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 inno...
| Main Authors: | , |
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2017
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| Subjects: | |
| 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 |
| Summary: | 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. |
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