17-digit customer account numbers will be replaced with a global code which will facilitate international transactions and interbank deposits.
Business customers and financial institutions must prepare for the change to the National Payments System announced by the Central Bank of Costa Rica. From December 31, 2016 client account numbers will change from being a tool for inter-bank transactions to being an international code for the automatic processing of payments and receipts between countries.
For credit card payments, the percentage of consumers who use it increases the higher the income bracket, whereas overall 28% pay by card, in the case of higher-income consumers the percentage increases to 42%.
The companies formed a joint venture in order to provide financial solutions through mobile phones in Latin America.
Movistar mobile customers in Latin America may use the mobile phone to transfer money to other people, pay bills, purchase airtime and make purchases in shops and stores, among other services.
This is the first time that two leading companies in the payment industry and telecommunications sector have joined forces to create a new company focused on integrating the advantages of accessibility of mobile phones used as a tool for financial solutions associated with payment systems.
The Salvadoran Central Bank will launch in January a settlement system called LBT ("Liquidación Bruta en Tiempo Real", or "Real Time Settlement") .
This system will reduce the cost of economic transactions between individuals or organizations, currently inflated because of the commissions charged between banking operators.
Juan Alberto Hernández, from the Central Bank, said: "A company that needs to make a payment to someone outside the country would proceed to order it through his bank. The bank would then conduct the operation via the Central Bank. On antiquated systems, this transaction could take up to 10 days. In the meantime, companies lose interests. With modern systems, these 10 days could be reduced to seconds".
The Central American Monetary Council (CMC), made up of the presidents of Central Banks from Central America and the Dominican Republic, announced that the treaty is in effect since December 5 for those three countries which have met all ratification requirements.