Page 8 - ARUBA BANK

LOCAL Monday 27 January 2020
A17

Instant payments now made available in Aruba

ORANJESTAD — After a week, 365 days a year. With Aruban community. The reliable payments system. the available foreign ex-
successful go-live last the introduction of I-Pago, CBA accomplishes this mis- change reserves of Aruba,
weekend, in close coop- the Aruban payment infra- sion by implementing an Besides these core tasks, and supervises the spend-
eration with the commer- structure is raised to a level effective monetary policy the CBA is also the sole is- ing thereof.
cial banks, the Centrale in line with the prevailing in- aimed towards maintain- suer of florin banknotes and
Bank van Aruba (CBA) in ternational best practices, ing the value of the florin, florin coins, and acts as For more information on
its function as the clearing enhancing its efficiency, by promoting the sound- banker to the Government the Centrale Bank van Aru-
house, announces that a reliability, and security. ness and integrity of the of Aruba. In addition, it reg- ba, please visit the website
new instant payments rail financial system, and by ulates the flow of interna- www.cbaruba.orgq
is now available in Aruba. Features of I-Pago providing an efficient and tional payments, manages
This new rail is called I-Pa- I-Pago instant payments
go, the trademark for the are characterized by the
domestic instant payment following features:
services provided. I-Pago • Instant Aruban flo-
is an important step for- rin transfers between ac-
ward in the innovation of counts at different banks
the payment infrastructure • 24/7/365 availability
of Aruba. Payments can and multi-channel initiation
now be done as fast and • Clearing and settle-
easy as with cash, signifi- ments within seconds
cantly lowering transaction • Payment is final,
times, reducing uncertainty with immediate confirma-
of payments, and, thereby, tion to payer and payee
enhancing transparency. • Immediate access
to funds
The background Having these features avail-
In 2016 the CBA invited dif- able, I-Pago lays a solid
ferent stakeholders to hear foundation to accommo-
their views on Aruba’s pay- date new developments in
ment infrastructure. Almost the payments industry, and
all stakeholders expressed allows participants to fur-
their wish to see improve- ther innovate and provide
ments in the payment in- new payment solutions to
frastructure and would the Aruban community.
welcome modernization
and automation efforts, as I-Pago participating banks
well as a reduction in the are:
use of traditional means of - Aruba Bank N.V.
payment. Furthermore, the - Banco di Caribe
CBA included in its strate- (Aruba) N.V.
gic plan ‘Bela Yen – Nos - RBC Royal Bank
Plan Strategico 2016 – 2020’ (Aruba) N.V.
its plans to broaden the - First Caribbean In-
CBA’s task in the payment ternational Bank (Cayman)
landscape in order to con- Limited – Aruba Branch
tribute towards modern- - Caribbean Mer-
izing the payment system. cantile Bank N.V.
I-Pago is now the first step Coming February, more in-
towards the latter. formation on I-Pago will be
available on CBA’s web-
The implementation of I- site: www.cbaruba.org/
Pago entailed replacing Ipago
the previous clearing and
settlement system (Onnet) About the Centrale Bank
for a new instant payments van Aruba
clearing and settlement so- The main purpose of the
lution. Aruban florin trans- Centrale Bank van Aruba
actions between banks are (CBA) is to contribute to the
now processed instantly, financial stability and eco-
24 hours a day, 7 days a nomic well-being of the