Finland to replace legacy POPS by launching modern payments system

Finland's banking industry has drawn a plan to create a real-time payments system to replace its legacy Finnish online urgent payment system (POPS) that transcend country borders and utilizes the SEPA standard.

Finland’s banking industry has drawn a plan to create a real-time payments system to replace its legacy Finnish online urgent payment system (POPS) that transcend country borders and utilizes the SEPA standard.

Inviting potential suppliers, the Federation of Finnish Financial Services said that the POPS was rolled out in Finland in the early 1990s; however, with the passage of time, it is not able to fulfill the demand of modern payment industry in the country.

The federation, which maintains the platform, said that customer necessities are changing and it is important for banks to have a payment system that makes it possible to develop real-time payment service products for both consumers and corporate customers.

The federation has placed a ‘request for information’ and asked the potential suppliers to explain how they would help to set up a 24/7/365 system, real-time, cross-border, payment system suitable for the SEPA-era.

Giving deadline by September 2014 to submit a written response, the federation said that the new system must be connected to a network that is at least equal to Swift.

Additionally, the service platform must be designed and implemented in a way that it provides interfacing to banks to further develop their own products and services.