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...

Full description

Bibliographic Details
Main Authors: International Monetary Fund, World Bank
Format: Report
Language:English
en_US
Published: Washington, DC 2017
Subjects:
ACH
ATM
DVP
EFT
POS
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
id okr-10986-27736
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic 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
spellingShingle 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
International Monetary Fund
World Bank
El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems
geographic_facet Latin America & Caribbean
El Salvador
description 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.
format Report
author International Monetary Fund
World Bank
author_facet International Monetary Fund
World Bank
author_sort International Monetary Fund
title El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems
title_short El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems
title_full El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems
title_fullStr El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems
title_full_unstemmed El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems
title_sort el salvador financial sector assessment program update : payments, remittances, and securities settlement systems
publisher Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/532271468037136317/El-Salvador-Payments-remittances-and-securities-settlement-systems-technical-note
http://hdl.handle.net/10986/27736
_version_ 1764464485772296192
spelling okr-10986-277362021-04-23T14:04:42Z El Salvador Financial Sector Assessment Program Update : Payments, Remittances, and Securities Settlement Systems International Monetary Fund World Bank 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 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. 2017-08-10T21:24:25Z 2017-08-10T21:24:25Z 2010-11 Report http://documents.worldbank.org/curated/en/532271468037136317/El-Salvador-Payments-remittances-and-securities-settlement-systems-technical-note http://hdl.handle.net/10986/27736 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Latin America & Caribbean El Salvador