El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems

Payment systems are a core part of all financial systems. The quality of payment systems determines the stability of the overall economy, the efficiency and reliability of financial intermediation, and the possibility for the private sector to innovate and provide new services to consumers. This technical note presents the results of the assessment of payments, remittances, and securities settlement processes in El Salvador, based on international standards and best practices. It includes several observations for the improvement of the National Payments System (NPS) in El Salvador. This note takes into account the peculiarities of the jurisdiction of El Salvador: namely, the relatively small size of the financial system and the dollarized nature of the economy. The central bank and other institutions are already planning appropriate actions on many of the issues discussed. In some cases, however, the team identified additional elements, which are discussed in this note.

Bibliographic Details

Main Authors:	International Monetary Fund, World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	Washington, DC 2010-11
Subjects:	ACCOUNTABILITY, ACH, ASSETS, ATM, AUTHORIZATION, BANK ACCOUNTS, BANK BRANCHES, BANK CUSTOMERS, BANK SUPERVISION, BANKING SECTOR, BANKING SUPERVISION, BENEFICIARIES, CAPITAL MARKET, CAPITAL MARKETS, CASE OF DEFAULTS, CASH MANAGEMENT, CENTRAL BANK, CENTRAL BANKS, CENTRAL SECURITIES DEPOSITORY, CHECKING ACCOUNTS, CHEQUES, CLAIM, CLEARING HOUSE, CLEARINGHOUSE, COMMERCIAL BANK, COMMERCIAL BANKS, CONSUMER PROTECTION, COOPERATIVE BANKS, CORPORATE BOND, CORPORATE BOND ISSUERS, CORPORATE BONDS, CREDIT CARDS, CREDIT RISK, CREDIT RISKS, CREDIT TRANSFER, CREDIT TRANSFERS, CURRENCY, CUSTOMER ACCOUNTS, DEBIT CARDS, DEFAULTS, DELIVERY VERSUS PAYMENT, DEPOSIT, DEPOSITS, DISBURSEMENT, DVP, EDUCATION LOANS, EFFECTIVE GOVERNANCE, EFT, EFTPOS, ELECTRONIC FUNDS, ELECTRONIC FUNDS TRANSFER, ELECTRONIC PAYMENT, ELECTRONIC PAYMENT SYSTEMS, END-USER, EQUITY MARKETS, EVOLUTION OF PAYMENT, FACTORING, FINAL SETTLEMENT, FINANCE COMPANIES, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIARIES, FINANCIAL INTERMEDIATION, FINANCIAL PRODUCTS, FINANCIAL RISKS, FINANCIAL SERVICES, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FLOWS OF PAYMENTS, FOREIGN BANKS, FRAUD, FUNDS TRANSFER, GOVERNMENT PAYMENTS, GOVERNMENT POLICIES, GOVERNMENT SECURITIES, GROSS SETTLEMENT SYSTEM, HOST, INSTRUMENT, INSURANCES, INTERBANK PAYMENTS, INTERNAL CONTROL, INTERNAL REPORTING, INTERNATIONAL BANK, INTERNATIONAL MARKETS, INTERNATIONAL STANDARDS, INTERNET BANKING, JURISDICTION, JURISDICTIONS, LAWS, LEGAL FRAMEWORK, LEGAL PROHIBITION, LEGAL PROVISIONS, LEGAL REFORM, LEGISLATION, LENDER, LENDER OF LAST RESORT, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY RISK, LIQUIDITY RISKS, LOCAL CAPITAL MARKET, LOCAL MARKET, MAKING PAYMENTS, MICROFINANCE, MICROFINANCE INSTITUTIONS, MISMANAGEMENT, MOBILE PHONE, MONETARY FUND, MONEY TRANSFER, MORTGAGE, MULTILATERAL NETTING, NATIONAL PAYMENT SYSTEMS, NEGOTIATION, OPEN ACCESS, OPERATIONAL RISK, OPERATIONAL RISKS, ORDER OF PAYMENT, OVERSIGHT OF PAYMENT SYSTEMS, PAYMENT INSTRUCTIONS, PAYMENT INSTRUMENT, PAYMENT INSTRUMENTS, PAYMENT SERVICES, PAYMENT SYSTEM, PAYMENT SYSTEMS, PAYMENTS SYSTEM, PAYMENTS SYSTEMS, PENALTIES, PLAN FOR PAYMENT, POINT OF SALE, POINT OF SALE TERMINAL, POS, PRIVATE NETWORK, PUBLIC POLICY, REAL TIME GROSS SETTLEMENT, REAL TIME GROSS SETTLEMENT SYSTEM, REAL-TIME GROSS SETTLEMENT, REGULATORY FRAMEWORK, REMITTANCE, REMITTANCE SERVICE, REMITTANCE SERVICES, REMITTANCES, REPO, REPO FACILITY, REPO MARKET, REPO MARKETS, REPO TRANSACTIONS, RESERVE, RESERVE ACCOUNTS, RESERVE REQUIREMENTS, RESERVES, RETAIL PAYMENT, RETAIL PAYMENT SYSTEMS, RETAIL PAYMENTS, RETURN, RISK MANAGEMENT, RTGS, SALARIES, SAVINGS, SECONDARY MARKET, SECURITIES, SECURITIES MARKET, SECURITIES SETTLEMENT, SECURITIES SETTLEMENT SYSTEMS, SECURITIES TRANSACTIONS, SERVICE PROVIDER, SETTLEMENT, SETTLEMENT PROVISIONS, SETTLEMENT SERVICES, SETTLEMENT SYSTEMS, SETTLEMENTS, STAKEHOLDERS, STANDARDIZATION, STOCK EXCHANGE, STOCK MARKET, STOCK MARKET CAPITALIZATION, STOCKS, TERRORISM, TRANCHE, TRANCHES, TRANSACTION, TRANSFER OF FUNDS, TRANSPARENCY, TREATY,
Online Access:	http://documents.worldbank.org/curated/en/532271468037136317/El-Salvador-Payments-remittances-and-securities-settlement-systems-technical-note http://hdl.handle.net/10986/27736
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