Peru’s CCE honored for Payments Infrastructure—modernizing its real-time payments infrastructure and providing financial inclusion
MIAMI--(BUSINESS WIRE)--Apr. 28, 2022--
ACI Worldwide (NASDAQ: ACIW), the global leader in mission-critical, real-time payments software, and Mastercard, a leading global technology company in the payments industry, today announced that Peru’s Cámara de Compensación Electrónica (CCE), has won the Celent Model Bank 2022 Award for Payments Infrastructure. The awards recognize financial institutions for best practices in technology usage across various areas critical to success in banking.
ACI and Mastercard’s strategic partnership provides real-time payment solutions globally. CCE chose ACI and Mastercard’s joint solution to drive its real-time payments modernization initiative. Created by Peru’s banks, CCE is the central entity that provides clearing services in the Peruvian financial system, facilitating interbank payments and checks. CCE sits at the heart of the Peruvian payments system, connecting more than 30 financial institutions.
The modernization project included upgrading the existing CCE system to support the clearing and settlement of electronic payment methods, implementing Mastercard and ACI’s innovative solution for processing credit transfers in real-time, and enabling users to send and receive payments using a phone number without the need to supply recipient bank details. The transformation will significantly reduce the country’s reliance on cash and create a more digital economy while also driving greater efficiency, enhancing availability and security for its users and enabling innovation between payment systems.
According to Celent, “CCE, the partnership’s first customer, selected the joint solution for a few reasons. First, both ACI and Mastercard have extensive global experience in real-time payments, having been involved in creating 18 real-time schemes around the world. CCE wanted to tap into that technology and implementation expertise to ensure that the system would align with the best, globally. CCE believed it would get best-in-class solutions for every element of a central infrastructure, including software, scheme rules, digital overlay services, testing, participant connectivity and onboarding. This end-to-end approach would ensure speed to market, as well as the agility to evolve over time.”
“We congratulate CCE on this very well-deserved industry recognition and take immense pride in helping modernize Peru’s real-time payments infrastructure,” said Sam Jawad, head of bank and FI segment, ACI Worldwide. “Through our partnership with Mastercard, we are jointly delivering central banks, scheme operators, financial institutions and payment service providers a powerful platform for innovation.”
“CCE’s win is a testament to how its payments modernization will boost Peru’s economy and foster greater financial inclusion for its 23 million unbanked citizens,” said George Evers, senior vice president, Real-Time Products, Mastercard. “We’re incredibly proud to have played a critical role in developing this technology. Our experience, expertise and close partnership with ACI Worldwide is enabling innovation across the globe—supporting economies, empowering businesses and improving the lives of people everywhere.”
CCE’s real-time payments scheme, Immediate Interbank Transfers (IIT), launched in 2016 and has experienced significant growth, especially since the start of the pandemic. CCE recognized the need to improve its offering amid tremendous volume increases, while advancing its commitment to achieving greater financial inclusion across Peru.
“Launching a new nationwide payment system is no simple task. Replacing one that is already growing rapidly, while simultaneously insulating banks from major changes and providing leading-edge possibilities—during a pandemic—is a remarkable achievement. Peru now finds itself with one of the most flexible systems in the region, if not the world, and well prepared for the future,” Celent added.
Celent’s annual Model Bank Awards recognize financial institutions as “model banks” for their outstanding technology initiatives. To win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
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, financial disruptors and merchants 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.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all. www.mastercard.com
© Copyright ACI Worldwide, Inc. 2022
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/20220428005089/en/
Source: ACI Worldwide