meta_id 3126778

On May 5, 2025, the Superintendencia de Banca, Seguros y AFP (SBS) and the Banco Central de Reserva del Perú (BCRP) signed two cooperation agreements to strengthen inter-institutional coordination and consolidate the development of Peru's payments system and open finance ecosystem. The agreements were signed by Sergio Espinosa, superintendent of banking, insurance and pensions, and Paul Castillo, general manager of the BCRP. The first agreement establishes a general framework for inter-institutional cooperation, creating permanent coordination mechanisms and facilitating the timely exchange of relevant information necessary for both institutions to exercise their respective functions. The second agreement provides the first specific framework for cooperation and coordination between the SBS and BCRP on open finance and payment initiation matters. It aims to facilitate timely information exchange and harmonise regulatory and supervisory efforts across entities regulated and supervised by both institutions. Espinosa stated that coordination between the institutions is increasingly necessary given the need for rapid decision-making in response to market demands. Castillo emphasised the importance of advancing the payments ecosystem's openness while maintaining regulatory standards, ensuring both institutions' objectives complement each other in establishing a solid financial system with an efficient, accessible and secure payments system. To implement the second agreement's objectives, a working group comprising three members from each institution will be established. This group will oversee the coordination and information exchange between the SBS and BCRP on matters relating to open finance and payment initiation services. **Reference:** Superintendencia de Banca, Seguros y AFP (SBS) Press Release, May 5, 2025