Payment System

22163 Words Jul 15th, 2013 89 Pages
BANCO DE GUATEMALA

PAYMENT SYSTEM OF GUATEMALA: EVALUATION AND MODERNIZATION PROPOSAL

Guatemala, October 2004

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INTRODUCTION………………………………………................................ I.
1

CONCEPTUAL AND PHILOSOPHICAL ASPECTS OF A PAYMENT SYSTEM…….……………………………………………………………..……... 2
1. 1.1 1.2 1.3 1.4 1.4.1 1.4.2 1.4.3 1.4.4 1.4.5 2. 2.1 2.2 3. 3.1 3.2 4. 5. 6. 7. Generalities………………………………………………………..…….. Definition………………………………………………………………..….. Importance…………………………………………………………………. Characteristics ………………………………………………………....... Components of a modern payment system………………………. Real Time Gross Settlement Systems -LBTR- ………….…… Banking Clearing Houses ………………………………..... Automated Clearing Houses -ACHs- ……….…….….. Cross-border
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Also the current operation of the Guatemalan payment system is described, emphasizing the operational and legal aspects, in national and foreign currency, as well as in the settlement of security titles; in inter-bank transfers and of the public sector. Later, regarding the international experience in matters of payment systems, there appears a description of cases such as Chile, Mexico, Costa Rica and Colombia, which are in the process of modernizing their payment systems, and for the effect, the structure, payment instruments and achievement of reform projects in said countries is mentioned. Finally, taking as a reference the vision of a modern payment system and the experience of other central banks regarding the implementation of real time gross settlement systems, the integral modernization strategy of the country’s payment system is described; therefore, the present document includes a modernization matrix of said system, which contains the activities to be carried out, which are contracted to the strengthening of the normative frame of the payment system, to the implementation and modernization of the payment system and to the institutional cooperation that said modernization requires.

The Payment System of Guatemala: Evaluation and modernization proposal

I. CONCEPTUAL AND PHILOSPHICAL ASPECTS OF A PAYMENT SYSTEM

c) 1.1

1.

Generalities

Definition The Bank of International Settlements
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