Thanks to a partnership with the London-based Vocalink, a real time payment system is coming to Peru.
In December, Vocalink, a MasterCard unit, partnered with Cámara de Compensación Electrónica (CCE), the automated clearing house in Peru, in another move to revamp the payments operations in Peru.
The system is not only expected to be on par with those in the UK, U.S., Singapore, and Thailand, but it is the first fully managed service in Latin America.
Understanding Real Time Payments
Real time payments are electronic transfers that are available 24 hours per day, seven days a week, every day of the year. These types of payments result in real time or nearly-instant interbank clearing of transfers, and the crediting of a payee’s account as the payer receives its confirmation.
What This Means for the Payment Structure in Peru
Under the partnership, Vocalink will upgrade CCE’s current system, which supports the clearing and settlements of checks, bulk payments, and instant transfers. Additionally, Vocalink will implement its platform, Immediate Payment Solution(IPS), which processes credit card transactions.
Over time, they will create a framework that can be used for the real time processing of credit transfers in real time. Also, this architecture will allow mobile phone users to send and receive payments through their phone numbers alone.
More About Vocalink
Globally, Vocalink has made a name for its self when it comes to faster payment deployments. It has been involved in real time payment initiatives in Singapore, Thailand, the UK, and the U.S.
The complete overhaul of Peru’s system will have a major impact on the entire country’s economy, including business owners, government entities, and consumers. Also, it is expected to bring about more efficient payments of salaries, insurance payouts, loans, small business invoicing and person-to-person payments.
What This Means for Others
As the public continues to embrace a cashless societies, more countries will look to move in similar directions to meet business and customer demands for immediate payments.
Those in the payment industry believe real time payments will expand access to banking services, shoulder and bolster economic growth, continue to decrease the use of paper money and checks, and offer another solid option to the Visa/MasterCard networks. Some also believe it will support competition and encourage merchant service providers to create more innovative, value-added payment services.
The Last Word on the Matter
Everyone is waiting for faster transactions, so all parties involved will need to use technology and other resources to continue to make real time, efficient payments more mainstream.
Payment service providers need to be on the cutting-edge of real time payments. They need to get on the same page and start looking for opportunities before they are edged out by competitors. Don’t expect the demand for faster payments to go away anytime soon. The best merchant service providers will pay close attention to trends and look for ways to get in on the action.
If you are in need of trusted payment processing and merchant account services, then turn to eMerchantBroker.com (EMB). It works with businesses with all types of backgrounds, processing histories, and credit histories. High-risk businesses are never a problem, and in fact are a specialty of EMB.
Apply online today, and let EMB provide you with the possible payment solution for your specific business.