Naiguatá could guarantee the national payment interconnection service
It is expected that the implementation of an interconnection suiche can process payments in Venezuela in the event of the possible absence of Visa and Mastercard
Venezuela is evaluating the request of the Superintendence of Institutions of the Banking Sector (Sudeban in Spanish) to implement a national transaction platform called Proyecto Naiguatá.
The measure was taken in anticipation of the absence that Visa and MasterCard may have in the Venezuelan financial market, due to the sanctions imposed by the United States on several state banks.
Faced with this requirement, the Venezuelan government’s response has been to direct a network for public and private banks to guarantee the electronic payment reconciliation service currently running through the US card franchise systems.
According to the project, the Caribbean country has been developing the first phase of this strategy that corresponds to the management of cancellations with debit cards and so far a 55% progress has been obtained. With respect to the second phase, which responds to credit card transactions has not yet started. However, it is expected that the network will be operational on March 22.
The company that carries out the assembly of the national platform assumed “the commitment to implement the Red Naiguatá, through a challenging work plan to be executed in less than six months, although according to estimations this is a project that, due to its size, could take at least 18 months for its development.”