NEWS
CIGAM expands the scope of Open Banking operations improving the solution , with new features that meet the specific needs of each bank .
Users of the management platform gain more freedom to perform collections and payments without wasting time accessing the systems and each institution separately – which implies different logins and passwords for each transaction . pioneer in the implementation of Open
A Banking , CIGAM , a Brazilian provider of business management software , has announced the expansion of the network of financial institutions with which it is possible to carry out transactions automatically and centrally .
After successful experiences with Banco do Brasil and Itaú , now Sicredi , Bradesco and Sicoob clients can automate financial operations within the CIGAM ERP .
CIGAM implemented the first APIs for Open Banking in 2020 and since then has been
Robinson Klein , CEO , CIGAM , said : “ In practice , integrating company accounts with ERP allows access to banking platforms with a single login directly into the management software . In this way , tasks that would take up to six hours to be completed are completed in just five minutes .”
According to Klein , the connection of Open Banking with ERP with a single API interface simplifies accounting , even with several institutions involved , eliminating rework and optimizing processes .
Sand Dollar becomes world ’ s first CBDC to be used for national payroll
Island Pay , one of the world ’ s leading digital currency technology companies , and Bahama Eats , the country ’ s largest on-demand food delivery service , have announced a partnership that will see The Bahamas Sand Dollar become the world ’ s first central bank backed digital currency ( CBDC ) to be used for payroll .
All Bahamas Eats employees will be paid in the Sand Dollar , the world ’ s first CBDC , through the Island Pay digital wallet .
“ At Island Pay , we are proud to work with an innovative partner like Bahama Eats on what we believe is a major step in the global advancement of CBDCs ,” said Richard
Douglas , Co-founder at Island Pay . “ Island Pay is all about democratizing access to money . Evolving our technology to be used for payroll payments represents the next stage in the evolution of the digital wallet and CBDCs .”
With the onset of the Digital Transformation many more Bahamian consumers and businesses are looking for ways to make use of digital wallets . Payroll solutions such as this are secure , convenient and save businesses money in traditional bank fees and countless hours in back-end administration .
“ As Bahama Eats gets ready to expand into the region , the Bahamas experience will go a long way in helping us develop this and other models for our business partners in the Caribbean and around the world ,” added Douglas . p
18 INTELLIGENTCIO LATAM www . intelligentcio . com