back Back

Mastercard & ACI Worldwide partners with Electronic Clearing House for real-time payments solution in Peru

By Pavithra R

February 23, 2021

  • America
  • Mastercard
Share

Mastercard, along with ACI Worldwide, has announced that Cámara de Compensación Electrónica (CCE) will leverage the ACI Enterprise Payments Platform to accelerate FIs’ access to Mastercard’s Instant Payment Service, the new real-time payments managed service (to enter Industry Testing in Peru this year). 

Mastercard and ACI formed their alliance in September 2020 and is working to offer best-in-class central infrastructure, payments localization and access solutions to central banks, financial institutions, payment service providers, scheme operators, and other organizations launching real-time payments initiatives.

CCE is a private institution that manages the clearing of FIs’ transfers, direct debits, credit instalments, checks and bills of exchange and is the first customer to engage with the alliance. CCE initially launched its real-time payments scheme “Immediate Interbank Transfers (IIT)” in 2016 and is working with Mastercard to fully modernize Peru’s digital payments infrastructure. 

“Modernizing a country’s payments infrastructure is a major undertaking, and we have a long, global track record of successfully deploying real-time payment systems. We are excited to continue our work with CCE together with ACI to develop a powerful and flexible real-time payments solution. This infrastructure will provide a platform for innovation to support the country’s economy, transforming the payments landscape for both financial institutions and their customers,” said Carlos Pontes, executive vice president, New Payment Platforms, LAC, Mastercard. 

Under the announcement, ACI will combine its payments access and real-time message transformation technology with Mastercard’s Immediate Payments Service. ACI Enterprise Payments Platform will operate with Mastercard’s Immediate Payments Service to provide seamless connectivity for participants to Peru’s new real-time ISO 20022 scheme, ahead of Industry Testing. 

“Latin America is at the forefront of payments modernization, with Peru among several countries in the region planning to adopt real-time payments based on ISO 20022, with its potential high-value-add use cases. As these countries look to launch their own real-time payments schemes, they are turning to ACI and Mastercard, and we are excited to deliver Peru’s new real-time central infrastructure. The combination of ACI and Mastercard technologies working together will accelerate adoption of real-time payments in Peru by supporting an easy onboarding path for the participants of the scheme,” said Jeremy Wilmot, chief product officer, ACI Worldwide.

Recently, Mastercard and Island Pay unveiled Central Bank Digital Currency linked card.

Previous Article

February 23, 2021

Fair Money Advice and Elifinty to transform debt advice service in the UK

Read More
Next Article

February 23, 2021

German FinTech Penta closes Series B+ round at €30 million

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

America

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 19, 2024

Cashflows partners with National Association of Funeral Directors

Read More

April 19, 2024

Ant International set to create digital business centre in Malaysia

Read More

April 19, 2024

Opn appoints Vaden Landers as President and CEO of MerchantE

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023