Applicant name: Servicios de Pago Red S.A. (REDSA)
Applicant type: Government Agency
Website: redsaCuba
Headquarter City: La Habana
Headquarter Country: Cuba
Innovation Name: ENRUTADOR REDSA
Innovation Type: Service
Category: Top Service Provider
Status of Innovation: In-market
Innovation Active Since: 01/01/1997
Innovation Description: The innovation lies in having a single personalization center for magnetic and matrix cards in the country under the RED brand and the printing of pins for all the banks in the system, in addition to interconnecting the operations that are processed through the electronic payment channels. On the other hand, provide the possibility for remittance companies to send money immediately, through Apis, to all accounts supported on magnetic cards of Commercial Banks that comprise the RED group, such as BPA, Banmet, Bandec and Bicsa.
What is your competitive advantage? It is the only entity in the country with a direct connection to issuers and acquirers for transaction routing, in addition, it is where the compensation of all operations carried out in the different payment channels is located. Work is carried out by projects and there is a laboratory that allows the establishment of test environments to simulate and test new scenarios, with the capacity to interconnect with new service providers and the advantage that operations are instantaneous among the members of the Red group, thus increasing interoperability.
Why is your solution best in class? The solution allows the integration of new channels and remittance companies, of new business models based on a project work system.
Name one advantage of your solution versus competitors. Possess an ecosystem that guarantees the operation of the country’s digital payment channels from the initial operation in a specific channel to clearing and settlement
Explain your market presence globally and in your strongest market. REDSA acts as a router for operations with Mastercard cards, unionpay and other international operators. In addition, it processes and routes Visa and Ais operations through an acquirer.
What was the inspiration for this innovation? Since the automation of the banking system in 1995, it was thought to introduce the first ATMs and POS and the conceptualization always started from the national centralization of all operations in a management structure.
Who can benefit from your innovation most? All the clients of the national issuing banks, the population that has been able to access more payment channels since the existence of REDSA as a central transaction router. In addition, it has allowed customers of cards from international issuers to be able to use Cuban businesses and channels.
What are you most proud of about your innovation? Provide customers with the possibility of interconnection between banks, where they can carry out an operation, be it cash withdrawal, transfer or payment of services through payment channels in a bank terminal, other than the issuer of their card, Redsa is responsible for clearing said operation between both banks or between the Commercial Bank and the participating Merchants.
Why do you think you should win this category? Due to interoperability and the possibility of integrating different business models.

TEAM MEMBERS

Full Name: Ariadna Caldas Alvarez
Role: Card, Pins and Claims Manager
Full Name: Lourdes Aintzane Delgado Corrons
Role: Card, Pins and Claims Manager