Peru tightens payment rules

The Central Reserve Bank of Peru has ordered banks, savings banks and finance companies to allow instant transfers using aliases linked to deposit accounts. Those aliases include mobile phone numbers, national ID numbers, or another mechanism the BCRP may approve later, according to the rule reported by Enfoque Real.

A change that reaches the financial system

The requirement applies to banks, savings banks and finance companies, and is aimed at enabling instant transfers with identifiers that replace the direct use of account data. The explicit reference to mobile numbers and national ID cards expands the alias scheme institutions will have to support, while the regulator left room for other mechanisms approved at a later date.

The measure comes as oversight of Peru’s financial system has been adding new regulatory layers. On the cybersecurity front, the SBS ordered that cybersecurity incidents be reported within 24 hours, according to Ecosistema Startup. Tu Diario Huánuco also reported that the SBS set new security measures for cards and mobile wallets in Peru.

More oversight for fintech and BaaS

The regulatory discussion also covers technology players that connect with traditional banking. Gestión reported that more than 50 fintech companies would be supervised by the BCRP, in a framework that tests the sector’s ability to adapt to new control requirements.

Added to that is regulation of the Banking as a Service, or BaaS, model, described by Cuatrecasas as a specific framework for Peru. The development of that model orders the relationship between financial institutions and technology providers, a sensitive point for security compliance, authentication and traceability in services that run on shared infrastructure.

Taken together, these elements move compliance in Peru’s financial system beyond internal controls at each institution and into reporting deadlines, mobile channel security, fintech oversight and rules for embedded financial services.