In some countries, banks have yet to tap into one of the greatest periods of innovation in human history by allowing online payments and account management. Latin American banks, in particular, encounter many problems when trying to modernize their services. Of course, things don't always stay that way. Clear2Pay, a provider for many modern banking products, has announced that Banco de Crédito e Inversiones (BCI) has created a payment hub which just recently went live, based on its “Open Payment Framework.”
Initially, the bank had a test phase in which more than 60,000 people participated. Due to the high rate of satisfaction with the product, BCI has decided to make this system go live. Customers that have tried it out have noticed improved levels of service, the ability to manage their cash more fluidly, and a lower reliance on going to the bank to manage one's account. The second phase for BCI is to allow every possible transaction to be performed in one single platform. Open Payment Framework (OPF) will help them do just this.
Along with payment services, Clear2Pay's payment hub also gives banks risk management, liquidity management, and customer relationship management (CRM). On the customer's end, the platform provides an online gateway with which they can engage.
“We chose Clear2Pay and their OPF technology because we needed a flexible and open, yet proven payment platform, which would be a key component in building value-added payments and treasury services to our vast base of business customers,” said Eduardo Paulsen, manager of electronic banking and cash management at BCI. “The benefits of that choice have already become apparent after the first phase of migrating mass payments. Our operational and commercial staff benefits from improved payments and thus a greater ability to provide a better customer service level. It also offers our end users greater self-service capabilities through our BciEXPRESS Cash Management platform. Finally, we now experience the strategic advantage of being able to base our own product innovation in one authentic payment platform instead of running heavy integration projects with our legacy systems.”
This is also big news for Latin America, a region of the world that suffers from a lack of modern infrastructures. BCI is the first bank in Latin America to include a payment hub, but it certainly won't be the last. In Eastern Europe, it wasn't long after the first drop fell until the glass became full. Today, the eastern bloc is filled with banks that offer online payment hubs and account management. If history repeats itself, Latin America will see this kind of development soon.
Edited by Allison Sansone
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