Aruba gets instant payment system

Aruba’s entire banking community has switched to Instant Payments (IP) using the Clearing and Settlement Mechanism (IP CSM) of the Centrale Bank van Aruba (CBA).

Aruba has switched to instant payments for its banking systems.
(Photo: westjetmagazine.com)

The IP system was implemented by equensWorldline SE, a subsidiary of Worldline [Euronext: WLN], the European leader in the payments and transactional services industry. The implementation of this new payment infrastructure, which is led by the CBA, is unique because Aruba switched completely from traditional batch payments to instant payments.

After this successful switch, all interbank payments in Aruba can be instantly processed at any time. The IP CSM is fully compliant with international standards and ISO20022.

A few years ago, the Centrale Bank van Aruba (CBA) initiated a project to modernise its payment infrastructure. This was a challenging project, due to several reasons. A major challenge was that all domestic and international banks in Aruba had to switch to instant payments in a ‘big bang’.

The CBA partnered with equensWorldline because of its decades-long experience with interbank payments processing and its proven track record with real-time payments processing, as the largest instant payments processor in the Europe.

“With the go-live in Aruba we established an important milestone for our company at global level. This is fully in line with our global ambitions, as the market in which we operate is clearly no longer European, but global.”

– CEO at equensWorldline, Michael Steinbach

He notes following this first step in Aruba, equensWorldline “will continue to further expand our international footprint, inside and outside of Europe. Further, this project shows once again that instant payments are truly becoming the new normal, not only at European level but also on a global scale.” 

As a leading cost-efficient and competitive business partner for seamless, secure and efficient payment solutions, equensWorldline is the pan-European leader in payments and transactional services. Being part of the Worldline Group, equensWorldline combines long-standing proven expertise in traditional mass payment systems (issuing, acquiring, intra- and interbank payment processing) and innovative e-commerce and mobile payment solutions.

Building on more than 50 years of experience equensWorldline services a broad, international client base in numerous countries across Europe.