Sonda project to reduce bank transfer risks

Bnamericas Published: Wednesday, February 09, 2005
Chilean systems integrator Sonda is integrating and implementing an electronic cash transfer system that should safely replace physical transfers, the company said in a statement. Sonda is developing this project along with Combanc, an association recently created by Chilean banks to operate as a chamber for high value payments. Combanc's High Value Payment System is based on a payment system provided by US-based IT solutions developer Montran, Sonda's regional partner. In the project, Sonda will provide hardware and software platforms, while Montran will provide support and maintenance services. In real time Combanc's system administrates risks related to transfers of sums higher than 50mn pesos (US$86,500), from banks' operating accounts and client accounts, according to Chile's central bank. Since last July Sonda has been working to adjust the software to the local market, a process that should end next March. After that, Combanc will be ready to offer this service and implement new solutions and products.

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