Pablo Narvaez, CEO, BANRED

Ecuador-based interbank network BANRED has selected ACI Worldwide’s UP Retail Payments with an aim to deliver digital payments experience to banks and merchants in Ecuador.

“As the digital payments evolution continues to drive changing consumer demands, we want to be at the forefront of that evolution,” said Pablo Narvaez, CEO, BANRED. “We’ve worked with ACI for many years, and the company plays a strategic role in our business by enabling us to offer new and emerging payments solutions and services with seamless and secure continuity. With ACI, we’re able to respond to changing customer demands with efficiency. In fact, we have recently been recognized for our business efficiency by Ekos Magazine, which placed us first in the hardware and software category.”

BANRED’s selection of UP Retail Payments will allow the flow of transaction volumes between systems by integrating the current and next generation technology under the UP framework. This will enable the company to add more services, such as real-time interbank fund transfers, thus enabling the flexibility for customer demand adaptations and efficient processing of transactions.

“As the payments network leader in Ecuador, BANRED is a key driver of innovation in the country,” said Marco Bravo, vice president, Latin America, ACI Worldwide. “We provide the secure foundation the company needs to evolve its solutions for its clients. ACI’s UP Retail Payments allows the company to balance the migration to digital systems all while maintaining security and trust. With ACI, BANRED is advancing payments in Ecuador into the era of fully integrated digital payments around Latin America and the rest of the world.”

ACI’s UP Retail Payments solution supports open API strategies and enables handling for real-time payments. It aims to bridge the functionalities and features of the current system with next-gen technologies.

Founded in 1994, BANRED provides technology infrastructure, payment network connectivity and manages an ATM network in Ecuador.

by Megha Bhattacharya
Market Analyst at IBS Intelligence