Regional Payments System Underutilized

As it approaches the end of its first year of operation, the system has only moved $65 million, almost exclusively between Guatemala and El Salvador.

Wednesday, March 7, 2012

The Interregional System of Payments (SIP) began operations in March 2011, with a charge of $5 regardless of the amount transacted.

After its first 11 months of operation, there had been 32,000 transactions totaling $65 million. Considering that intra-regional trade exceeded $25 billion, the system has much room to grow.

"Juan Alberto Hernandez, manager of financial operations in the Central Reserve Bank (BCR), explained that these results are encouraging but that the benefits of the SIP need to spread. Using the SIP is not a requirement, but the client can request that it be used," reports Laprensagrafica.com.

95% of the transactions originated in Guatemala, with 95% destined for El Salvador.

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