Page 14 - ARUBA TODAY

A14 LOCAL
Saturday 16 June 2018

Central Bank of Aruba partners with equensWorldline to launch

Instant Payments in Aruba

OrAnjestAd – today, the be processed via the new
Centrale Bank van Aruba payments infrastructure.
(CBA) signed a contract The contract with equen-
with equensWorldline se, sWorldline will have a dura-
the european leader in the tion of five years.
payments and transac- Statement by Mrs. Jeanette
tional services industry, to R. Semeleer, President of
provide a new central in- the CBA:
frastructure for instant pay- “We want to modernize to support Aruba in its ma-
ments, replacing the cur- our payments infrastruc- jor development towards
rent CBA clearing & settle- ture to improve efficiency 24/7/365 payments.”
ment system per january and be geared for the fu-
2019. ture developments in the About the Centrale Bank
payments industry. Based van Aruba
With the implementation of on its excellent track re- The main purpose of the
the new Instant Payments cord and experience, the Centrale Bank van Aruba
Clearing and Settlement choice for equensWorld- (CBA) is to contribute to the
Mechanism (IP CSM), Aru- line was evident. It provides financial stability and eco-
ba will switch completely varying degrees of business nomic well-being of the
from a traditional payment process outsourcing, and Aruban community. The
processing to a new instant has a complete back-up CBA accomplishes this mis-
payments infrastructure. system that guarantees the sion by implementing an
As of 2019, all interbank availability and continuity effective monetary policy
payments in Aruban florin of the payments process- aimed towards maintain-
initiated in Aruba will be in- ing which enables us to ing the value of the florin,
stantly processed 24/7/365. take this major step without by promoting the sound-
The replacement of the ex- having to make extensive ness and integrity of the
isting CBA clearing and set- technical and operational financial system, and by
tlement system by a new investments ourselves. Fur- providing an efficient and
instant payments infrastruc- thermore, equensWorld- reliable payments system.
ture is an important step to- line demonstrated that it Besides these core tasks,
wards the modernization of understands the needs of the CBA is also the sole is-
the payment system of Aru- the Aruban community, suer of florin banknotes
ba, and the Aruban bank- which are translated in po- and florin coins, and acts
ing institutions are dedicat- tential use cases that we as banker to the Govern-
ed to work closely together may want to launch in the ment of Aruba. In addi-
with the CBA to realize this future, such as online and tion, it regulates the flow
major project. By switching in-store instant payments. of international payments,
to instant payments, Aruba We are pleased and proud manages the available for-
creates a new solid foun- that, by partnering with eign exchange reserves of
dation for future innova- equensWorldline, we will Aruba, and supervises the
tions and next-generation be the frontrunner for the spending thereof.
payment solutions for the implementation of instant The CBA has adopted a
island. payments in the Caribbe- strategic plan “Bela yen:
equensWorldline will pro- an.” Nos Plan Strategico 2016-
vide the instant payment Statement by Mr. Michael 2020” (Bela Yen) with the
system in the local curren- Steinbach, CEO equen- ambition to be a prominent
cy, the Aruban florin, and sWorldline: “For the past understand what Aruba from P2P, P2B, in store, on- central bank in the region,
the system will be based years, we have been stat- wants to achieve, and we line and corporate use cas- driven by a culture of integ-
on international standards. ing that instant payments can accommodate this es. Covering the full value rity, excellence, and inno-
After implementation, in- will become the new nor- need with our modern and chain, from payment initia- vation.
terbank payments such mal. As of 2019, when the instant-capable infrastruc- tion and channel solutions For more information on
as credit transfers, batch new system is implement- ture. Our solution supports to back-office process- the Centrale Bank van Aru-
processing and request ed, this will clearly be the all possible use cases for ing and clearing & settle- ba, please visit the website
for payment messages will case in Aruba. We fully instant payments, ranging ment, we are fully geared www.cbaruba.org q