Cámara de Compensación Electrónica (CCE) has tapped ACI Worldwide and Mastercard to accelerate financial institutions’ access to Mastercard’s instant payment service in Peru.

Mastercard’s service is set to enter industry testing in Peru later this year. Its aim is to to offer central infrastructure, payments localisation, and access solutions to central banks, scheme operators, financial institutions, payment service providers, among others.

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Carlos Pontes, EVP of new payment platforms, LAC, at Mastercard, said: “Modernising 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.”

CCE immediate transfers 

CCE is a private institution that manages the clearing of financial institutions’ transfers, direct debits, credit instalments, checks and bills of exchange.

In 2016, the company launched its real-time payments scheme Immediate Interbank Transfers (IIT), and now aims to modernise Peru’s digital payments infrastructure.

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Martín Santa María, CEO of CCE, said: “The volume of immediate transfers that we process each month has more than quadrupled. In January 2020, we processed 580,000, a number that increased to more than 2.8 million per month by January 2021.

“Thanks to the Mastercard and ACI Worldwide partnership, we can exceed this growth, as both consumer and business demand for real-time payments rapidly increases across the country.”

The ACI Enterprise Payments Platform will operate alongside Mastercard’s Immediate Payments Service to simplify and speed up connectivity for participants to Peru’s new real-time ISO 20022 scheme, ahead of testing.

Financial institutions will be able to use modern APIs to connect to the new scheme.

Jeremy Milmot, chief product officer at ACI, said: “Latin America is at the forefront of payments modernisation, 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 move makes CCE the first customer Mastercard and ACI will collaborate on following the formation of their alliance in September 2020.