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Colombia’s Central Bank, Banco de la República, to utilize ACI’s state-of-the-art payments technology to drive real-time transformation of the country’s payments ecosystem.
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Wide-ranging deal will see ACI build an interoperable real-time payments ecosystem in nationwide banking transformation project.
MIAMI & BOGOTA, Colombia--(BUSINESS WIRE)--Dec. 13, 2023--
The Central Bank of Colombia, Banco de la República, today announced it is partnering with ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, to build a new domestic real-time payments ecosystem as part of a nationwide banking transformation project.
The Central Bank will utilize ACI's Digital Central Infrastructure, part of the award-winning ACI Enterprise Payments Platform to build the Central Infrastructure of an interoperable, countrywide scheme that includes centralized settlement and addressing services for the existing real-time payments schemes. The project is set to go live in 2025. All current and future schemes will need to connect to the new real-time payments ecosystem to be built.
“We are excited about the real-time payments modernization journey we have embarked upon jointly with ACI Worldwide, a global leader in real-time payments,” said Leonardo Villar, Governor of the Central Bank of Colombia. “It will be the first scheme in Latin America that will be built through collaborative consensus by all stakeholders in the payments ecosystem – government, regulators, private banks and the Central Bank have all been working together with the aim to bring the benefits of real-time payments modernization to Colombian consumers and businesses.”
“With the state-of-the-art technology supplied by ACI Worldwide, we are in a strong position to drive the real-time and digital transformation of Colombia’s payments ecosystem as part of our journey towards a modern, digital, and financially inclusive economy,” Villar continued.
Colombia like other countries in the region is primed to realize significant economic benefits for businesses and consumers from the adoption of real-time payments. Real-time payments improve overall market efficiencies and boost economic growth. Countries that successfully adopt real-time payments can expect additional annual GDP growth of up to 2%, according to a report published by ACI in partnership with GlobalData and the Centre of Economics and Business Research (Cebr).
According to ACI’s 2023 Prime Time for Real-Time report, real-time payments transactions in Latin America’s 4th biggest economy are expected to jump from 15 million in 2022 to 92 million in 2027, a five-year CAGR of 43.4%. These figures are set to rise significantly once the new scheme is live.
“We applaud the Colombian Central Bank for its decision to embrace innovative technologies, its ability to achieve consensus by all players in the payments ecosystem, and its determination to drive change and transformation at dazzling speed,” said Tom Warsop, President and CEO, ACI Worldwide. “Real-time payments improve liquidity in the financial system and overall market efficiencies in the economy. Colombia now has an incredible opportunity to drive economic growth and financial inclusion with the help of real-time payments.”
“ACI Worldwide has a unique track record of successfully building real-time schemes around the world, as well as helping banks, fintechs and other payment service providers to connect to the schemes and offer new, innovative financial services for consumers and businesses,” commented Leonardo Escobar, Head of Latin America, ACI Worldwide. “We are confident our tested and resilient software solutions will contribute to the success of Colombia’s new real-time payments scheme.”
ACI currently powers 25 domestic and pan-regional real-time schemes across six continents - including nine central infrastructures - providing solutions to central banks, participant banks, fintechs and other payment service providers. Globally, ACI covers approximately one-third of the countries that offer real-time payments services, reaching about 1.8 billion people served by various organizations, including central governments, payment networks, banks, financial institutions and fintech companies.
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.
© Copyright ACI Worldwide, Inc. 2023
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231212369480/en/
Media Contacts:
Nick Karoglou: nick.karoglou@aciworldwide.com
Katrin Boettger: katrin.boettger@aciworldwide.com
Source: ACI Worldwide
