Reporte de Infraestructura Financiera (anterior Reporte de Sistema de Pagos)https://repositorio.banrep.gov.co/handle/20.500.12134/90492024-03-19T12:51:43Z2024-03-19T12:51:43ZFinancial Infrastructure Report 2023https://repositorio.banrep.gov.co/handle/20.500.12134/107412024-02-26T15:00:45Z2023-12-14T00:00:00ZFinancial Infrastructure Report - 2023
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.
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; F31 - Foreign Exchange; N20 - Financial Markets and Institutions: General, International, or Comparative
Sistemas de pago; Mercado de capitales; Riesgo sistémico; Riesgo financiero; Colombia
2023-12-14T00:00:00ZOffice of the Deputy Technical GovernorVargas-Herrera, HernandoOffice for Monetary Operations and International InvestmentsMurcia, AndrésFinancial Infrastructure Oversight DepartmentMachado-Franco, Clara LíaCadena-Silva, Carlos AlbertoCepeda-López, Freddy HernánLemus-Esquivel, Juan SebastiánJeferson MarínMariño-Martínez, RicardoMartínez-Ventura, Ana ConstanzaMiguélez Márquez, JavierCiceri-Lozano, Aura MaríaVillalobos-Perez, JhonatanReporte de Infraestructura Financiera 2023https://repositorio.banrep.gov.co/handle/20.500.12134/106902024-02-26T15:00:11Z2023-08-31T00:00:00ZReporte de Sistemas de Pago 2023
Con este reporte, cada año el Banco de la República entrega un panorama completo de la infraestructura financiera local.
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; F31 - Foreign Exchange; N20 - Financial Markets and Institutions: General, International, or Comparative
Mercado de capitales; Liquidez; Riesgo financiero; Sistemas de pago; Colombia
2023-08-31T00:00:00ZGerencia TécnicaVargas-Herrera, HernandoSubgerencia Monetaria y de Inversiones InternacionalesAndrés MurciaDepartamento de Seguimiento a la Infraestructura FinancieraClara Lía MachadoCarlos Alberto CadenaFreddy Hernán CepedaAura María CiceriJuan Sebastián LemusJeferson MarínJorge Ricardo MariñoAna Constanza MartínezJavier MiguélezJhonatan VillalobosFinancial Infrastructure Report 2022https://repositorio.banrep.gov.co/handle/20.500.12134/106522023-12-14T19:52:18Z2023-06-06T00:00:00ZPayment Systems Report - June of 2022
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; F31 - Foreign Exchange; N20 - Financial Markets and Institutions: General, International, or Comparative
Sistemas de pago; Mercado de capitales; Riesgo sistémico; Riesgo financiero; Colombia
2023-06-06T00:00:00ZOffice of the Deputy Technical Governor
Vargas-Herrera, HernandoOffice for Monetary Operations and International InvestmentsCardozo-Ortiz, Pamela AndreaFinancial Infrastructure Oversight DepartmentMachado-Franco, Clara LíaCadena-Silva, Carlos AlbertoCepeda-López, Freddy HernánCiceri-Lozano, Aura MaríaMarin-Giraldo, Jefferson DarioMariño-Martínez, RicardoMartínez-Ventura, Ana ConstanzaMiguélez, JavierVillalobos Perez, JhonatanReporte de Infraestructura Financiera 2022https://repositorio.banrep.gov.co/handle/20.500.12134/104602024-02-26T15:01:19Z2022-07-12T00:00:00ZReporte de Infraestructura Financiera 2022
La labor de seguimiento a la infraestructura financiera local es un aporte adicional del Banco de la República a la estabilidad financiera del país. Uno de los productos de dicho seguimiento ha sido el Reporte de Sistemas de Pago, que a partir de esta edición cambia de nombre a Reporte de Infraestructura Financiera, con el objetivo de que refleje de manera amplia los temas que aquí se abordan.
En esta edición 2022 se incluyen varios cambios, producto de un estudio comparativo realizado frente a reportes de infraestructura financiera elaborados por otros bancos centrales. Dichos cambios buscan hacer más fluida y liviana la lectura del reporte, incluyendo los mensajes principales y las cifras clave para los diferentes grupos de interés a los cuales va dirigido.
En el reporte se muestra que la infraestructura financiera mantuvo sus servicios de forma continua, dando muestra general de su buen funcionamiento en el 2021. Adicionalmente, se validó la resiliencia de la Cámara de Riesgo Central de Contraparte (CRCC) y del Sistema de Pagos de Alto Valor (CUD) ante eventos extremos, con base en pruebas de estrés con estándares internacionales (enfocadas en el riesgo de liquidez y de crédito).
En cuanto a los pagos al por menor, de acuerdo con información transaccional, el uso en valor de los instrumentos electrónicos aumentó durante 2021 frente al año 2020 (tarjetas crédito y débito, cheque y transferencias). El empleo de las tarjetas débito y crédito en pagos aumentó a niveles similares a los alcanzados en el año prepandemia. Por su parte, las transferencias electrónicas continuaron en crecimiento.
Aunque los resultados de la encuesta BR 2022 muestran que el efectivo continúa siendo el instrumento más utilizado por el público para los pagos habituales (comportamiento similar al de otros países), la percepción de su uso disminuyó significativamente al 75 % (87 % en 2019). También para el comercio, el efectivo fue el instrumento preferido por sus clientes. Sin embargo, en esta medición varios canales de comercio como peluquerías, droguerías y restaurantes se sumaron al grupo que tradicionalmente viene recibiendo pagos electrónicos por un valor superior al 10 % de sus ventas (hipermercados y estaciones de servicio).
Asimismo, para cerca del 50 % de la población los pagos en efectivo son menores a los que realizaron antes de la pandemia, lo cual es consecuente con el incremento transaccional de los instrumentos de pago electrónicos que se registró en el año 2021.
El Banrep continúa monitoreando los desarrollos tecnológicos que han ampliado y modernizado la oferta en el mercado de pagos internacional y local, ya que son temas de interés para la industria que presta servicios de compensación y liquidación de pagos. En este reporte se presenta el caso PIX en Brasil para pagos inmediatos, los proyectos que se llevan a cabo sobre la posible emisión de moneda digital por parte de los bancos centrales (CBDC, por sus siglas en inglés) para pagos transfronterizos, así como una aproximación al ecosistema Fintech en Colombia con énfasis en las empresas que prestan servicios de pagos.
Leonardo Villar
Gerente General
E42 - Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; F31 - Foreign Exchange; N20 - Financial Markets and Institutions: General, International, or Comparative
Liquidez; Mercado de capitales; Riesgo financiero; Colombia
2022-07-12T00:00:00ZGerencia TécnicaVargas-Herrera, HernandoSubgerencia Monetaria y de Inversiones InternacionalesCardozo-Ortiz, Pamela AndreaDepartamento de Seguimiento a la Infraestructura FinancieraMachado-Franco, Clara LíaCadena-Silva, Carlos AlbertoCepeda-López, Freddy HernánCiceri-Lozano, Aura MaríaMarin-Giraldo, Jefferson DarioMariño-Martínez, RicardoMartínez-Ventura, Ana ConstanzaMiguélez, JavierVillalobos Perez, Jhonatan