Regulatory Alerts2024-01-01 | JPRM-2024-029-MResolution JPRM-2024-029-M: Reforming the Standard Regulating Payment Means and Systems in Ecuador and Fintech Activities
The Monetary Policy and Regulation Board of Ecuador issued Resolution JPRM-2024-029-M to reform the standard regulating payment means, systems, and Fintech activities. The resolution establishes comprehensive definitions for payment participants, infrastructure, and processes, while mandating interoperability among payment networks to ensure immediate resource transfers. It further defines the roles of the Central Bank of Ecuador and auxiliary payment system administrators in overseeing real-time electronic money transfers and maintaining system stability.
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