The governor of Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, reported the future implementation of a new technological platformthrough which a modern retail payment management service will be enabled, which will replace the service currently offered through the Real-Time Gross Settlement System (RTGS), called “Instant Payments BCRD”.
Through a press release, the entity indicated that the launch of the new platform “aims to provide Dominicans with a modern and efficient retail paymentswhich will operate 24 hours a day, 7 days a week and 365 days a year.
The note explains that its use will allow the Account accreditation in less than 10 secondsthe use of multiple payment options and access channels, as well as confirmation of crediting funds to accounts immediately.
The adaptation was socialized at a meeting between the governor and representatives of financial institutions, led by Rosanna Ruíz, executive president of the Association of Multiple Banks of the Dominican Republic (ABA),
The governor highlighted the positive impact:
- Reduction of accreditation times.
- Reduction of time in customer complaints.
- Lower transaction costs.
- Lower demand for liquidity in the accounts of entities in the RTGS system.
The highest authority expects an increase in electronic payments
The governor also indicated that “the platform would reduce the use of cash and increase electronic paymentswhich translates into less influx of people to bank offices and a decrease in the costs of using cash. And most importantly, the implementation of this new platform will promote financial inclusion and banking within the framework of the National Financial Inclusion Strategy (ENIF).”
For her part, the executive president of the ABA, Rosanna Ruíz, expressed on behalf of the financial institutions that “the platform will impact economic development of the Dominican Republic, through the achievement of more open finances”.
He added that “this initiative strengthens the cutting-edge image of the financial system to the point of becoming a ‘country project’, which is why all members of the ABA express their commitment to collaborate as much as possible in its achievement.”
This project will be developed with the support from the World Bank (WB) and the collaboration of all entities of the financial system and payments of the country, for which permanent work teams will be formed, made up of representatives of the banking and non-banking sectors, coordinated by the BCRD throughout the process.
The new platform will be according to the most modern world standards in the matter, similar to that of other central banks in the world, which have implemented services of this type as part of their public policies.
All financial intermediation entities in the country and other providers of payment services They will be participants in this new platform, which guarantees full interoperability, that is, the interconnection between all entities and their clients.
The multiple banking delegation It was made up, together with Rosanna Ruíz, of Samuel Pereyra, administrator of Banreservas; Christopher Paniagua, executive president of Grupo Popular; Luis Molina Achécar, president of the Board of Banco BHD; Steven Puig, Executive President of Banco BHD; Fausto Pimentel, Executive President of Banco Santa Cruz; Máximo Vidal, CCO of Citibank; Gonzalo Gil, senior VP & Country Head of Scotiabank; Juan Carlos Rodríguez Copello, executive president of BDI; Roberto Despradel, representing Banesco; José Antonio Rodríguez Copello, president of Banco López de Haro; and Víctor Virgilio Méndez Saba, president of Banco Vimenca, among others.
He governor was accompanied from the vice governor, Clarissa de la Rocha de Torres; the manager, Ervin Novas Bello; the deputy general manager, Frank Montaño; the deputy manager of Monetary, Financial and Exchange Policies, Joel Tejeda; the director of Regulation and Financial Stability, Carlos Delgado; the director of Payment Systems, Ángel González; the director of Cyber Security, Ruddy Simons; the director of System and Technology, Sabrina Díaz; and the consultant of the Payment System department, Yilmary Rosario.
