On March 11, 2022, by resolution No. JPRM-022-010-M, the Board for Monetary Policy and Regulation (“JPRM”) issued the Rule that Regulates Ancillary Payment Systems.
This resolution describes the services which can be conducted and defines the companies which are considered as payment system administrators (“ASAP”). These services include payment aggregation and the payment gateway which are very important in the regional Fintech industry.
The rule establishes that companies must obtain authorization to operate from the Central Bank of Ecuador, which must issue the necessary regulations to this end within one (1) month. Moreover, it states that the Central Bank of Ecuador supervises and oversees such companies, encouraging efficiency, interoperability and innovation.
In addition, the Central Bank of Ecuador must, within three (3) months, reclassify the categories of services granted to the authorized ancillary payment systems.