He Central Reserve Bank (BCR) published the new General Regulations of the National Payment System, which aims to facilitate the entry of new participants as long as they meet high security standards, which will result in better services and lower prices for users.
The rule that will come into effect from April 1, 2026 establishes principles to regulate immediate payments, which are currently made through wallets, payment initiation and payment acquisition services (credit or debit card payments).
According to the BCR, the new regulation aims to promote greater interoperability and contribute to improving access conditions to the National Payment System.
What will the citizens gain? The document concludes that competition between more actors should reduce transaction fees and improve the quality of services.
The regulation creates a new category of companies called Payment Service Entities. These technology companies will be able to operate with requirements proportional to their size, without the demands of a full bank, but meeting security standards. Their participation will be key to the open banking process of the national payment system, a job that the Central Bank works in coordination with the SBS.
It is planned that open banking can operate in our country through the initiation of payments.
What is payment initiation?
Open banking consists of the exchange of customer information, with prior authorization from them, between financial institutions and third-party financial service providers (TPP) such as fintech companies.
One model for carrying out open banking is payment initiation.
Payment initiation occurs when the customer, whether a person or company, provides consent to a third-party provider, which in this case would be Payment Service Entities, to connect to their bank account and initiate a payment in their name.
In this way, the person, instead of having to open their banking application or use some other online payment interface, can make transfers or payment orders directly from the service they are using, improving their user experience.
“With the payment initiation service I can authorize a third party to make withdrawals and credits to my bank account in any bank, without the banks’ permission, only with mine. With this, the owner of the data is no longer the bank, but the client,” commented a source.
In addition, user protection will be central. The BCR regulation establishes that companies must keep their clients’ money separate from their own resources, implement robust cybersecurity and be transparent with their rates.
According to the regulations, anyone who fails to comply will face fines that may result in the loss of authorization.
Mandatory interoperability
An important change is mandatory interoperability. The different payment apps will have to communicate with each other, just as happens today with transfers between banks. You will no longer need a specific application for each business.
The BCR expands its supervision with detailed inspections and reports. The sanctions are doubled compared to the previous scheme and, in serious offences, the authorization to operate is revoked. With this, the rector of the payment system opens the doors to technological ventures that have high standards.
For fintech companies that already operate, there is an adaptation period. The new ones must comply from day one.
Subscribe for free to the most prestigious Gastronomic Guide in the country. SUMMUM, the weekly newsletter.
RECOMMENDED VIDEO
