Regulatory Alerts2024-01-01 | JPRM-2024-008-MJPRM-2024-008-M — Reforming the Monetary System Rules
The Monetary Policy and Regulation Board of Ecuador issued Resolution JPRM-2024-008-M to reform the Monetary System Rules, updating definitions, participant classifications, and fee structures for the Central Payments System and interbank services. The resolution replaces outdated terminology, establishes irrevocability standards for real-time and batch settlements, mandates daily fee calculations for payment auxiliaries, and updates electronic signature certificate levels. It also repeals numerous obsolete articles and prior resolutions while imposing a four-month compliance deadline for financial entities to update their transfer systems and align with the new regulatory framework.
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