This archive report was first published on 5 January 2022.
On January 5, 2022, Kenya took a significant step in modernizing its real-time payments infrastructure by launching a new ISO 20022 instant payments system.
The Integrated Payment Services Limited (IPSL), a Kenya Bankers Association's (KBA) real-time payment services company, partnered with TietoEVRY to deliver the modernized real-time payment system.
According to Seun Owoeye, Chief Operating Officer at IPSL, the new system will enable banks and other stakeholders to accelerate real-time payments, align with regulatory directives, and improve operational efficiencies.
Valdis Janovs, TietoEVRY's Head of Instant, Retail Payments and Cards, expressed pride in partnering with IPSL to deliver the next-generation Instant Payments Solution to Kenya.
Notably, the project was implemented fully remotely during the COVID-19 pandemic, demonstrating the ability of both parties to collaborate under challenging circumstances.
TietoEVRY was chosen as a partner due to its proven credentials in providing modern, real-time payment solutions worldwide.
The company has previously worked on similar projects, including the Maldives Monetary Authority's Instant Payments System project and the development of Siirto, Finland's first real-time mobile payment platform.
