News and Press
Infolink Services Limited Selects Montran Corporation To Bring Instant Payments To Trinidad And Tobago
Infolink Services Limited Signs Contracts with Montran Corporation
Infolink Services Limited has announced that they have recently signed contracts with the Montran Corporation, a world leader in providing National Clearing and Settlement infrastructure solutions in over 70 countries, for the implementation of Montran’s central Instant Payments infrastructure. This Central Instant payment infrastructure is a future forward fully compliant ISO20022 electronic payment solution. With the implementation of the new Montran Instant Payments Solution, Trinidad and Tobago will be positioned to process all interbank payments, payments between e-Money issuers and payments between e-Money issuers and banks instantly 24 x 7 x 365 as the ePayment environment evolves.
Infolink Services Limited (ISL) an electronic payment solution provider, owned by the major commercial banks in Trinidad and Tobago, is responsible for providing interoperability between financial institutions in Trinidad and Tobago. ISL presently operates the Automated Clearing House (ACH) and the National Debit Card Switch. Based on a recent international competitive tender ISL selected Montran to replace ISL’s ACH by an Electronic Cheque Clearing (ECCS) and Electronic Funds Transfer (EFT) System and provide an Instant Payment System (IPS) the “Xinstant” for ISL. Montran’s Instant Payment system provides instant central switching and clearing of account-to-account transactions as well as a standalone e wallet solution all of which can be settled through the country’s Central Bank RTGS system.
For secure and timely onboarding, the Montran Instant Payment system provides an API gateway interface for banks operating 24×7 Core Banking System and an instant Payment Portal including Merchant and Consumer Apps for banks not operating 25x7x365 Core Banking System or not capable of Supporting QR Code payment capture. A separate e Wallet solution which connects to the Instant Payment System as well as to the ISL ACH, provides a micro e wallet consumer and merchant app which completes the new eco payment space with e wallet to e wallet transfers, e wallet to bank account transfers and payment capture through both interoperable static and dynamic QR codes. This e wallet solution will allow ISL to provide inclusivity to the underbanked segments of the population in Trinidad and Tobago as well as encourage low cost e commerce for small and micro SMEs within the domestic space.
Mrs. Helen Llanos, Assistant General Manager at Infolink: “We continue to modernize our payments infrastructure in order to improve efficiency and be ready for the future developments in the payments industry and to provide inclusivity for all. Based on Montran’s excellent track record, experience and readiness with Instant Payments, the choice for Montran was very easy. Montran demonstrated that it understands all use cases that we may want to launch in the future, such as online and in-store Instant Payments. We are pleased and proud that by partnering with Montran, we will be the frontrunner for the implementation of Instant Payments in the Region.”
Matt Walsh, Global Sales and Marketing Manager at Montran: “We have obviously seen real-time payments becoming more and more prevalent predominantly in larger countries around the world. In less than 6 months, this will also be the case in Trinidad. Through Infolink, Trinidad and Tobago will now join several other countries who have also chosen Montran’s proven IPS solution. The Montran solution supports all of these countries use cases for Instant Payments and more including the capability for a CBDC solution for Central Banks in the future. Montran is already in advanced discussions regarding instant payments with most of the other Caribbean countries who presently use Montran’s other mission critical payment infrastructure solutions for RTGS, ACH and ATS.”