Reporte de la Infraestructura Financiera e Instrumentos de Pago

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Reporte de Sistemas de Pago - Junio de 2011
(Banco de la República, 2011-06-01) Gerencia Ejecutiva; Tolosa-Buitrago, José; Subgerencia de Sistemas de Pago y Operación Bancaria; Bernal-Ramírez, Joaquín; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; León-Rincón, Carlos Eduardo; Cepeda-López, Freddy Hernán; Ortega-Castro, Fabio Gonzalo; Ciceri-Lozano, Aura María
En esta nueva edición del Reporte de Sistemas de Pago el lector podrá apreciar algunos desarrollos metodológicos innovadores en este frente, además de información actualizada sobre diversos tópicos que fueron tratados en el primer reporte, publicado en junio de 2010. El documento está organizado de la siguiente manera: en la primera parte se describe la evolución de los sistemas de pago en Colombia durante 2010. Se destaca, en particular, la dinámica de los pagos de alto valor (a pesar de los cambios en el entorno del mercado de valores), el acelerado crecimiento de las operaciones con derivados financieros liquidados en la cámara de riesgo central de contraparte, el persistente retroceso de los pagos con cheques y la consolidación de los pagos electrónicos de bajo valor, entre los que se destacan los créditos directos mediante cámaras de compensación sistematizadas (ACH) y las tarjetas débito y crédito. En la segunda sección se hace una evaluación de un conjunto de medidas adoptadas en los últimos años por el Banco de la República para optimizar el funcionamiento del Sistema de Pagos de Alto Valor (CUD). Y en la tercera parte se explica la forma como inicialmente el Banco está estructurando la función de seguimiento, y se presentan los primeros resultados de varios trabajos de investigación que aplican técnicas innovadoras en nuestro medio para evaluar posibles incidencias sobre el riesgo sistémico y la estabilidad del sistema financiero, para lo cual se utilizan diversas modalidades de choques y pruebas de tensión originadas en el sistema de pagos de alto valor.
Reportes, Boletines e Informes. 2011-06-01
Reporte de Sistemas de Pago - Junio de 2011.
Open Access
Reporte de Sistemas de Pago - Junio de 2012
(Banco de la República, 2012-06-01) Gerencia Ejecutiva; Tolosa-Buitrago, José; Subgerencia de Sistemas de Pago y Operación Bancaria; Bernal-Ramírez, Joaquín; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; León-Rincón, Carlos Eduardo; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Ortega-Castro, Fabio Gonzalo; Pérez-Villalobos, Jhonatan
Esta tercera edición del Reporte de Sistemas de Pago es una nueva oportunidad para divulgar los esfuerzos de seguimiento a la evolución de los pagos y de las infraestructuras del mercado financiero ejercido por el Banco de la República con una perspectiva integral y énfasis en posibles incidencias sobre la estabilidad financiera. La primera sección del Reporte contiene información relativa a la evolución estadística y principales novedades de las infraestructuras del mercado financiero que operan en Colombia. Se resalta, por ejemplo, que los sistemas de pago de alto valor mantienen niveles transaccionales altos, impulsados en el último año por la dinámica de las operaciones del mercado monetario, a pesar de la desaceleración en las operaciones del mercado secundario de títulos de deuda pública. Asimismo, se destaca la evolución de los derivados financieros liquidados en la Cámara de Riesgo Central de Contraparte de Colombia (CRCC) y el incremento transaccional del mercado accionario que liquida sus operaciones en Deceval. En lo que concierne a bajo valor, se mantiene la tendencia del menor uso del cheque en las operaciones comerciales y el dinamismo de los pagos con tarjetas débito y crédito, así como de las transferencias electrónicas interbancarias compensadas y liquidadas por las ACH y las intrabancarias. En esta parte del reporte se incluye también un recuadro que presenta la línea del tiempo para las operaciones en el sistema de pagos de alto valor del Banco de la República (CUD), el cual será de gran utilidad para los participantes en el sistema, así como para otros operadores externos interconectados. En ella se provee información individualizada sobre cada uno de los conceptos que afectan los saldos de las cuentas de depósito a lo largo del día, con una periodicidad de quince minutos, y la forma como cada uno de ellos inyecta o drena liquidez intradía. En las secciones II (Identificación y estimación del riesgo de liquidez intradía en el sistema de pagos de alto valor) y III (Relevancia de identificar instituciones financieras sistémicamente importantes) se sintetizan los resultados de trabajos de investigación que proponen metodologías novedosas para abordar temas de importancia crítica para mantener la estabilidad financiera, como lo ha enseñado la experiencia internacional, en especial a partir de la crisis financiera internacional de 2008. En efecto, en la sección II se proponen dos metodologías alternativas para cuantificar el riesgo de liquidez intradía en el sistema de pagos de alto valor y se efectúan simulaciones para medir la capacidad de entidades financieras representativas para enfrentar situaciones de tensión. Estas pueden originarse en descalces de oportunidad en los pagos o en incumplimientos de contrapartes claves. Los trabajos de investigación realizados también permiten identificar las principales fuentes de liquidez intradía en el sistema de pagos y la eficiencia con la que diferentes tipos de agentes pueden acceder a ellas. Esta información resulta de gran interés para el diseño de políticas prudenciales en esta materia y para el seguimiento del sistema en su conjunto, así como también de entidades individuales. Por último, el análisis aplicado para identificar entidades financieras sistémicamente importantes, que se publica en la sección III, es innovador. Tradicionalmente, la aproximación a esta variable se ha basado solo en indicadores de los estados financieros (activos, pasivos, cartera, etc.) de las entidades. Aquí se proponen nuevas dimensiones complementarias, como la conectividad y la sustituibilidad, con base en la rica información provista por las redes de transferencia de valor, en especial del sistema de pagos. Los resultados de estos análisis aportan nuevos y valiosos elementos para fortalecer la red de seguridad financiera, la regulación, la supervisión y el seguimiento.
Reportes, Boletines e Informes. 2012-06-01
Reporte de Sistemas de Pago - Junio de 2012.
Open Access
Reporte de Sistemas de Pago - Junio de 2013
(Banco de la República, 2013-06-01) Gerencia Ejecutiva; Tolosa-Buitrago, José; Subgerencia de Sistemas de Pago y Operación Bancaria; Bernal-Ramírez, Joaquín; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; León-Rincón, Carlos Eduardo; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Ortega-Castro, Fabio Gonzalo; Pérez-Villalobos, Jhonatan
El reporte realiza un énfasis especial en temas relacionados con sistemas de pago de bajo valor (entendidos como las operaciones efectuadas dentro del circuito de las personas naturales y las empresas), como lo es el uso de los instrumentos de pago. Por ser estos parte esencial de los sistemas de pago, es también de interés dentro de la función de seguimiento monitorear los instrumentos de pago de bajo valor, (efectivo, tarjetas débito y crédito, cheque). Esta actividad tiene como propósito identificar la disponibilidad y las preferencias del público en relación a estos instrumentos de pago y su aceptación por parte de los establecimientos comerciales. Con este propósito a finales de 2012 se realizó una encuesta sobre uso de los instrumentos de pago de bajo valor, cuyos principales resultados se presentarán en la sección dos de este reporte. Con el objetivo de ofrecer al público una base conceptual sobre este tema, en la primera sección del reporte se describe el proceso generalizado de integración de los instrumentos de pago con los sistemas de compensación y liquidación, para identificar las diferentes etapas del proceso de pagos al por menor desde su inicio hasta la entrega de los recursos.
Reportes, Boletines e Informes. 2013-06-01
Reporte de Sistemas de Pago - Junio de 2013.
Open Access
Reporte de Sistemas de Pago - Junio de 2014
(Banco de la República, 2014-06-01) Gerencia Ejecutiva; Tolosa-Buitrago, José; Subgerencia de Sistemas de Pago y Operación Bancaria; Bernal-Ramírez, Joaquín; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; León-Rincón, Carlos Eduardo; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Ortega-Castro, Fabio Gonzalo; Pérez-Villalobos, Jhonatan
En esta ocasión, el Reporte inicia con su sección tradicional de estadísticas sobre la evolución y desempeño de “los sistemas de pago en Colombia”. Al respecto, cabe destacar muy brevemente que, tanto en el sistema de pagos de alto valor como en las dos centrales depositarias de valores, los valores liquidados fueron menores a los del año anterior, aunque permanecen en niveles históricamente elevados. En cambio, la canalización de operaciones a través de la Cámara de riesgo central de contraparte continúa creciendo a ritmos dinámicos. Asimismo, los pagos electrónicos y con tarjetas débito y crédito canalizados a través de sistemas de pago de bajo valor mantienen un firme crecimiento, en contraste con la caída en los pagos con cheques. En esta edición del Reporte se presenta información complementaria, no sólo sobre pagos interbancarios, sino también intrabancarios, para ampliar la visión agregada sobre los pagos en nuestro país. El Reporte se complementa con otras secciones y recuadros de interés. Uno de ellos retoma el tema de la relevancia de los repositorios de transacciones para la transparencia de los mercados financieros, el cual ya había sido introducido el año pasado. Allí se presentan las iniciativas internacionales encaminadas a regular e implementar los repositorios de transacciones en las jurisdicciones de los países del G-20, así como la evolución que han presentado los sistemas de registro como parte de la infraestructura financiera colombiana. Teniendo en cuenta las recomendaciones de los organismos internacionales con respecto a las funciones que están asumiendo los repositorios de transacciones a nivel global, se identifican algunas oportunidades de mejora, así como áreas de desarrollo en relación con la labor de los sistemas de registro de operaciones implementados en Colombia.
Reportes, Boletines e Informes. 2014-06-01
Reporte de Sistemas de Pago - Junio de 2014.
Open Access
Reporte de Sistemas de Pago - Junio de 2015
(Banco de la República, 2015-06-01) Gerencia Técnica; Vargas-Herrera, Hernando; Subgerencia Monetaria y de Inversiones Internacionales; Cardozo-Alvarado, Nathali; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; León-Rincón, Carlos Eduardo; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Ortega-Castro, Fabio Gonzalo; Pérez-Villalobos, Jhonatan
En esta versión del Reporte se presenta los resultados de la segunda encuesta sobre percepción del uso de los instrumentos de pago de bajo valor, la cual se realizó a finales de 2014. Esta encuesta tiene como propósito fundamental identificar la disponibilidad y las preferencias del público en relación con estos instrumentos de pago, y su aceptación por parte de los establecimientos comerciales. Los principales resultados de dicha encuesta se presentan en la segunda sección de este reporte. Como complemento se desarrollan otros temas relacionados con pagos al por menor efectuados dentro del circuito de las personas naturales y las empresas, como lo son, la evolución de los canales de acceso en el proceso de pagos, así como la identificación y explicación de las diferentes etapas que contiene el proceso de pago de los aportes a la seguridad social en Colombia.
Reportes, Boletines e Informes. 2015-06-01
Reporte de Sistemas de Pago - Junio de 2015.
Open Access
Reporte de Sistemas de Pago - Junio de 2016
(Banco de la República, 2016-06-01) Gerencia Técnica; Vargas-Herrera, Hernando; Subgerencia Monetaria y de Inversiones Internacionales; Cardozo-Ortiz, Pamela Andrea; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; León-Rincón, Carlos Eduardo; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ortega-Castro, Fabio Gonzalo
En esta séptima edición del Reporte de Sistemas de Pago los recuadros se centran en tres temas de interés para la industria que presta servicios de compensación y liquidación de pagos, así como también para sus participantes. Primero, se aborda el debate internacional alrededor del nivel óptimo patrimonial de las Entidades de Contrapartida Central (ECC). Debido a que los riesgos derivados de las actividades de compensación están cubiertos en gran medida por los recursos financieros específicos (márgenes y fondos colectivos), las ECC deben contar con recursos financieros propios para velar que en todo momento esta se encuentre adecuadamente capitalizada, para hacer frente a riesgos de crédito, de contraparte, de mercado, operativos, jurídicos y empresariales, que no estén cubiertos por recursos financieros específicos. Segundo, como complemento al recuadro sobre la experiencia internacional de la figura de transferencia temporal de valores que se explicó en la versión anterior de este reporte, se presenta un recuadro sobre el mercado de préstamo de valores en Colombia, y la función que juegan en dicho mercado infraestructuras financieras como la Bolsa de Valores de Colombia y el Depósito Central de Valores. Tercero, con base en la información del sistema de pagos de alto valor CUD, se realiza un análisis para establecer la evolución de los pagos para determinados periodos, y el uso de las diversas fuentes de liquidez como estrategia para cumplirlos. Este análisis permite comprender el comportamiento individual de cada participante y establecer patrones de comportamiento (perfiles) cuyos cambios en el tiempo se puedan analizar con el objetivo de identificar y dimensionar riesgos financieros con incidencia sistémica, asociados a las actividades de compensación y liquidación de operaciones en los mercados financieros locales.
Reportes, Boletines e Informes. 2016-06-01
Reporte de Sistemas de Pago - Junio de 2016.
Open Access
Financial Infrastructure Report 2023
(Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Murcia-Pabón, Andrés; Financial Infrastructure Oversight Department; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Lemus-Esquivel, Juan Sebastián; Jeferson Marín; Mariño-Martínez, Jorge Ricardo; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ciceri-Lozano, Aura María; Villalobos-Pérez, Jhonatan
Introduction The Financial Infrastructure Report is a product of Banco de la República’s (Banrep) continuous efforts to scrutinize financial market infrastructures (FMIs) in Colombia, besides being a contribution to analyzing and monitoring the country’s financial stability. If FMIs are not managed properly, they can pose significant risks to the financial system and be a possible source of contagion, especially in periods of market stress. The domestic financial infrastructure during 2022 was safe and efficient, allowing the payment system and financial markets to operate normally, which lent stability and confidence to its participants. This 2023 edition of the Report includes analysis on the mitigation of intraday liquidity risk in the large-value payment system (CUD), as well as credit and liquidity risk based on countercyclical practices for the management of initial and variation margins in the Cámara de Riesgo Central de Contraparte S.A. (CRCC). In addition, the Report addresses two topics that are at the center of international debate. The first deals with cyber risk, an issue that cuts across the entire domestic financial infrastructure. It is considered one of the most relevant risks; therefore, its effective management has been the focus of recommendations by multilateral organizations. On this occasion, a section is included that outlines these recommendations and focuses on highlights in local progress towards achieving substantial levels of cyber resilience in the Colombian payment system. It is worth noting that Banco de la República is moving forward with a research agenda to quantify the impact instances of cyber risk could have on the payment system and on financial stability. The second topic addresses the need to analyze the adoption of special frameworks for orderly settlement on the part of central counterparties (CCPs), so as to mitigate systemic risk, recognizing the role these types of entities play in the development of markets and financial stability, as well as their essential contribution to mitigating counterparty and liquidity risks. As for retail payments, the use of electronic payment instruments rose significantly in value during 2022 compared to 2021. Transactional data shows the increase in the use of electronic transfers, both intra- and interbank, was particularly important, having become an object of greater innovation, as evidenced, for example, by the use of mobile wallets. Although the adoption for electronic transfers and debit and credit cards has increased in Colombia over the last ten years, compared to other economies, the country still has low levels in this respect. According to the most recent survey on perception of the use of payment instruments conducted by Banrep (2022), cash continues to be the instrument most used by Colombians for regular payments involving small amounts. This points to an important area for increasing the adoption of digital payments, which would materialize with implementation of the different initiatives the industry and the financial authorities (Ministry of Finance-URF, the Office of the Financial Superintendent of Colombia and Banco de la República) are carrying out to develop the instant payments ecosystem. On the other hand, analyses of the risks associated with crypto assets, which are understood as alternatives to the regulated assets in the traditional financial system, but traded in an unregulated digital environment, are also relevant. In this respect, the Report looks at the potential risks that could arise from the added adoption of stablecoins in economies, specifically in a global context where authorities are studying possibilities for using different mechanisms to contain the risks inherent in crypto assets. The third section of the Report deals with aspects such as smart contracts and programmable money, which are innovations that could be considered in an eventual issue of digital currencies by central banks. In keeping with the previous editions of this Report on matters related to central bank digital currencies (CBDC), this edition explains how these two technological functionalities could accompany the design of a retail CBDC, as well as some of the risks that should be considered. Also addressed in this section is the topic of standardized messaging, which is a trend in the field of payments. Reference is made to the United Kingdom’s experience with the adoption of standardized messaging, and its contributions to interoperability.
Reportes, Boletines e Informes. 2023-12-14
Financial Infrastructure Report - 2023
Open Access
Payment Systems Report - June of 2020
(Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Financial Infrastructure Oversight Department; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; León-Rincón, Carlos Eduardo; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ortega-Castro, Fabio Gonzalo
With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor
Reportes, Boletines e Informes. 2021-02-23
Payment Systems Report - June of 2020
Open Access
Payment Systems Report - 2016
(Banco de la República) Gerencia Técnica; Vargas-Herrera, Hernando; Subgerencia Monetaria y de Inversiones Internacionales; Cardozo-Ortiz, Pamela Andrea; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; León-Rincón, Carlos Eduardo; Mariño-Montaña, Juan Sebastián; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ortega-Castro, Fabio Gonzalo
En esta séptima edición del Reporte de Sistemas de Pago los recuadros se centran en tres temas de interés para la industria que presta servicios de compensación y liquidación de pagos, así como también para sus participantes. Primero, se aborda el debate internacional alrededor del nivel óptimo patrimonial de las Entidades de Contrapartida Central (ECC). Debido a que los riesgos derivados de las actividades de compensación están cubiertos en gran medida por los recursos financieros específicos (márgenes y fondos colectivos), las ECC deben contar con recursos financieros propios para velar que en todo momento esta se encuentre adecuadamente capitalizada, para hacer frente a riesgos de crédito, de contraparte, de mercado, operativos, jurídicos y empresariales, que no estén cubiertos por recursos financieros específicos. Segundo, como complemento al recuadro sobre la experiencia internacional de la figura de transferencia temporal de valores que se explicó en la versión anterior de este reporte, se presenta un recuadro sobre el mercado de préstamo de valores en Colombia, y la función que juegan en dicho mercado infraestructuras financieras como la Bolsa de Valores de Colombia y el Depósito Central de Valores. Tercero, con base en la información del sistema de pagos de alto valor CUD, se realiza un análisis para establecer la evolución de los pagos para determinados periodos, y el uso de las diversas fuentes de liquidez como estrategia para cumplirlos. Este análisis permite comprender el comportamiento individual de cada participante y establecer patrones de comportamiento (perfiles) cuyos cambios en el tiempo se puedan analizar con el objetivo de identificar y dimensionar riesgos financieros con incidencia sistémica, asociados a las actividades de compensación y liquidación de operaciones en los mercados financieros locales.
Reportes, Boletines e Informes. 2016-06-01
Payment Systems Report - June de 2016
Open Access
Payment Systems Report - June of 2019
(Banco de la República) Vargas-Herrera, Hernando; Gerencia Técnica; Subgerencia Monetaria y de Inversiones Internacionales; Cardozo-Ortiz, Pamela Andrea; Departamento de Seguimiento a la Infraestructura Financiera; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; León-Rincón, Carlos Eduardo; Mariño-Martínez, Jorge Ricardo; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ortega-Castro, Fabio Gonzalo
For the last decade, Banco de la República has provided oversight of the local financial infrastructure as an additional contribution to support the country’s financial stability. This is a function performed by most central banks the world over, because they recognize infrastructure as being an essential component of financial markets. Infrastructure that functions properly helps to maintain and promote financial stability, being that it plays a fundamental role in the financial system and in the economy. In the Colombian case, the oversight of the country’s financial infrastructures began formally a decade ago, when External Resolution 5/2009 was issued and the authority to oversight that infrastructures was given to Banco de la República by its Board of Directors. Since then, the oversight has been formal and systematic. To commemorate ublication of the tenth edition of the Payment Systems Report, which is one of the products of financial infrastructure oversight, a section describing this function is included herein, explaining its need, responsibilities, scope, and activities. On this occasion, in addition to the traditional section providing figures on the local financial infrastructure and describing its behavior (Section One), we have included several highlights that underscore the more relevant aspects of how infrastructure for clearing and settling financial assets has evolved in the last decade. Special emphasis is afforded to the Colombian Central Counterparty Clearing House (CRCC), marking its ten years of operation. There also is a box describing how the company has increased its supply of products for clearing and settlement, and how, as a result, the open positions of its settlement members have performed likewise. At the same time, its risk management model has evolved structurally in response to regulatory adjustments, compliance with international standards, or decisions taken unilaterally by the CRCC, the idea being to have the necessary resources to mitigate exposure to counterparty and liquidity risk. In this way, the CRCC has become a undamentally important player in the Colombian financial market. Therefore, it is appropriate that the CRCC continue to be monitored by the country’s financial authorities. Another box included in this report offers an analysis of the advantages and disadvantages of lengthening the cash market settlement period in Colombia, which is another topic of interest. Currently, the clearing and settlement time for a cash transaction in most international markets is two business days (t + 2). In Colombia, nearly all peso/dollar and government and private debt transactions on the spot market are cleared and settled on the same trading day (t + 0). This box analyzes the possible implications of Colombia approximating the international standard. Retail-value payment systems (understood as operations carried out within the circuit of private individuals and companies), such as the use of payment instruments (cash, debit and credit cards, checks and electronic funds transfers), also must be monitored to identify their availability and the public’s preferences for these instruments and their acceptance by commercial establishments. With that in mind, three surveys have been conducted in the last decade to gauge how the use of payment instruments is perceived. A comparison of the findings of these three measurements is presented in a section of this report, and an analysis of that comparison indicates the use of payment instruments other than cash for daily payments is still low. Although their ownership and use by the general public is increasing, their acceptance by some commercial establishments remains limited. In keeping with efforts to oversight innovations in payment processes, the report also includes a box that explores the participation of large, global technology companies in the retail-value payment market. The payment services they offer are associated with innovative payment methods, such as “non-contact” or indirect technology, or by means of devices such as mobile phones, the use of debit and credit cards via applications, and channels such as the mobile network, POS terminals, and the Internet. In other words, these innovations are concentrated in the first stage of the payment process, without altering the other stages, such as traditional payment instruments, channels and systems. Finally, with respect to work in the area of applied research, the fourth section of this report describes how the cryptoasset system operates. It has two fundamental elements. The first is comprised of the agents who participate in the system; namely, cryptoasset users, and the agents who provide them with services. The second includes the digital asset and the underlying technology platform; together they support interaction between the agents in the crypto asset system. As explained in the respective box, the cryptoasset system is not isolated entirely from the financial system, which it pretends do without. In other words, users cannot extract themselves from the traditional financial system as long as cryptoassets have yet to be adopted on a mass scale, which so far assumes there is a connection between both systems. Juan José Echavarría Governor
Reportes, Boletines e Informes. 2021-06-21
Payment Systems Report - June of 2019
Open Access
Payment Systems Report - June of 2021
(Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Financial Infrastructure Oversight Department; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; León-Rincón, Carlos Eduardo; Mariño-Martínez, Jorge Ricardo; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Ortega-Castro, Fabio Gonzalo
Banco de la República provides a comprehensive overview of Colombia’s finan¬cial infrastructure in its Payment Systems Report, which is an important product of the work it does to oversee that infrastructure. The figures published in this edition of the report are for the year 2020, a pandemic period in which the con¬tainment measures designed and adopted to alleviate the strain on the health system led to a sharp reduction in economic activity and consumption in Colom¬bia, as was the case in most countries. At the start of the pandemic, the Board of Directors of Banco de la República adopted decisions that were necessary to supply the market with ample liquid¬ity in pesos and US dollars to guarantee market stability, protect the payment system and preserve the supply of credit. The pronounced growth in mone¬tary aggregates reflected an increased preference for liquidity, which Banco de la República addressed at the right time. These decisions were implemented through operations that were cleared and settled via the financial infrastructure. The second section of this report, following the introduction, offers an analysis of how the various financial infrastructures in Colombia have evolved and per¬formed. One of the highlights is the large-value payment system (CUD), which registered more momentum in 2020 than during the previous year, mainly be¬cause of an increase in average daily remunerated deposits made with Banco de la República by the General Directorate of Public Credit and the National Treasury (DGCPTN), as well as more activity in the sell/buy-back market with sovereign debt. Consequently, with more activity in the CUD, the Central Securi¬ties Depository (DCV) experienced an added impetus sparked by an increase in the money market for bonds and securities placed on the primary market by the national government. The value of operations cleared and settled through the Colombian Central Counterparty (CRCC) continues to grow, propelled largely by peso/dollar non-deliverable forward (NDF) contracts. With respect to the CRCC, it is important to note this clearing house has been in charge of managing risks and clearing and settling operations in the peso/dollar spot market since the end of last year, following its merger with the Foreign Exchange Clearing House of Colombia (CCDC). Since the final quarter of 2020, the CRCC has also been re¬sponsible for clearing and settlement in the equities market, which was former¬ly done by the Colombian Stock Exchange (BVC). The third section of this report provides an all-inclusive view of payments in the market for goods and services; namely, transactions carried out by members of the public and non-financial institutions. During the pandemic, inter- and intra-bank electronic funds transfers, which originate mostly with companies, increased in both the number and value of transactions with respect to 2019. However, debit and credit card payments, which are made largely by private citizens, declined compared to 2019. The incidence of payment by check contin¬ue to drop, exhibiting quite a pronounced downward trend during the past last year. To supplement to the information on electronic funds transfers, section three includes a segment (Box 4) characterizing the population with savings and checking accounts, based on data from a survey by Banco de la República con-cerning the perception of the use of payment instruments in 2019. There also is segment (Box 2) on the growth in transactions with a mobile wallet provided by a company specialized in electronic deposits and payments (Sedpe). It shows the number of users and the value of their transactions have increased since the wallet was introduced in late 2017, particularly during the pandemic. In addition, there is a diagnosis of the effects of the pandemic on the payment patterns of the population, based on data related to the use of cash in circu¬lation, payments with electronic instruments, and consumption and consumer confidence. The conclusion is that the collapse in the consumer confidence in¬dex and the drop in private consumption led to changes in the public’s pay¬ment patterns. Credit and debit card purchases were down, while payments for goods and services through electronic funds transfers increased. These findings, coupled with the considerable increase in cash in circulation, might indicate a possible precautionary cash hoarding by individuals and more use of cash as a payment instrument. There is also a segment (in Focus 3) on the major changes introduced in regulations on the retail-value payment system in Colombia, as provided for in Decree 1692 of December 2020. The fourth section of this report refers to the important innovations and tech¬nological changes that have occurred in the retail-value payment system. Four themes are highlighted in this respect. The first is a key point in building the financial infrastructure for instant payments. It involves of the design and im¬plementation of overlay schemes, a technological development that allows the various participants in the payment chain to communicate openly. The result is a high degree of interoperability among the different payment service providers. The second topic explores developments in the international debate on central bank digital currency (CBDC). The purpose is to understand how it could impact the retail-value payment system and the use of cash if it were to be issued. The third topic is related to new forms of payment initiation, such as QR codes, bio¬metrics or near field communication (NFC) technology. These seemingly small changes can have a major impact on the user’s experience with the retail-value payment system. The fourth theme is the growth in payments via mobile tele¬phone and the internet. The report ends in section five with a review of two papers on applied research done at Banco de la República in 2020. The first analyzes the extent of the CRCC’s capital, acknowledging the relevant role this infrastructure has acquired in pro¬viding clearing and settlement services for various financial markets in Colom¬bia. The capital requirements defined for central counterparties in some jurisdic¬tions are explored, and the risks to be hedged are identified from the standpoint of the service these type of institutions offer to the market and those associated with their corporate activity. The CRCC’s capital levels are analyzed in light of what has been observed in the European Union’s regulations, and the conclusion is that the CRCC has a scheme of security rings very similar to those applied internationally and the extent of its capital exceeds what is stipulated in Colombian regulations, being sufficient to hedge other risks. The second study presents an algorithm used to identify and quantify the liquidity sources that CUD’s participants use under normal conditions to meet their daily obligations in the local financial market. This algorithm can be used as a tool to monitor intraday liquidity. Leonardo Villar Gómez Governor
Reportes, Boletines e Informes. 2022-02-01
Payment Systems Report - June of 2021
Open Access
Financial Infrastructure Report 2022
(Banco de la República) Office of the Deputy Technical Governor; Vargas-Herrera, Hernando; Office for Monetary Operations and International Investments; Cardozo-Ortiz, Pamela Andrea; Financial Infrastructure Oversight Department; Machado-Franco, Clara Lía; Cadena-Silva, Carlos Alberto; Cepeda-López, Freddy Hernán; Ciceri-Lozano, Aura María; Marin-Giraldo, Jefferson Dario; Mariño-Martínez, Jorge Ricardo; Martínez-Ventura, Constanza; Miguélez-Márquez, Javier; Villalobos-Pérez, Jhonatan
Reportes, Boletines e Informes. 2023-06-06
Payment Systems Report - June of 2022

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