The rise of digital payments in the country has led to the emergence of new actors, such as unregulated fintechs, which offer innovative services within the payments ecosystem. In response to this phenomenon, the recent modification of the Securities Payment and Settlement System Law has expanded the regulatory perimeter of the Central Reserve Bank (BCR), allowing them to supervise and regulate these new participants.
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The updated regulations introduce the concept of the National Payment System, which encompasses not only traditional financial entities, but also administrators of payment agreements, technology providers and payment services and instruments. This expanded regulatory framework is designed to include actors that emerge as a result of innovation in the sector, ensuring that all of them are within the scope of the law.
It is established that the BCR, as the governing body of the National Payment System, has broad regulatory powers, among others, to establish criteria and requirements for licensing, authorization, registration and access to this system.
“This is important so that the BCR can exercise adequate supervision of new participants in the payment system, particularly when they are not under the purview of another regulator,” indicated a source in the sector.
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