The Central Bank of Uruguay (BCU) predicts that the country will optimize its immediate payment system in 2024, according to how the implementations of the new Rapid Payment System are progressing.
The vice president of the BCU board, Washington Ribeiro, detailed the progress of the state body in this regard in an interview conducted by the Latin American Reserve Fund (FLAR).
On October 26 and 27, the leader participated together with the Payment System Manager, Ana Claudia de los Heros, and the head of the Payment System Department, Antonio Zarrillo, in the first “Regional Instant Payments Forum” held in the city of Quito, hosted by the Central Bank of Ecuador, and jointly organized by FLAR and the IMF. The space was dedicated to the exploration and analysis of issues related to instant and cross-border payment systems, as well as their regulation, supervision and strategies for their future implementation and development in the region.
There, Ribeiro pointed out that “Uruguay is in a process of change and modernization of the payment system” based on “four main tasks”, which are “to lower inflation, provide the financial system with solvency, promote financial education and modernize the payment system.” “Uruguay has, or had, a payment system that is quite fragmented and not updated,” since “Uruguay has not accompanied the processes of technological change that have been seen in other countries.” On this point, Ribeiro explained that the BCU drew up “two roadmaps, one from 2020 to 2022 and another from 2023 to 2025”, where progress was made with “important milestones such as the digitization of checks” and “the implementation of an alias for instant transfers.
“Now we are promoting, together with the private sector, a system of rapid person-commerce payments, where we understand that starting next year Uruguay will be in tune with other payment systems in the region and the world,” Ribeiro pointed out.