Systemic importance system

In 2011 the Central Bank of Costa Rica (published in Gazette No. 6 of January 10, 2011) signed the Treaty on Payments and Securities Settlement Systems of Central America and the Dominican Republic, which aims to providing greater legal security and strengthen the payment system in the region.

The treaty establishes the guidelines and requirements that the systems in each country must meet to be considered of systemic importance and thus enjoy the legal protection granted by this Treaty.

To establish the recognition of systems of systemic importance of the country, the BCCR included the procedure for defining and identifying them in the Payment System Rules and Regulations.

Definition: A system with participation of at least three financial entities and that, in the event of a failure in their operation, can create or transmit negative effects on a larger scale among other participants or create systemic alterations in the group of economic agents..

Criteria:The following aspects should be considered for establishing a system of systemic importance in Costa Rica, both for payments and securities:

   • Systems used by the BCCR in its role as the monetary authority.
   • Incorrect activity or system failures that may affect stability or confidence in the financial system, and affect the country’s trade or interests.
   • The total value of payment orders that are received and processed.
   • The total amount of payment orders that are received and processed.
   • Number of participants.

Systemically important systems: The systems of systemic importance that have been recognized according to the criteria established in the Payment System Rules and Regulations are:

   • National Electronic Payment System - SINPE.
   • Systems administered by the National Stock Exchange - BNV
   • Systems that perform processing, clearing and settlement of transactions in ATMs (ATM networks) or purchases in stores (point of sale networks) of which the following have been officially recognized:
       • Visa (points of sale network - payment cards)
       • MasterCard (points of sale network - payment cards)
       • Evertec (network of ATMs)
   • The Electronic Payment System in Public Transport