In today’s top payments news around the world, Mastercard and ACI Worldwide are teaming to advance real-time payments in Peru, while TransferWise is changing its name to Wise. Plus, UK Finance is looking at international expansion for financial services in the country.
Mastercard and ACI Worldwide are joining forces to further real-time payments in Peru in conjunction with Cámara de Compensación (CCE). Latin America is at the leading edge of payments modernization, with Peru among a number of nations competing for real-time payment domination. “As these countries look to launch their own real-time payments schemes, they are turning to ACI and Mastercard, and we are excited to deliver Peru’s new real-time central infrastructure,” Jeremy Wilmot, chief product officer of ACI Worldwide, said in a press release.
TransferWise will change its name to Wise, which will reflect the wider transformation of the firm beyond its original roots as a money transfer firm. Wise was first rolled out in 2011 with only money transfer services. But its offerings have grown since then to encompass cross-border payments, enacting a network and working to make international banking simpler, less expensive and faster for clients. The company reportedly processes 4.5 billion pounds (approximately $6.3 billion) in cross-border transactions monthly.
UK Finance has “set out proposals to place the financial services industry at the heart of the U.K.’s post-COVID-19 economic recovery, with an ambitious strategy to boost U.K. exports of financial services,” according to a press release. The banking and finance sector organization unveiled a new report that details a program to foster global trade in financial services. UK Finance said “the U.K. is the world’s top net exporter of financial services, above the United States and Switzerland, with a financial services trade surplus of $77 billion.”