The RTP solution PayExpedite® will allow the financial institution to extend its payment offerings to small and medium size businesses (SMBs) in El Salvador
PaySett Corporation a global provider of ePayment solutions and Credicomer announced today the start of the implementation of a new RTP platform based on the ISO 20022 standard which will be part of the UNI RTP payments network in El Salvador.
SMBs are a major economic force in El Salvador. Over 90% of businesses in the country are SMBs and this sector generates over 60% of all jobs. For SMBs the speed of the payment is critical given the challenges they face in cash forecasting to insure proper liquidity for the smooth operations of their businesses. Being able to receive payments 24 hours and on non-business days allows for better inventory controls and less needs for short term high interest loans to support their operations.
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It is also critical for SMBs to be able to pay their employees and vendors in a timely manner. Jesus Garcia VP of Business Development for PaySett explains “The flexibility of our PayExpedite® platform will allow Credicomer to expand their payments services to SMBs via multiple channels/devices. SMB’s working with Credicomer will be able to efficiently process their account receivables faster allowing for a more efficient use of their financial capital. We see great potential in this new partnership with Credicomer in assisting SMB’s with The Way Money Moves”.
“Since Credicomer came to the scene its main focus has been to empower the business segment with innovative technology tools to help organizations improve their operations, thus allowing the segment to meet the needs of its markets. To us it was critical to have the backing of a vendor with a great deal of experience in real time payments so that we can offer our client base an assortment of services in different platforms and digital channels that will allow them to perform inter-bank funds transfers, credit their own accounts as well as third party accounts efficiently and securely” mentioned Roger Avilez, Credicomer’s General Manager.
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