On December 31, 2024, the Monetary and Regulatory Policy Board issued Resolution No. JPRM-2024-029-M, which mandates that interbank transfers and other digital payments be processed immediately.

The goal of this resolution is to promote the use of digital payment methods by eliminating delays of up to 72 business hours that some interbank transfers could take. It also applies to payments for services and credit card bills made through digital channels.

On January 15, 2025, Guillermo Avellán, General Manager of the Central Bank of Ecuador (BCE), met with representatives from the financial sector to discuss the resolution and encourage faster transactions.

This initiative aims to increase the use of digital payments, modernize the financial system, and reduce cash usage. The resolution also requires both public and private banks to implement payment methods such as keys, QR codes, or payment credentials to improve security during digital transactions.

In addition, the BCE is required to launch a Payment Integration System (SIP) platform within 18 months to comply with the regulation.

Source: El Telégrafo.

The newspaper Expreso reports that Monetary and Regulatory Policy Board has issued a new resolution aimed at ensuring security in card transactions.

This is not a recommendation but a mandate. The Monetary and Regulatory Policy Board has introduced new guidelines to ensure transparency and security in transactions made with credit, debit, prepaid cards, and electronic wallets in Ecuadorian businesses.

The fifth general provision of the resolution, published on September 4, 2024, specifies that the point of sale (P.O.S.) must be positioned so that customers can clearly see the insertion, swiping, or tapping of their card during the payment process.

Additionally, the resolution states that the staff responsible for payments in commercial establishments must not handle the card or electronic wallet outside of the customer's line of sight at any time during the transaction. According to the Monetary and Regulatory Policy Board, this measure aims to prevent fraud and ensure the safety of users' financial information.

There are several ways to pay bills from Ecuadorian companies.

• Money transfer via a bank.
• Via a physical payment service provider.
• At the counter of the specific business.

Paying Ecuadorians bills from abroad

When you are abroad you can still pay many Ecuadorian services via payment service providers. A popular example is uLink.