Banelco and Link will integrate services for QR payments

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The companies that manage transfers, Banelco and Link announced that they will integrate their services To move money between bank and virtual accounts, comply with Transfers 3.0 promoted by the Central Bank. This includes QR payments.

The two firms with the highest number of transactions in the country join together will offer a new “joint, interoperable and omnichannel” solution that will expand the current possibility of transferring money, with more channels of easy access for users and businesses.

The definition of omnichannel details that in addition to making them through home / mobile banking and ATMs, payments can be made in e-commerce, with QR through cell phones and with debit cards through POS, mPOS and the systems of large stores. You can also make money withdrawals in authorized points.

Transfers 3.0 and the future of digital payments

It will also allow interoperate flexibly between all bank accounts (CBU) and virtual accounts (CVU). Extra-bank collection networks, businesses, digital wallets and other Fintechs may be integrated into this solution through APIs. Merchants will receive accreditation instantly at the time of transaction.

The objectives of the Transfer 3.0 system include build an accessible and reliable payment scheme that generates financial inclusion and collaborate in replace the use of cash in an efficient and safe way. The program of central bank came into force in December as a result of a joint work of study and analysis by the BCRA’s technical teams and stakeholders in the payment system.

The Central Bank promotes payments with QR code

“Transfers 3.0 will incorporate greater functionalities in subsequent stages. For example, a confirmation message and guarantee monitoring will be established, through the ISO 20022 standard. The program will be rolled out progressively until its full implementation on November 29, 2021“indicated the Central when it presented this modality.

“Through this joint development, users of the Link and Banelco networks will be able to access an immediate, agile and interoperable payment solution of national scope,” he said. Raúl Catapano, President of Link.

“We are very satisfied with the scope that the solution will have, which reflects the joint and coordinated work of both companies, focusing on customers,” he said. Ricardo Moreno, President of Prisma Medios de Pago, company that owns Banelco.


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