for the transmission and reception of domestic payments transactions that are required by the real-time gross settlement and compensation systems implemented by the Central Bank of Chile, and the clearing house operating company Combanc, respectively.

International payments complement domestic payments and allow banks and financial institutions to pay via SWIFT. Here the correspondent bank is a new participant incorporated into the payment flow, who takes on the role of intermediary in the payment operation within countries where the paying bank has no offices. This involves managing correspondent banks, understanding in which countries they operate, which currencies they use, and their specific holiday calendar, plus other background information.

Our payment engine operates through a core system, which integrates both domestic and international payments.

Some of the main features of our payment engine solution are:

  • It accommodates multiple sessions and multiple currencies.
  • It provides Real Time Gross Settlement and Combanc functionality.
  • It provides Combanc, RTGS and Sinacofi contingencies.
  • It compares payment v/s payment.
  • It manages payment lists. (Stock market transactions and general payments or collections)
  • It manages correspondent banks.