Latin America’s FinTech Leader Continues to Innovate at Speed of Marketplace
MIAMI--(BUSINESS WIRE)--YellowPepper, the leader in Digital Financial Services in Latin America, in partnership with Peruvian banks BBVA, Interbank and Scotiabank announces its first real-time payment (RTP) platform launch in Peru, PLIN. PLIN is an innovative solution that enables the transfer of funds between customers of different banks across Peru in real-time, 24/7, free of charge and only using a cellphone number. With this launch, PLIN not only benefits the customers of a single bank but instead seeks to meet the needs of more than 10 million people who make instant daily transfers and promote the reduced use of cash.
“We have been the go-to service for all major financial institutions and retailers for years and now are proud to announce the launch of PLIN,” said Serge Elkiner, Co-Founder and Chief Executive Officer at YellowPepper. “With the release of PLIN, YellowPepper continues to expand its secure and efficient technology to build out a robust ecosystem within Latin America to make interacting with, managing and accepting cashless payments as easy as possible.”
PLIN has entered the market through an agreement between BBVA, Interbank and Scotiabank, three of the four top banks in Peru. Today, PLIN incorporates real-time payment between the banks’ clients through their respective mobile banking applications.
“We are really excited with the launch of PLIN. The user acceptance has been extremely positive. This initiative is unique in the region; with these first three banks, we are creating the foundation for an open and national interoperable digital payments ecosystem that benefits all Peruvians. This starts with immediate money transfers between people,” said Jonathan Scaillon, Chief Commercial Officer of YellowPepper.
PLIN eliminates the barriers to transferring money between different banks and allows mobile transfers at no additional cost. Currently available for BBVA, Interbank, Scotiabank and soon for BanBif customers, the goal is for many other Peruvian banks to incorporate the PLIN ecosystem in the near future.
On the user’s end, PLIN is transparent. It will automatically be installed into Peruvian bank mobile applications, allowing consumers to transfer funds between themselves using the cellphone number.
“PLIN is a groundbreaking project for Peruvian banks, which was born thanks to the collaboration of three majors banks in order to facilitate the interaction of more than 10 million people. In these times of health emergencies, PLIN facilitates the transfer and exchange of money, prioritizing digital channels over cash,” states Fernando Eguiluz, CEO of BBVA Peru.
“Consumer behaviors have shifted significantly with the current situation, driving digital adoption faster than ever. As customer expectations continue to change, we must reimagine and adapt to address our customer needs, and PLIN is a great example of this. We are proud to partner with other banking institutions to offer Peruvians a simple and easy way to send and receive money. This is just the beginning of PLIN, we hope that every financial institution in Peru joins this inclusive network, so we can make the product accessible for all Peruvians,” states Luis Felipe Castellanos, CEO of Interbank.
“With PLIN we are eliminating the barriers for transferring money between banks and making people’s lives easier, especially during difficult times such as these. We will continue working on features that anticipate the needs of our clients; we will do it for them, for our country and for every future,” states Miguel Uccelli, CEO of Scotiabank Peru.
Founded in 2004, YellowPepper is the fintech pioneer in Latin America with proprietary technology and partnerships with leading financial institutions and industry startups. YellowPepper provides a digital finance platform that gives consumers, merchants, issuers and processors the means to revolutionize the purchasing experience. Operating in nine Latin American countries, and currently enables over 3 million monthly active users that execute 565 million transactions yearly. For more information, please visit www.yellowpepper.com.
BBVA is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market, is the largest financial institution in Mexico, it has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey’s BBVA Garanti. Its purpose is to bring the age of opportunities to everyone, based on our customers’ real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. Its responsible banking model aspires to achieve a more inclusive and sustainable society.
Interbank, subsidiary of Intercorp Financial Services (NYSE: IFS), provides banking and related financial services to retail, wholesale and corporate customers. Interbank is the second largest provider of consumer loans in Peru and the largest provider of consumer credit card loans. Interbank’s key strategic priority is to achieve digital excellence for our customers by providing them with a world-class, flexible and secure digital platform. Serving over 2.5 million customers in Peru, the company’s purpose is to be side by side with Peruvians so they can reach their dreams, today.
Scotiabank is a leading bank in the Americas. Guided by our purpose: “for every future,” we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 100,000 employees and assets of approximately $1.2 trillion (as at January 31, 2020), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit http://www.scotiabank.com and follow us on Twitter @ScotiabankViews.
Ana Beatriz C. Salles
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