Kushki becomes the first paytech company qualified as an aggregator by the Central Bank of Ecuador

The Ecuadorian company that facilitates at least 50 million digital transactions a year in Latin America seeks to implement more services in the country

Kushki, lapaytech company of Ecuadorian origin that, through various digital tools, allows businesses and businessesof Latin America can carry out their businesses through digital payments, officially announced that it has been qualified by the Central Bank of Ecuador as the first company to operate as a payment aggregator in the country.

The company - whose name in Kichwa means money has had significant growth in recent years. Currently doing at least 50 million transactions in Latin America equivalent to $1.5 billion a year. These good results recently led it to be classified as a unicorn company.

Likewise, this Tuesday, July 26, the main executives of the company in EcuadorThey broke the news that they have been qualified as a “payment aggregator”,which marks a milestone for the sector because now the company is empowered to expand and optimize its payment services throughout the territory, and democratize access to digital payments, benefiting multiple companies and consumers.

In practice this changeallows you to help more companies receive their digital payments, simplifying the administrative processes they must carry out to guarantee the correct functioning of their e-commerce.In this way, the company will be able to operate as an intermediary between banks and companies, helping organizations focus their efforts on improving their businesses. The company can now be a withholding agent, which allows a more fluid process when carrying out transactions, executives explained.

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“We are very excited to receive this recognition, we are the first company that can operate as a payment aggregator in Ecuador, just as we do in different countries in the region. This new achievement of Kushki has come about thanks to the efforts of the Central Bank and several private banks in the country. This qualification represents a significant and necessary advance for the country's paytech sector,With this we will be able to continue growing our value offer and reinforce our mission of connecting Latin America with payments,” said Javier Castro, vice president of Kushki.for Colombia and Ecuador. In this sense, Castro assured that it is very positive that the initiative has been well received and supported in the financial ecosystem.

According to Kushki,The aggregation figure within the payment ecosystem offers more security to a business's customers,This is due to strategies to avoid fraud or suspicious movements. Likewise, it manages and makes account opening processes for different companies or businesses more efficient and thus improves chargeback and refund times.

Kushki currently operates under this model in all Latin American markets, and with this new announcement it will be able to offer a complete variety of services to its clients, markets and companies in Ecuador.

The efforts of the Central Bank to agilely and proactively update the regulations and support the digital growth of Ecuador enable a robust payments ecosystem, which simplify payment mechanisms, developing the increase in digital inclusion of citizens and promoting access for companies from the country to the world of e-commerce.

Kushki has been rated as a company that can provide payment gateway services and will therefore continue to operate its current services in the country.