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ACH Colombia joins the International Council of Payment Network Operators

04 February 2011  |  3711 views  |  0 Source: International Council of Payment Network Operators

The International Council of Payment Network Operators (ICPNO) announced today that ACH COLOMBIA has become a member of the council. The ICPNO is a collaboration of the top and fastest growing Online Banking ePayments (OBeP) network operators. Leveraging existing banking infrastructure, OBeP networks provide online consumer authentication and cash management and settlement services.

"We are pleased to be a member of the The International Council of Payment Network Operators (ICPNO), because we will share knowledge and experience with other network operators in different countries, and we will implement standards and rules to expand the services we provide to our customers," said Gustavo Vega, CEO of ACH COLOMBIA.

The demand and adoption of alternative payment types has been dramatic, driven by consumer concerns for more security, ease-of-use and data privacy. Online Banking ePayments networks are sponsored by financial institutions and have emerged around the world as a consumer preferred online payment method.

ACH COLOMBIA´s consumer OBeP offering is PSE (Pagos Seguros en Línea). After shopping at a merchant site or choosing to pay a bill online, the consumer selects PSE as the payment option. The consumer then identifies their bank from a list of participating financial institutions and is redirected to the bank site where the consumer authenticates their identity using their existing online banking credentials. The consumer is presented with details of their transaction, confirms payment and is redirected back to the merchant site to receive a payment receipt. The merchant receives immediate authorization and is guaranteed payment. The bank sends the payment to the merchant in a batch transaction at the end of the business day.

PSE, as with all OBeP networks, offers consumers an online payment choice without sharing any personal financial information, provides companies with real-time authorization and guaranteed payments for ACH transactions and, unlike other alternative payments, keeps financial institutions in a primary position in the payment loop.

"We are pleased to welcome ACH COLOMBIA as the newest member to the International Council of Payment Network Operators," said Alex Grinberg, Chairman of the ICPNO. "With more than 10 million transactions in 2010, ACH COLUMBIA brings an important and invaluable voice to the council."

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