Peru’s Electronic Clearing House (CCE) has its sights set on interoperability between banks, savings banks and fintechs – but multiple challenges stand in the way of making it happen.
Instant transfers have quintupled over the past year, for example, growing from 580,000 in January 2020 to more than 2.8 million transfers in January this year, according to the CCE, a private company regulated by Peru’s central bank. “A system that works with islands, that are not connected to each other, is definitely not healthy,” Diego Rojas, innovation manager at CCE, tells iupana. “We are eager to push [the interoperability project] because these are things that are highly valued and needed by financial customers.” CCE aims to position itself as a central axis in Peru’s financial system, connecting all types of actors for all types of functions. While to date, some wallets have information exchanges set up with other financial entities, Peru’s financial system has a long way to go towards full interoperability.