Vocalink and CCE sign payments deal nationally in Peru
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 modernise 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 (cheques, 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 cheques. 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 modernised 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 towards 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.”