Payment systems are vital for the proper functioning of modern economies. In particular, they enable the completion of financial transactions, payments for goods and services of the real sector, and the implementation of the monetary policy of the Central Bank of Chile. According to its international definition, a payment system comprises a series of instruments, procedures and regulations for the transfer of funds between two or more participants, and is composed by the system operator and its participants.

The Constitutional Organic Law establishes as one of the mandates of the Central Bank of Chile to ensure the normal functioning of payments. The Central Bank fulfills this mandate by regulating payment systems and by operating the Real-Time Gross Settlement System. In both roles, its objectives are to increase the security and efficiency of payment systems, considering the application of the minimum standards and requirements suggested by international organizations concerning this matter.

Relations between the Main Players of the Payment System in Chile (Table)

 
 
 
 
 

Large value payment systems provide the means to transfer funds of large value and importance to the economy (1). In Chile, these systems comprise the Real-Time Gross Settlement system, managed by the Central Bank of Chile, and the Large Value Payments Clearing House system, managed by ComBanc, a Bank Draft Support Company.

While in the first system the settlement of transactions is carried out immediately and severally, in the second one the clearing of all payment orders received during the day takes place, in order to subsequently settle a single daily net balance for each bank in the Real-Time Gross Settlement system.

Both systems process interbank transactions on behalf of clients and transactions from the Over-the-Counter securities market.

   ene-20 feb-20 mar-20 abr-20 may-20 jun-20 jul-20 ago-20 sept-20 oct-20 nov-20 dic-20
Disponibilidad del servicio 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%            
Interrupciones (minutos) 0 0 0 0 0 0            
Retraso en liquidación de Cámaras* (minutos) 0 0 0 0 0 0            
   ene-19 feb-19 mar-19 abr-19 may-19 jun-19 jul-19 ago-19 sept-19 oct-19 nov-19 dic-19
Disponibilidad del servicio 100,00% 100,00% 100,00% 99,59% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 99,59%
Interrupciones (minutos) 0 0 0 44 0 0 0 0 0 0 0 41
Retraso en liquidación de Cámaras* (minutos) 0 0 0 0 0 0 0 5 21 39 0 0
  ene-18 feb-18 mar-18 abr-18 may-18 jun-18 jul-18 ago-18 sept-18 oct-18 nov-18 dic-18
Disponibilidad del servicio 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 99,73% 99,80% 100,00%
Interrupciones (minutos) 0 0 0 0 0 0 0 0 0 31 21 0
Retraso en liquidación de Cámaras* (minutos) 0 0 4 0 0 0 2 0 0 5 0 0
  ene-17 feb-17 mar-17 abr-17 may-17 jun-17 jul-17 ago-17 sept-17 oct-17 nov-17 dic-17
Disponibilidad del servicio 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%
Interrupciones (minutos) 0 0 0 0 0 0 0 0 0 0 0 0
Retraso en liquidación de Cámaras* (minutos) 0 2 5 0 0 11 0 0 0 1 0 0
  ene-16 feb-16 mar-16 abr-16 may-16 jun-16 jul-16 ago-16 sept-16 oct-16 nov-16 dic-16
Disponibilidad del servicio 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00%
Interrupciones (minutos) 0 0 0 0 0 0 0 0 0 0 0 0
Retraso en liquidación de Cámaras* (minutos) 0 0 0 0 0 0 0 0 0 0 0 5

(*)= Comprende el retraso acumulado en la liquidación de las Cámaras de: Cheques, Cajeros y CCAV.

  I Trimestre II Trimestre III Trimestre IV Trimestre Total 2020
Monto total de pagos (**) 1.225.067.808 2.236.653.861     3.461.721.669
Número de pagos 105.010 106.441     211.451
  I Trimestre II Trimestre III Trimestre IV Trimestre Total 2019
Monto total de pagos (**) 908.214.062 978.308.428 952.414.126 1.222.936.166 4.061.872.781
Número de pagos 117.813 117.726 106.352 106.485 448.376
  I Trimestre II Trimestre III Trimestre IV Trimestre Total 2018
Monto total de pagos (**) 920.968.875 973.241.387 803.007.442 964.122.391 3.661.340.095
Número de pagos 92.035 100.260 96.873 121.892 411.060

(**)= Montos expresados en millones de $

  I Trimestre II Trimestre III Trimestre IV Trimestre Total 2017
Monto total de pagos (**) 737.232.354 730.803.677 724.559.652 802.360.179 2.994.955.862
Número de pagos 82.805 79.813 80.318 86.708 329.644
  I Trimestre II Trimestre III Trimestre IV Trimestre Total 2016
Monto total de pagos (**) 724.392.583 785.901.578 728.584.911 697.476.011 2.936.355.082
Número de pagos 92.881 91.022 84.905 82.727 351.535

(**)= Montos expresados en millones de $

Low value payment systems, also known as retail payment systems, are used to make payments and transfer funds between individuals and/or companies, and characteristically process a large number of transactions of lower relative individual value, usually linked to the purchase and sale of goods and services.

In Chile, payments of this kind are made through a variety of instruments such as cash, checks, credit and debit cards, and electronic transfers. Checks and ATM transactions settle each participant’s net balances in the Real-Time Gross Settlement system every day, which are determined in specialized clearing houses.

The regulations of the Central Bank of Chile applicable to Issuers and Operators of Payment Cards are as follows:

The Principles for Financial Market Infrastructures (PFMI) published in 2012 by the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) set the international standards for Financial Market Infrastructures, which according to the international consensus include Payment Systems, Central Counterparties, Securities Clearing and Settlement Houses, Securities Custodians and Depositories, and Transaction Repositories.

Among other aspects, the Principles for Financial Market Infrastructures incorporate standards relating to capital requirements, settlement systems, criteria for credit and liquidity risk management, portability of positions in financial instruments and segregation of guarantees. Moreover, these principles also encourage participation at different levels (indirect participants), in order to avoid market concentration in a few participants that might thus acquire systemic importance. Finally, market transparency is promoted through the obligation to report transactions to entities dubbed transaction repositories.

There are 24 Principles for Financial Market Infrastructures, of which 18 are applicable to Systemically Important Payment Systems. These principles are geared towards effective risk management and the furtherance of efficiency and transparency. In addition, 5 responsibilities are established for the authorities in charge of the regulation, supervision and surveillance of such infrastructures. The implementation of these Principles contributes to the robustness of Financial Market Infrastructures, whose relevance became apparent during the global financial crisis that began in 2008, where markets equipped with such Infrastructures were more able to contain its adverse effects.

The regulations of the Central Bank of Chile that acknowledge and require the designated Payment Systems to comply with the Principles for Financial Market Infrastructures are as follows:

Specifically, this new Chapter adheres to the Principles for Financial Market Infrastructures, making them expressly enforceable for the Real-Time Gross Settlement System managed by the Bank (Chapter III.H.4 of the Compendium of Financial Regulations) and for the Clearing House for Large Value Payments in National Currency (Chapter III.H.5 of the Compendium of Financial Regulations) managed by the Operating Company of the Clearing House for Large Value Payments S.A. (Combanc S.A.).

Status of PFMI Implementation for Financial Market Infrastructures in Chile
Once the Principles for Financial Market Infrastructures were defined, from 2013 onwards, CPMI/ IOSCO began a process of annual monitoring of their implementation, which, for the time being, has remained limited to the availability of an appropriate regulatory and legal framework.

 

Implementation of the Principles for Financial Market Infrastructures at Level 1 (Update January 2019) – Chart

 

  SP DCV&CCLV ECC RT
Argentina 4 3/4 3 4
Australia 4 4 4 4
Bélgica 4, EUR 4, EU 4, EU 4, EU
Brasil 4 4 4 4
Canadá 4 4 4 4
Chile 4 4 4 2
China 4 4 4 4
Unión Europea (EU) / Eurosistema (EUR) 4 4 4 4
Francia 4, EUR 4, EU 4, EU 4, EU
Alemania 4, EUR 4, EU 4, EU 4, EU
Hong Kong 4 4 4 4
India 4 4 4 4
Indonesia 4 4/2 2 NA
Italia 4, EUR 4, EU 4, EU 4, EU
Japón 4 4 4 4
Corea 4 4 4 1
México 4 4 4 4
Paises Bajos 4, EUR 4, EU 4, EU 4, EU
Rusia 4 4 4 4
Arabia Saudita 4 4 1 4
Singapur 4 4 4 4
Sudáfrica 4 4 4 2
España 4, EUR 4, EU 4, EU 4, EU
Suecia 4 4, EU 4, EU 4, EU
Suiza 4 4 4 4
Turquía 4 4 4 4
Reino Unido 4 4, EU 4, EU 4, EU
Estados Unidos 4 4 4 1/4
 

EUR: Rating is the same as in Eurosystem

EU: Rating is the same as in European Union.

Source: Current status of Level 1 assessments (as of January 2019), BIS.

https://www.bis.org/cpmi/level1_status_report.html