Updated on Sunday, December 21, 2014
The payments system refers to the instruments, operating procedures and organizations that allow economic agents to transfer funds to one another. A safe and efficient payments system significantly affects the effectiveness of monetary policy, the soundness of the financial system and the functioning of the economy as a whole.
The payments system includes cash- and non-cash payments. The latter are made through the interbank transfer systems.
Non-cash payment systems can be classified into high- and low-value systems. The former, Sistema de Liquidación Bruta en Tiempo Real (Sistema LBTR), is a RTGS system which handles and settles interbank transfer orders in real time, and on a one-by-one basis. Low-value payment instruments -checks and low-value transfers- are processed by the automated clearing house Cámara de Compensación Electrónica S.A (CCE) and settled on a net deferred basis through Sistema LBTR.
The BCRP designates, regulates and supervises the systemically important payment systems: Sistema LBTR, CCE and Sistema de Liquidación Multibancaria de Valores (SLMV), the payment arrangements of the securities settlement system. In addition, it authorizes the organization and operation of clearing firms.
Western Hemisphere Payments and Securities Clearance and Payments Initiative Payments and Securities Clearance and Settlement Systems in Peru (August 2000) Bank for International Settlements Publications of the Committee on Payment and Settlement Systems (CPSS)