-
The partnership between Vocalink and Cámara de Compensación
Electrónica
allows for the processing of 24/7 real-time
payments, bulk payments and checks.
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This total modernization of Peru’s existing electronic payments
platform will enable banks to develop new payment services for
consumers and businesses.
LIMA, Peru--(BUSINESS WIRE)--
International payment systems provider Vocalink, a Mastercard company,
has today signed a contract with Peru’s automated clearing house, Cámara
de Compensación Electrónica (CCE) to fully modernize the Peruvian
electronic payments infrastructure. This deal will see the creation of a
new integrated and comprehensive payment service that will deliver
processing of electronic payments (checks, bulk and real-time) 24/7 x
365 days of the year.
The announcement marks a major development for Peru’s payment
infrastructure. The migration will support an upgrade to the existing
system to support the clearing and settlement of electronic payment
methods including checks. In addition, this will include an
implementation of Vocalink’s new Immediate Payments Solution (IPS) which
will process and credit transfers in real-time, as well as enabling
users to send and receive payments from their mobile phones using just a
phone number, without the need to supply the recipients’ bank details.
The modernized payments platform will significantly contribute to the
reduction of the country’s reliance on cash and drive a more digital
economy.
The updated electronic payment platform will set the bar for the
payments sector in Latin America, providing consumers, businesses, the
government and financial institutions with the opportunity to choose the
way in which they pay and get paid. This new platform will also drive
greater efficiencies across the economy, enhanced availability and
security for its users and enable further innovation between payment
systems.
Vocalink’s track record of national payment systems includes the
implementation of Faster Payments in the UK and the launch of The
Clearing House’s RTP® - the transformative real-time payment system in
the US - which was an evolution of Vocalink’s highly successful and
reliable systems developed for the UK, Singapore and Thailand.
Adrián F. Revilla Vergara, Chairman of the Board of Cámara de
Compensación Electrónica, said:
“Once complete, I believe that the platform will not only be one of the
most comprehensive real-time payment systems in Latin America but it
will be in-line with the best in the world. Our aim is to provide a
solution from which innovative new services can be launched to power
Peru’s economy, and it is our belief that Vocalink and their proven
experience in the design, development and delivery of real-time national
payments infrastructure, makes them the ideal partner.”
Cesar Ferreyros, CEO of Cámara de Compensación Electrónica, said:
“Today’s contract signing with Vocalink represents a significant
milestone in our effort to provide a state-of-the-art real-time payments
solution in Peru. Peru’s whole economy will significantly benefit from
the introduction of a new payments platform, as it impacts all
stakeholders from consumers, small businesses through to the government
and financial institutions. Benefits will include more efficient payment
of salaries, insurance payouts, loans, small business invoicing and
person-to-person payments. In addition, competition within the financial
services industry will be stimulated, as well as greater productivity of
money, with a higher volume of transactions processed within the same
elapsed timeframe.
“Once completed, customers will be able to pay or receive money in
real-time from any financial institution, allowing millions of people
and businesses to make anytime instant payments. Vocalink’s proven track
record of rapid and effective development of real-time payments systems
will ensure that Peru is at the forefront of payments innovation
globally.”
Paul Stoddart, Chief Executive Officer at Vocalink, a Mastercard
company, commented:
“We look forward to working with such a respected and impressive partner
as Cámara de Compensación Electrónica, to deliver a service that will
transform the payments landscape in Peru. The new real-time solution
will provide a platform for innovation to support the country’s economy.
“The partnership is Vocalink’s first fully managed service in Latin
America, which will ensure that we continue to provide our payments
expertise long after we have implemented the new infrastructure. We are
committed to developing further partnerships around the world to build
global, ubiquitous real-time payments.”
Jorge Noguera, Mastercard Division President for the Andean Region
and the Caribbean, said:
“This deal reinforces Mastercard’s commitment to Peru. It’s an
additional step toward the robustness of the country’s payment
ecosystem, which will foster more innovation, opportunities and
financial inclusion. We are proud to be part of this ongoing evolution
and ready to deliver even more solutions that can streamline and drive
this process.”
Notes to Editors
About Vocalink
A Mastercard company, Vocalink designs, builds and operates
industry-leading bank account-based payment systems. Our technologies
power the UK’s real-time payments, settlements and direct debit systems,
as well as the UK’s network of nearly 70,000 ATMs. In 2017, we processed
over 90 percent of salaries, more than 70 percent of household bills and
almost all state benefits in the UK. In addition, our proven real-time
bank account-based payment solutions provide more payment choice to
customers in Singapore, Thailand and the United States. For payment news
and insight from Vocalink visit CONNECT - http://connect.Vocalink.com/
About CCE
CCE is a private service company whose mission is to simplify the
interaction of financial institutions in the interbank payment system
and generating value with safe and efficient transactions for their
customers.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com,
is a technology company in the global payments industry. Our global
payments processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries and
territories. Mastercard products and solutions make everyday commerce
activities - such as shopping, traveling, running a business and
managing finances - easier, more secure and more efficient for
everyone. Follow us on Twitter @MastercardNews,
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View source version on businesswire.com:
https://www.businesswire.com/news/home/20181212005353/en/
Vocalink
Emma Harvey
Seven Consultancy
emma@seven-consultancy.com
or
Ellie
Fixter
Director, External Communications
ellie.fixter@vocalink.com
or
Mastercard
Andrea
Denadai
Andrea.denadai@mastercard.com
Source: Mastercard Investor Relations