Cámara de Compensación Electrónica (CCE), the automated clearing house of Peru, has selected Mastercard company Vocalink to upgrade the nation’s electronic payments system.

Supported by the tie-up, Peru will get a new integrated service for electronic payments processing round-the-clock.

The revamp includes the implementation of Vocalink’s new Immediate Payments Solution (IPS). The solution has been designed to process real-time transfers.

Vocalink will also allow users to make mobile payments using only a phone number.

CCE CEO Cesar Ferreyros said: “Peru’s whole economy will significantly benefit from the introduction of a new payments platform, as it impacts all stakeholders from consumers, small businesses through to the government and financial institutions. Benefits will include more efficient payment of salaries, insurance payouts, loans, small business invoicing and person-to-person payments.

“In addition, competition within the financial services industry will be stimulated, as well as greater productivity of money, with a higher volume of transactions processed within the same elapsed timeframe.”

Vocalink already powers RTP, The Clearing House’s real-time payment system in the US, and the UK Faster Payments Service.

Vocalink CEO Paul Stoddart said: “The partnership is Vocalink’s first fully managed service in Latin America, which will ensure that we continue to provide our payments expertise long after we have implemented the new infrastructure.”