Telered Replaces Payment Processing Platform with BPC
Telered, Panama’s largest payment processing company, has selected BPC Banking Technologies, a provider of Open System electronic payment (e-payment) solutions for the global financial industry, to replace Telered’s legacy processing platform. With SmartVista, the company aims to transform its payment business and introduce new services for its clients.
As Panama’s national processor and switch Telered currently runs ATM acquiring and network management for all 38 of the country’s financial institutions. The network totals 1,200 ATMs and Telered supports all aspects of ATM management and transaction processing including clearing and settlement. Telered also acts as the scheme manager for Panama’s national debit card programme ‘Clave’.
The project to update Telered’s payments infrastructure will be completed over a number of phases. Initially, BPC will implement its SmartSwitch and SmartATM solutions, part of the end-to-end SmartVista Suite of e-payments products. SmartSwitch is a sophisticated routing and authorisation engine which, in conjunction with SmartATM, will support transaction processing and ATM network service and monitoring. SmartVista will also support external interfaces to Banknet and Visanet.
In future phases of the project SmartVista will be supporting point-of-sale (POS) acquisition and management, integration to internet banking (i-banking) services, utility bill payments, fraud prevention, mobile commerce (m-commerce) and cash management across the ATM network.
“This change in our technology infrastructure demands the most robust software solution and a partner with the ability to undertake a multi-year, highly complex implementation. In SmartVista and BPC we have found both. With the support of Ernst & Young we conducted an exhaustive evaluation of a number of vendors and BPC met all our requirements as a technology provider and long term partner,” said Ramiro Wong, chief executive officer (CEO), Telered. “We are eagerly anticipating the completion of phase one when we will be able to significantly improve the service we provide to our clients and their customers. In addition we are looking forward to major operational savings thanks to the modern functionality and architecture of SmartVista.”