Sterling Commerce Helps Reform Brazilian Payments System
Câmara Interbancária de Pagamentos (CIP), Brazil’s interbank funds transfer system, has deployed Sterling Managed File Transfer (MFT) as its secure, scalable and reliable platform to clear and settle payments and optimise liquidity. Sterling MFT also enables CIP to offer its members Débito Direto Autorizado (DDA), a nationwide electronic solution developed to facilitate billing and invoicing transactions among Brazil’s banking customers.
CIP selected Sterling MFT for its compatibility with the data encryption formats prevailing in the private network connecting banks, CIP and the central bank in Brazil. Also of essence to CIP was Sterling MFT’s ability to guarantee secure delivery as well as integration into existing CIP applications, thereby reducing the risk of fraud, enabling quick and easy inter-bank file exchange, and allowing 24×7 unattended operations. The solution additionally provides a complete audit trail of data movement to ensure security and regulatory compliance.
“By automating payments processes throughout the banking community, CIP plays a central role in maintaining the competitiveness of Brazil’s economy,” said Jim Gahagan, global financial services industry executive at Sterling Commerce. “Faster, more secure transfers benefit companies by reducing the risk of fraud and improving the speed of the financial cycle. This helps to position Brazil as a leading economic centre in Latin America, and provides an example of best practice in payment transfer systems worldwide.”