The president of the BCU was part of an event organized by the Inter-American Development Bank and the Bank for International Settlements.
The Central Bank of Uruguay continues to develop its new Rapid Payment System.
Photo: Freepik
The president of Central Bank of Uruguay (BCU), Diego Labat, participated in an event organized by the Inter-American Development Bank (IDB) and the Bank of International Settlements (BIS) where he commented on how the implementation of the Rapid Payment System is progressing.
At the event they presented the “FuSSE Project: Towards a Regional Payments Ecosystem for Latin America and the Caribbean” and also had the participation of the vice president of the BCU, Washington Ribeiroas well as authorities from the IDB, the BIS, the ministries of finance, the central banks and the financial superintendencies of Latin America and the Caribbean.
The president of BCU participated in the panel “Challenges to start a fast retail payment system and complementarities with FuSSE”, together with the president of the Central Bank of Chile, Rosanna Costa, and the general manager of the Central Bank of Colombia, Leonardo Villar.
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There, Labat shared the experience of Uruguay Regarding the process of instrumentation of the Quick Payment System, which would be completed at the end of this year. In this sense, the president highlighted that the rapid payment system will contribute to a reduction in transaction costs and will provide the opportunity “to improve access to financial services.”
On the other hand, the leader of the BCU cited the case of Uruguay where there was a growth in the number of small investors who managed to access investment products through fintech platforms, as reflected in the consolidated information for the year 2023 of Investment Advisors and Portfolio Managers disclosed by the BCU on April 11.
What is FuSSE about?
The objective of FuSSE (Fully Scalable Settlement Engine, for its acronym in English), is “to test highly scalable systems in three dimensions: the number of transactions, the types of assets and the number of participants. The initiative seeks to design and test ‘backend’ functionalities that can adapt to multiple types of infrastructures , allowing them to process an ever-increasing number of transactions.
This technology could support payment systems, securities settlement systems or even central bank digital currencies. “I think that FuSSE It will allow us a scale that we do not yet have. That collaboration between IDB and the BIS It will give the push, the impetus for this process to happen more quickly. It will be a great opportunity for Latin American countries to improve their infrastructure and take advantage of this technology,” Labat said about the project.
Source: Ambito
