SAP Gearing For Activity In Latin Banking Sector
Germany-based software firm, SAP, is seeking to increase its presence in Latin AmericaÆs banking sector, most notably in Chile, Argentina, Mexoci, Colombia and Venezuela. In the Chilean market alone, where the banks are starting to prioritize technology spending, SAP anticipates a growth rate of 10 per cent during 2003. Meanwhile, ChileÆs largest retailer, Falabella, which sparked its competitors into launching retail banking services to rival its initial service in 2001, denies that it will expand its banking operations in the region, after increasing its branch network to 31 branches in 2002, up from 25 in 2001.Banco Falabella advised that expansion over the border to Peru was not justified, as its presence in that market was sufficient. Falabella also said ArgentinaÆs economic conditions did not justify an expansion into that country, even if local financial daily, Estrategia, had reported that Falabella planned to expand into these two neighboring markets. ChileÆs third-largest retailer, Ripley, followed Falabella into the financial services sector in August 2002, according to Business News Americas, while the second-largest retailer, Almacenes Paris, is expected to launch its own bank later this year, or in early 2004.
Meanwhile, El Salvador-based bank, Cuscatlan, handled over 25,816 online transactions in January and February, worth USD273 million, and now has over 400 online corporate and individual customers. Payments or transfers from current or savings accounts, loans, bill and credit card payments were the most popular services, with current account transactions totaling 8,710 or USD 98.2 million in all, and savings accounts, for USD 174 million. Cuscatlan will also launch a PKI-based B2B Cash Management service in which customers will be requested to use e-signatures to initiate online payments and invoices. Related Links:
Uruguayan Card Processor Eyes Chilean Market
Latin Banks Confirm Rise In Online Transactions
Brazil 'Is A Good Barometer For Latin eCommerce'
