On March 16, the Monetary Policy and Regulation Board, through Resolution No. JPRM-2022-010-M, published the Regulation governing auxiliary payment systems. The document establishes mechanisms for authorisation, supervision and oversight, as well as corrective measures, infringements and sanctions for these systems. The Central Bank of Ecuador (BCE in Spanish) will be in charge of specifying the means of payment related to the service to be provided, the channels to be used and the scope of the service. The regulation is already in force.
In this regard, the regulation states that the administrators of the auxiliary payment systems that are duly authorized and that carry out clearing processes of transactions made with electronic means of payment will settle their operations through the clearing houses specialized in the BCE. In turn, the supervision and control exercised by the regulator will include the evaluation of the operation, risk control and financial requirements, promoting efficiency, interoperability and innovation.
The BCE will also draw up a timetable for the supervision and oversight of payment auxiliary systems and will inform the Board of the respective report of results on a half-yearly basis and whenever specifically required. In addition, natural or legal persons providing this type of services without having obtained prior authorisation will be monitored and will be subject to the corresponding legal measures.