The governing body of the payment system issued the “Interoperability Regulation of payment services provided by providers, agreements and payment systems” (Circular No. 0024-2022-BCRP) with scope to all regulated entities.
For a few months, the main banks connected through the Electronic Clearing House (CCE) have been holding workshops with the purpose of advancing in the implementation of interoperability.
However, for specialists like Carolina Trivelli, an IEP researcher, interoperability through a single platform might be limited. For example, only 34 of 46 financial entities are part of the CCE. With which, the players who are not there must make some type of agreement with the affiliated entities to interoperate.
But the BCR regulation solves that problem. Juan Fernando Maldonado, former leader of the BBVA Peru Retail Product, explains that the standard incorporates interoperability not only for traditional players (such as banking), but also for new players and all available and developing technologies for timely transactions real.
In other words, it allows interoperability through the CCE and any other payment rail (for example, Visa Direct or Mastercard Send).
MIRA: MEF publishes regulation that reduces IGV to 8% for restaurants and hotels
Martín Santa María, general manager of the CCE, specifies that, although the tracks of the Chamber do not intersect with that of the cards, the regulation promotes that entities can choose any road to be interoperable. With which, the decision will depend on the provider that offers the best service.
“A riel account by account [como el de la CCE] it is broader, more flexible and cheaper”, says Santa María.
Regulation by Principles
According to María del Carmen Yuta, a partner at Vodanovic Legal, precisely, the BCR ensures that the scope of interoperability is for all actors and in any technology, through regulation by principles.
The BCR provides that, by principle of neutrality, interoperability is carried out regardless of the account from which the funds come (funds account) or are destined, of the payment instrument (credit transfers, direct debits, checks, etc.), as well as well as the technologies used by the entities.
MIRA: IMF cuts global growth outlook for 2023 amid adverse scenario
Maldonado, today Business Vice President of the Banco Diners Club of Ecuador, maintains that the rule incorporates new sources of funds, such as lines of credit cards, prepaid cards and any other, which further democratizes the model.
Another principle required by the BCR is that interoperability be accessible to users. Therefore, it provides that the collection of fees and commissions in transfers must reflect a real and demonstrable cost, and even that said fee be sent to you.
MIRA: Inflation in the US reached 8.2% year-on-year in September and a new interest rate hike is expected
For Raimundo Morales, CEO of Yape, making payments through Yape will continue to be free, despite the operating costs that the wallet faces. Furthermore, he indicates that he has the knowledge that Plin will follow the same path.
“It’s part of our commitment to the ‘yapero’ and that has led us to success,” he says.
For Maldonado, defining the pricing model for interoperability will be important for it to prosper. Santa María adds that what the BCR would seek is that the monetization of operations comes from payments to businesses, as cards work today.
concerns
The BCR rule also regulates the user experience of payment platforms and warns that in case of identifying practices that affect it, it will publish guidelines.
In addition, it sets deadlines for the presentation of detailed weekly interoperability schedules, their progress and their airing, as well as establishes sanctions for non-compliance.
MIRA: Inflation reduced the purchasing power of vulnerable people by up to 10%: Who are the most affected?
For Yuta and Santa María, the deadlines established by the BCR might be “tight” to run with their developments and, if they do not arrive, they might be sanctioned.
Morales, from Yape, points out that the regulation of the BCR is not something that takes them by surprise, because they had already been working on it with the other financial entities and the CCE. He adds that while the deadlines may be tight, they are achievable.
MIRA: Aníbal Torres: “the arbitral tribunal has already resolved the contract [de Chavimochic III]”
Morales acknowledges that the BCR and its regulation helped the entities reach an agreement faster, despite the fact that they all had the notion that interoperability would benefit the entire country.
As the BCR recalls, in its latest Report on Financial Inclusion, it pointed out that the interconnection between financial entities was very limited, which limited interoperability and the potential growth and efficiency of payment systems. In the same report, he had even highlighted that, in several countries, retail payment platforms promoted by central banks had been implemented, as a sign that he might also do it.
The regulation also includes the interoperability of payments with QR.
