In the late 1990’s the Western Hemisphere Finance Ministers, the World Bank and the Center for Latin American Monetary Studies along with other experts worked with the Bank for International Settlements' Committee on Payment and Settlement Systems, and all the various South American countries central banks to review best practices and determine what might be possible vis-à-vis electronics and currency; e-commerce, remittances, deposits and transfers. High value and low value systems were weighed, precedent elsewhere was reviewed and the entirety of considerations regularly tweaked. Technologies and infrastructure grew along with the implementation, starting in 1999. By 2007 the majority of South America was established with the ability to deal in electronic currency.
Imaging for the creation and implementation of cash management software, and similar new opportunities arose consequently. While a new paradigm may bring with it new challenges, it also brings new opportunities; and such security is certainly among them.
Speed, naturally, was a sought after advantage. Among the so-called low value transactions, this found ACH, automated clearinghouses, making transnational interbank transactions quicker; indeed, if not for the first time.
Many countries through vigorous support behind this movement. In 2003 / 2004 the Ecuadorian government made it a policy that all vendor and salary payments be made in this manner. In 2007, the Panamanian government moved nearly a quarter billion public employees to ACH payment systems.
Speed was not the only primary driver. Other significantly important factors include reduced cost and sustainability.
Nancy Russell; N Russell Associates. (2008). Modernizing Payment Systems: Progress and Opportunity in Latin America (web based white paper as pdf ). Retrieved from N L Russell Associates: http://www.nlrussellassociates.com/pdfs/Modernizing_Payment_Systems.pdf
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