The Superintendency of Banking Sector Institutions (Sudeban, for its acronym in Spanish) met on December 10 with representatives from the Ministry of Economy and Finance, the Central Bank of Venezuela (BCV) and public and private banks to evaluate progress in establishing the alternative and complementary means of payment system. Participants praised the progress made in setting up the “Naiguatá” local credit and debit card interconnection system. Sudeban is aiming for the mechanism to be fully operational by March 2020.

“We must make our payment system independent,” said Sudeban head Antonio Morales, adding that the process of bank interconnection will conclude in the coming weeks, with a view to holding trial period in January. “I am grateful for the efforts made by all parties involved in taking this project forward,” Morales said.

In addition, participants analyzed the current status of the Biopayment system (biometric authentication). The state bank Banco de Venezuela is the most advanced institution in this regard. Finally, Morales asked financial institutions to respect the daily limits for consumption at points of sale, currently standing at 50 million Bolivars (USD 1,120).