Philippines Clearing House selects Aperta for cheque truncation project
11 February 2015 | 2824 views | 0
Aperta, a world-leading supplier of payment solutions, announced today that it has been selected by PCHC to provide the PACS solution for the Philippines.
PACS is a comprehensive payment solution that incorporates the clearing and settlement functionality for both image-based cheque truncation system (CTS) - Cheque Image Clearing System (CICS), and for Electronic Funds Transfer (EFT) payments.
Aperta is an established provider of successful clearing and settlement solutions for both image-based cheque truncation and EFT payments. Its solutions are installed and have been running uninterrupted providing clearing and settlement in both United Arab Emirates and in Bangladesh with pilot programmes running in other countries.
Commenting on the selection of the Aperta Active Clearing System (ACS) as the core financial engine for PACS, Jim Murray, Managing Director of Aperta, said, "Having a varied and growing base of clients in different international locations, it is important that Aperta can provide the best performing and most cost-effective solutions to those clients in these varied locations.
“With a daily average of 700K and a peak that can go as high as 2M cheques per day processed in the Philippines, Aperta’s solutions provide the flexibility, stability, and reliability required to meet the demanding workload. The efficiency that comes with truncation will result in significant cost savings for the banks in the Philippines and a significant reduction in the time required for clearing.
“The improved efficiency of cheque clearing combined with the enhanced provision of electronic payments will result in the payment system in the Philippines being among the most efficient in the world and provides a strong base for the future inclusion of additional payment streams.
"Aperta is internationally recognised as a leading provider of payment solutions and is acknowledged as having among the most comprehensive and complete payment and antifraud processing solutions available.”
Aperta provides member bank solutions as well as clearinghouse solutions. These are installed in a growing number of client organisations, which today stands at in excess of 500. These clients range from Central Banks, Automated Clearinghouses, Commercial Banks, and other financial and payments processing organisations.
Having been selected to provide the Philippine PACS solution, Aperta looks forward to working with the banks in the Philippines and PCHC to ensure that they have the finest clearing and settlement solution possible and that the country as a whole benefits from the improved clearing cycle.