General Aspects

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.