Título da Palestra - Banco Central do Brasil

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REGULATION AND

SUPERVISION OF PAYMENT

SYSTEMS IN PERU

José Luis Vásquez Paz

Jefe del Dpto. Análisis del Sistema de Pagos

Banco Central de Reserva del Perú

Brasilia, September 2014

Source: International Monetary Fund

PERU: BACKGROUND

Average Growth (2004 – 2013)

PERU

6.6

LATAM

4.1

Average Inflation (2004 – 2013) 2.9

6.3

55 3

26 2 enhance confidence in the means of

-29 -15 payment, reducing both costs and risks to economic agents .

THE ROLE OF THE CENTRAL RESERVE BANK OF PERU

(BCRP) IN PAYMENT SYSTEMS

GOALS

Systemic Stability

Safety

Efficiency

Competition

Inclusion

FUNCTIONS

Oversight and Supervision

Promotion

User

System Operator

WHY SUPERVISION?

• Market forces do not necessarily ensure the public objectives of safety and efficiency.

• Participants do not always assume all risks and costs associated with clearing and settlement.

• Factors like economies of scale, barriers to entry, etc. can potentially limit competition and create a dominant market position, which in turn may lead to lower service quality and higher prices.

WHY THE CENTRAL BANK?

• Payment systems are the basic infrastructure through which money flows across the economy, thereby facilitating the exchange of money for goods, services, and financial assets.

• They are instrumental in the implementation of monetary policy.

• A failure in the payment systems can affect the stability of financial firms and markets.

SYSTEMICALLY IMPORTANT PAYMENT SYSTEMS (SIPS)

RTGS

ACH

Value

Large-Value

Low-Value

Securities SSS

(*) Only Fund Settlement.

Operator

Central Bank

CCE S.A.

CAVALI

 Supported by adequate National legislation

(Payment Systems Law and BCRP Circulars)

 International Standards (Principles BIS)

Oversight

Central Bank

Central Bank

Central Bank*

SYSTEMICALLY IMPORTANT PAYMENT SYSTEMS (SIPS)

4,9

PAYMENTS HAVE GROWN FASTER THAN GDP

5,6

Value of Payments/GDP (times)

6,7

6,3

6,2

6,1

2008

Source: BCRP

2009 2010 2011 2012 2013

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

PREFERENCE FOR ELECTRONIC PAYMENTS

Cheques Transferencias

TIMELINE

• 1997 / 1998: Early studies (International Monetary Fund)

• 2000: Introduction of RTGS and ACH.

• 2005: Introduction of Securities Settlement System (funds).

• 2009: Law of the Payment Systems (Law 29440).

• 2011: New RTGS.

• 2013 / 2014: New studies (IMF and World Bank)

PILLARS OF THE PAYMENT SYSTEMS LAW

• Finality.

• Governance/Transparency.

• Supervision/Scope and Powers.

PRINCIPLES FOR SUPERVISION

• Transparency.

• International standards.

- Core Principles (2001): adopted

- Principles for FMIs (2012): work in progress

• Effective powers and capacities.

• Consistency.

• Cooperation with other authorities.

SUPERVISION TOOLS

• Monitoring: is performed by collecting information.

• Evaluation: Regarding observance of the Law and Bylaws.

• Induce changes: In case of problems of the administrative agencies, or problems with participants, or the existence of potential for improvement.

• Inspections on site.

CENTRAL BANK REGULATORY SCOPE

CARD PAYMENTS PAYMENT SYSTEMS MONEY TRANSFER

Networks

Acquirers

Issuers

LBTR (RTGS)

CCE (ACH)

SLMV (SSS)

Money Transfer

Operators

OTHERS

E-Money

Telcos

Other Arrangments

FINANCIAL INCLUSION

• The creation of a Commission to design the National

Strategy for Financial Inclusion (ENIF), promotes both greater access and use of quality financial services.

• The ENIF should promotes financial inclusion through the implementation of coordinated actions (the public and private sectors) in the context of the preservation of financial stability.

15

E- MONEY AS A FINANCIAL INCLUSION TOOL

E-Money has the potential to provide access to payment services to a large segment of the population, avoiding the costs and risks of cash.

Relies primarily on mobile telephony, which has a wide coverage across populations and regions in the country.

Facilitates access to payment services by low-income and/or rural population segments.

E-MONEY LAW

Purpose: Regulation of the issuance of e-money and for EEDEs.

Definition: e-money is a monetary value as represented by a claim on the issuer:

- stored in an electronic medium,

- accepted by entities or persons other than the issuer,

- issued for an amount equal to the proceeds received,

- convertible to cash,

- not a deposit and does not accrue interest.

E-MONEY LAW

Issuance: Only entities supervised by the Superintendence of

Banking, Insurance Companies, and Pension Funds (SBS), including “Empresas Emisoras de Dinero Electrónico” (EEDEs).

EEDEs:

-Their main purpose is the issuance of e-money.

-May not grant credit against the funds received.

-Carry out only operations related to their main purpose.

-Required to comply with the provisions on the prevention of money laundering and the financing of terrorism.

18

E-MONEY LAW

• Consumer protection

- Trust fund.

- Data protection.

- Contracts

• Telco regulation

Operations

Res. SBS 6283-2013

BYLAWS

EEDEs

Res. SBS 6284-2013

Bank Agents

Res. SBS 6285-2013

• Authorized operations

• Simplified accounts

• Contracts

• Trusts

• Authorization

• Constitution

• Prohibition to extend loans

• Prudential measures

• Role of bank agents

• Aggregators

20

INICIATIVES IN MOBILE PAYMENTS IN PERU

Mobile payment initiatives (currently at a stage of development) are led primarily by financial companies.

Mobile Payments

- Banks

- Using Smartphones or other devices

E-Money

- Bank and non-bank entities.

- Prepay cards (can use also cellphones)

- Agent network

Platform of E-Money (Bank Association)

21

ECOSYSTEM

TOP

MED

BASE

Aceptación

Y Agentes

Tradicional

Cooperativa

Microfinancieras

Dispersión

Créditos

Seguros

Micropagos

Servicios

Públicos

Nóminas,

Beneficios,

Servicios profesionales

Gobierno

Venta

Directa

Giros y

Remesa s

Source : Asociación de Bancos del Perú

PLATFORM

Operador 1 Operador 2 Operador 3 Operador 4

Agentes

Financieros

Tarjetas de crédito

Bancos

Source : Asociación de Bancos del Perú

Red de Agentes

FINAL REMARKS

• Payments systems regulation in Peru follows the international standards and ensures -through a careful supervision- the compliance by the systems administrators with the law and bylaws.

• Peru has implemented the regulatory framework for

E-Money as a tool for financial inclusion.

• Both regulation and supervision evolve with innovation and new international standards.

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