The National Electronic Payments System (SIPAP, in Spanish) began operations on November 25, 2013, and only in the first three days, in which also was working, only as a proof, that allowed transactions worth USD 3.500.000.
According to the Central Bank of Paraguay, SIPAP maintains an average of 20,200 monthly transactions settled in national currency and 2,700 in foreign currency. On average, per month, over 22,000 electronic payments are made, both in Guarani and foreign currency, which is interesting, from all possible perspectives.
The gradual increase in operations within SIPAP demonstrates the great success of the new tool for actors. The system allowed the full automation of the payment system with banks, financial entities and the public sector, including the Ministry of Finance and Development Finance Agency (AFD, in Spanish).
This has boosted and updated in a quick, safe and efficient manner, the economy, in real time, and in full knowledge of all participants that also made banks and financial interbank payments between customers and abroad in seconds and from their own technology platforms, empowerment and taking control of the system, which they didn’t, previously.
The SIPAP is a scheme that allows the Real Time Gross Settlement (RTGS), an Automated Clearing House (ACH) and Central Securities Depository, integrated with existing or implemented various subsystems. This group aims to meet all the financial needs of business in a fully integrated manner.
The BCP has made mandatory that all financial institutions offer this service within a period of one year.
For users, the results will consists that anyone can transfer funds from their own accounts to others in seconds; additionally, payments of wages shall be made to the financial institution that beneficiaries decide.
The potential of the new tool is enormous, since it is a breakthrough in the domestic market, which allows people to use more and more technology in the financial sector.