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