All the banks in Aruba, an island in the Caribbean Sea, have switched to Instant Payments (IP) utilising the central bank’s Clearing and Settlement Mechanism (IP CSM).
The transition was implemented by Worldline-subsidiary equensWorldline.
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With this move, the islands payment infrastructure changes from batch payments to instant payments.
All interbank payments in Aruban currency initiated in Aruba can also be processed instantly.
equensWorldline CEO Michael Steinbach said: “With the go-live in Aruba we established an important milestone for our company at global level. This is fully in line with our global ambitions, as the market in which we operate is clearly no longer European, but global.
“Following this first step in Aruba, we will continue to further expand our international footprint, inside and outside of Europe.
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By GlobalData“Furthermore, this project shows once again that instant payments are truly becoming the new normal, not only at European level but also on a global scale.”
The Centrale Bank van Aruba (CBA) started the project to upgrade the island’s payment infrastructure few years ago. It partnered equensWorldline, which customised the implementation to suit local requirements.
The company noted that the IP CSM complies with international standards and ISO20022.
Last month, UniCredit partnered equensWorldline for managing its payments processing business in Germany and Austria.
