Monetary Board Orders Immediate Interbank Transfers

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.