Since its inception in 1989, ProgressSoft has focused on real-time payments to deliver a set of solutions tailored to the needs of the financial sector.
ProgressSoft specializes in real-time payment solutions and offers a wide range of technologies in the fields of Blockchain-based Central Bank Digital Currency, Mobile Payment Switching & Clearing, Mobile Payments, Realtime Retail Payments, Electronic Bill Presentment & Payment, Real-Time Gross Settlement, Automated Clearing House – Direct Credit and Direct Debit, Mandate Management, Electronic Funds Transfer and Electronic Check Clearing. This is in addition to Wage Protection, Dispute Management, and Signature Verification and Intelligent Signature Recognition. ProgressSoft also provides the Total National Payments System (TNaPS) which consolidates all payment, clearing and settlement solutions and finalizes payments instantly using Blockchainbased Central Bank Digital Currency, or by settling them using e-money through its RTGS solution.
Operating out of several offices around the globe, ProgressSoft nurtures a diversified client base of more than 370 banks, central banks and financial institutions in 24 countries, and boasts a record of thousands of installations including implementations on a nationwide scale.
ProgressSoft deploys leading-edge currency and payment systems that follow international best practices and standards, complying with international organizations including the World Bank, Financial Markets Infrastructure (FMI), the Bank for International Settlements (BIS) and the National Automated Clearing House Association (NACHA).
ProgressSoft continually brings its solutions closer to markets globally by annually exhibiting at the most prominent international events including Sibos, Mobile World Congress, Central Bank Payments Conference and additional distinguished FinTech exhibitions. Its continuous presence in these global events allows ProgressSoft to stay connected to other major players of the global financial community, enabling it to be the first to address their arising needs.
In 2008, ProgressSoft pioneered its Mobile Payments System, PS-mPay, and today, the contemporary solution is the world’s first Mobile Payments platform to provide a set of advanced mobile payment services using both e-money and digital currency, facilitating remittances for banked and unbanked users with the ability to be implemented using various business models.
PS-mPay presently holds multiple implementations in banks and mobile network operators in several countries. PS-mPay was followed by the revolutionary Mobile Payment Switching & Clearing solution, PSmpClear, which was introduced in 2010 to allow central banks to handle the rapid development of mobile payment technologies. Currently running live in several central banks across the globe including the Central Bank of Jordan under the brand name of ‘JoMoPay,’ PSmpClear is a real-time payment switch responsible for processing interbank and interprocessor mobile payment transactions. It supports processing and switching mobile financial and non-financial transactions on a straight-through processing basis and routing messages between multiple mobile payment service providers. Not only does the innovative solution provide the regulatory body with full management and control over the mobile payments’ environment, it also promotes financial inclusion and ensures the protection of unbanked mobile payment users.
In the era of digitization, traditional money risks becoming an outdated instrument of payment as central banks move towards issuing their own digital currency to meet the rapidly evolving market needs. To this end, ProgressSoft pioneered its Blockchainbased Central Bank Digital Currency solution, PS-CBDC. The solution is a secure form of cryptocurrency based on the latest cutting-edge permissioned Blockchain technology. It eliminates the need for clearing, settlement and reconciliation through instant transfer of digitized money ownership, and serves as a practically costless medium of exchange, a secure store of value, and a stable unit of account.