JUNIO DE 2020 REPORTE DE Sistemas de pago REPO S P 2019 0 Y AY 6 st / MEN e R m T s T ISSN - 2145 - 6526 June 2019 PAYMENT SYstems REPORT Banco de la República Bogotá, D. C., Colombia ISSN - 2145 - 6526 - 2145 ISSN PAYMENT SYstems REPORT Prepared by the Financial Infrastructure Oversight Department of the Office for Monetary Operations and International Investments Office of the Deputy Technical Governor Hernando Vargas Technical Governor Office for Monetary Operations and International Investments Pamela Cardozo Chief Officer Financial Infrastructure Oversight Department Clara Lía Machado Department Director Carlos Alberto Cadena Freddy Hernán Cepeda Aura María Ciceri Carlos Eduardo León Jorge Ricardo Mariño Ana Constanza Martínez Javier Miguélez Fabio Gonzalo Ortega Content Introduction /9 1. Payment Systems in Colombia /11 1.1 General Overview of Colombia’s Financial Infrastructure /11 1.2 The Large-value Payment System /15 1.3 Clearing and Settlement of Securities and Financial Derivatives /26 1.4 The Central Counterparty Clearing House of Colombia (CCDC) /47 1.5 Retail-value Payment Systems and Payment Instruments /50 2. A Decade of Formally Overseeing Colombia’s Financial Infrastructures /87 2.1 The Need for Oversight /89 2.2 The Responsibilities Involved in Oversight /89 2.3 The Scope of Oversight /90 2.4 The Activities Involved in Oversight /91 2.5 Cooperation with other Relevant Authorities /94 3. A Comparison of the Findings of the Survey on the Use of Instruments for Routine Payments in Colombia /98 3.1 Introduction /98 3.1 The General Public /99 3.3 Merchants /103 4. Interoperability between the Cryptoasset System and the Traditional Financial System /107 4.2 Exchange Platforms and Interoperability /110 4.3 Prospects for Interoperability between the Cryptoasset System and the Financial System /112 Annex /114 Documents Published Recently by the Financial Infrastructure Oversight Department /117 Graphs Graph 1.1 Statistics on the Number and Value of Transactions in the Graph 3.1 Population Pyramid, by Age /99 CUD Large-value Payment System, Daily Averages /16 Graph 3.2 Debit Card Ownership /100 Graph 1.2 Distribution of Transactions in the CUD System, by Hour Graph 3.3 Credit Card Ownership /101 Range and in Value /21 Graph 3.4 Most Used Payment Instrument /101 Graph 1.3 Central Securities Depository (DCV), Processed Graph 3.5 Payment Instruments Most Used at Hypermarkets, Transactions /29 Supermarkets, Mini-markets and Neighborhood Supermarkets /104 Graph 1.4 Total Balance Held by the DCV, per Type of Entity /31 Graph 3.6 Payment Instruments Most Used at Restaurants /105 Graph 1.5 Timing in the Settlement of Transfer Orders Received by Graph 3.7 Payment Instruments Most Used for Taxis and the DCV /32 Buses /105 Graph 1.6 Distribution of the Transaction Activation Mechanism, by Graph 3.8 Payment Instruments Most Used at Service Stations /105 Type (2018) /32 Graph 3.9 Payment Instruments Most Used at Neighborhood Stores, Graph 1.7 Statistics on Deceval Value and Volume /34 Stationary Stores, Variety Stores and Drugstores /106 Graph 1.8 Total Balance Held by Deceval, by Type of Entity /36 Graph 1.9 Transactions Processed by the BVC /39 Graph 1.10 Spot Market Equity Payments in the Large-value Payment System /41 Graph 1.11 Transactions Settled throughout the Day by Deceval for the BVC Repo and TTS Markets /41 Graph 1.12 Stock Repos /41 Graph 1.13 Stock Repos by Maturity: 2016-2018 /41 Graph 1.14 Central Counterparty Clearing House Share in Billion Pesos, by Product /44 Graph 1.15 Value of Transactions Accepted by CRCC S.A. /44 Graph 1.16 Transactions Involving Products in the Financial Derivatives Segment /44 Graph 1.17 Evolution of the Open Position at the Close of Each Year, by Segment /45 Graph 1.18 Open Position in 2018, by Product Group /45 Graph 1.19 Number of Standardized Derivative Contracts Received from Registration or Trading Systems /46 Graph 1.20 Value, Volume and Liquidity Savings in Transactions Processed by the Foreign Exchange Clearing House of Colombia /48 Graph 1.21 Collateral Received in Relation to Required Collateral on Net Values /48 Graph 1.22 Value and Number of Checks Cleared through CEDEC /51 Graph 1.23 Value and Number of Transactions in ACH Cenit /53 Graph 1.24 Value and Number of Transactions in ACH Colombia /55 Graph 1.25 Banknotes in Circulation /59 Graph 1.26 Value of Banknotes in Circulation and Cash/GDP /59 Graph 1.27 A. Debit cards, B. Credit cards /60 Graph 1.28 Debit and Credit Card Purchases /60 Graph 1.29 Debit and Credit Cards by Issuer /61 Graph 1.30 Interbank Checks /62 Graph 1.31 Checks by Issuer, 2018 /62 Graph 1.32 Interbank Transfers /63 Graph 1.33 Transfers by Issuer, 2018 /63 Graph 1.34 Share of the Number of Transactions, 2018 /64 Graph 1.35 Share of the Value, 2018 /64 Tables Table 1.1 Financial Market Infrastructures in Colombia /14 Table 1.12 Details on the Balance of Securities Held in Custody by Table 1.2 Number of Participants, by Type of Entity /16 Deceval at the Close of 2018, by Type /35 Table 1.3 Number and Value of Transactions in the CUD System /17 Table 1.13 BVC Statistics /40 Table 1.4 Origin and Type of Transactions for which Deposit Accounts Table 1.14 Statistics on the Foreign Exchange Clearing House of in the CUD System are Debited, Number and Value of Transactions Colombia /48 (Daily Averages in Thousand million Pesos) /18 Table 1.15 Foreign Exchange Clearing House of Colombia: Delays Table 1.5 Number and Percentage of Participants in the CUD that and Defaults by CCDC Participants in 2018 /49 Account for 70% of the Value of Payments /21 Table 1.16 Statistics on Check Clearing through CEDEC /51 Table 1.6 Timeline for the Settlement of Transactions in the CUD /24 Table 1.17 Comparison of the Value and Number of Interbank Table 1.7 Daily Average Transactions Processed in the DCV, by Checks vs. Intrabank Checks /52 Service /30 Table 1.18 CEDEC /53 Table 1.8 Total Value of Securities Held by the DCV at Year-end /30 Table 1.19 ACH Cenit Clearing House Statistics /54 Table 1.9 Balance of Securities Held in Custody by the DCV at the Table 1.20 ACH Colombia Statistics /55 Close of 2018, by Issuer /31 Table 1.21 ACH Colombia /56 Table 1.10 Deceval Statistics /34 Table 1.22 Main Payment Instruments in the Colombian Economy /58 Table 1.11 Total Securities Held by Deceval at Year-end /35 Diagrams Diagram 1.1 Global Overview of Financial Market Infrastructures (FMIs) and Other Participants (2018) /12 Diagram 4.1 Interoperability of the Cryptoasset and Financial Systems /111 Glossary ACH: Cámara de compensación automatizada EcP: Modalidad de entrega contra pago aplicable en la liquidación ACH-Cenit: Compensación electrónica nacional interbancaria de Valores (DvP, por su sigla en inglés) administrada por el Banco de la República FIC: Fondos de inversión colectiva ACH-Colombia: Cámara de Compensación Automatizada de Finagro: Fondo para el Financiamiento del Sector Agropecuario Colombia S. A. IBR: Indicador bancario de referencia ATH: A Toda Hora S. A., red de cajeros electrónicos y agilizadores JDBR: Junta Directiva del Banco de la República BIS: Banco de Pagos Internacionales (por su sigla en inglés) MEC: Mercado Electrónico Colombiano de propiedad de la Bolsa de BVC: Bolsa de Valores de Colombia Valores de Colombia S. A. CCDC: Cámara de Compensación de Divisas de Colombia S. A. NDF: Forward de cumplimiento financiero (non-delivery forward) CDT: Certificado de depósito a término PIB: Producto interno bruto Cedec: Sistema de compensación electrónica de cheques y de otros PSE: Pagos seguros en línea instrumentos de pago, administrado por el Banco de la República SEN: Sistema electrónico de negociación administrado por el CRCC: Cámara de Riesgo Central de Contraparte de Colombia S. A. Banco de la República CR5: Índice de concentración construido como la suma de las cinco SET-ICAP-FX: Sistema electrónico de transacción en moneda mayores participaciones extranjera, administrado por Servicios Integrados en Mercado CUD: Sistema de cuentas de depósito, administrado por el Banco de Cambiario S. A., con el respaldo de la Bolsa de Valores de Colombia la República para liquidación de transferencia de fondos, también S. A. y SIF-ICAP de México denominado sistema de pagos de alto valor. SET-ICAP Securities: Sistema electrónico y de voz para la DANE: Departamento Administrativo Nacional de Estadística negociación y registro de instrumentos financieros, y proveedor de DCV: Depósito Central de Valores, administrado por el Banco de la información financiera. República TES: Títulos de deuda pública emitidos por el Gobierno y Deceval: Depósito Centralizado de Valores de Colombia S. A. administrados por el Banco de la República DGCPTN: Dirección General de Crédito Público y del Tesoro Nacional TRM: Tasa representativa de mercado TTV: Transferencia temporal de Valores As used in English ACH: Automated Clearing House DvP: Delivery versus payment method applicable to securities ACH-Cenit: National Interbank Electronic Settlement System, settlement managed by Banco de la República FIC: Collective Investment Funds (CIF) ACH-Colombia: Automated Clearing House of Colombia FINAGRO: Fund for the Financing of the Agricultural Sector ATH: A Toda Hora S.A.: ATM network and accelerators IBR: Benchmark Reference Index BIS: Bank for International Settlements JDBR: Banco de la República’s Board of Directors BVC: Colombian Stock Exchange MEC: Colombian Electronic Market, owned by the Colombian Stock CCDC: Foreign Exchange Clearing House of Colombia Exchange CDT: Term deposit certificate NDF: Non-delivery forwards CEDEC: Electronic clearing system for checks and other payment PIB: Gross domestic product (GDP) instruments, managed by Banco de la República PSE: Secure online payments (SOP) CRCC: Central Counterparty Risk of Colombia) S.A.