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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
PERU: BACKGROUND
PERU
LATAM
Average Growth (2004 – 2013)
6.6
4.1
Average Inflation (2004 – 2013)
2.9
6.3
55
3
Economic growth and price26stability
2
enhance confidence in the means of
-15
-29
payment, reducing both costs
and
risks to economic agents.
Source: International Monetary Fund
THE ROLE OF THE CENTRAL RESERVE BANK OF PERU
(BCRP) IN PAYMENT SYSTEMS
GOALS
FUNCTIONS
Systemic Stability
Oversight and Supervision
Safety
Promotion
Efficiency
User
Competition
System Operator
Inclusion
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)
Value
Operator
Oversight
RTGS
Large-Value
Central Bank
Central Bank
ACH
Low-Value
CCE S.A.
Central Bank
SSS
Securities
CAVALI
Central Bank*
(*) Only Fund Settlement.
 Supported by adequate National legislation
(Payment Systems Law and BCRP Circulars)
 International Standards (Principles BIS)
SYSTEMICALLY IMPORTANT PAYMENT SYSTEMS (SIPS)
PAYMENTS HAVE GROWN FASTER THAN GDP
Value of Payments/GDP (times)
6.7
6.2
6.3
6.1
5.6
4.9
2008
Source: BCRP
2009
2010
2011
2012
2013
PREFERENCE FOR ELECTRONIC PAYMENTS
Operations in ACH
Estructura % del volumen
de operaciones en la CCE
(% share)
ene-08
abr-08
jul-08
oct-08
ene-09
abr-09
jul-09
oct-09
ene-10
abr-10
jul-10
oct-10
ene-11
abr-11
jul-11
oct-11
ene-12
abr-12
jul-12
oct-12
ene-13
abr-13
jul-13
oct-13
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
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
OTHERS
Networks
LBTR (RTGS)
Money Transfer
Operators
E-Money
Acquirers
CCE (ACH)
Telcos
Issuers
SLMV (SSS)
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
BYLAWS
Operations
Res. SBS 6283-2013
EEDEs
Res. SBS 6284-2013
• Authorization
• Authorized
operations
• Constitution
• Simplified accounts
• Contracts
• Prohibition to extend
loans
• Trusts
• Prudential measures
20
Bank Agents
Res. SBS 6285-2013
• Role of bank
agents
• Aggregators
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
Servicios
Públicos
BASE
Tradicional
Cooperativa
Microfinancieras
Giros y
Remesa
s
Aceptación
Y Agentes
Dispersión
Créditos
Seguros
Nóminas,
Beneficios,
Servicios
profesionales
Micropagos
Gobierno
Venta
Directa
Source: Asociación de Bancos del Perú
PLATFORM
Operador 2
Operador 1
Operador 3
Operador 4
Canales
Channels
Bancos
Switch
Agentes
Financieros
ASBANC-Ericsson
ASBANC Wallet
Wallet
Platform
Platform
Tarjetas de
crédito
Switch
Switch
Red de Agentes
Source: Asociación de Bancos del Perú
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.