pc
nid 94658
Aug 21, 2026
rghosh@vixio.com
Chile
Central Bank Chile
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1719 charsChile's Central Bank Defines Regulatory Framework for New Financial Entities to Access Real-Time Gross Settlement System
On August 19, 2026, the Central Bank of Chile (BCCh) announced a new regulatory framework establishing the terms and conditions for new financial entities to access the Real-Time Gross Settlement System (Sistema de Liquidación Bruta en Tiempo Real, LBTR). The framework aims to strengthen, modernise, and secure Chile's payments system while enabling greater integration of relevant actors into the LBTR, the country's principal infrastructure for settling high-value payments, and aligning with international standards.
The regulation permits the following entities to open accounts at the BCCh and make payments directly through the LBTR: savings and credit cooperatives meeting applicable legal requirements; securities deposit and custody companies; foreign central counterparty entities recognised by the Financial Market Commission; and payment system management companies regulated by the BCCh and their non-banking participants. This regulatory framework completes the implementation of powers granted to the BCCh under Law 21,641 on the Resilience of the Financial System and its Infrastructures.
The BCCh modified various chapters of its Financial Standards Compendium (Compendio de Normas Financieras), which underwent public consultation between November 15, 2025 and December 26, 2025. The BCCh compiled and documented all comments received during this consultation period. The new regulatory framework is available through the BCCh's Financial Standards Compendium and Monetary and Financial Standards Compendium, with supporting documentation and key content outlined in an accompanying explanatory memorandum.
REFERENCES:
Central Bank of Chile press release, August 19, 2026: https://www.bcentral.cl/
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2515 charsCentral Bank of Chile Establishes Regulatory Framework for Non-Bank Financial Entities to Access the RTGS System
On August 19, 2026, the Central Bank of Chile (BCCh) announced a new regulatory framework expanding access to its Real-Time Gross Settlement system (LBTR) to certain non-bank financial entities.
The framework amends chapters III.H.4, III.H.5, and III.C.2 of the Compendium of Financial Regulations and related chapters of the Compendium of Monetary and Financial Regulations , and is issued pursuant to Law No. 21641 on the Resilience of the Financial System and its Infrastructures, which granted the BCCh powers to extend financial services to non-bank entities.
The framework permits the following entities to open current accounts with the BCCh and hold settlement accounts in the LBTR system:
High-value clearing chambers (CCAV MN and CCAV FX): Must settle daily net compensation results through the LBTR system and manage participant collateral through an additional settlement account. Operators have 12 months from the date of publication to amend their operating regulations and begin settling through the LBTR.
Low-value clearing chambers (CPBV): May open current accounts and settlement accounts in the LBTR to settle net debit and credit balances directly in participant accounts, and may open additional accounts to manage cash collateral received from participants. Experimental and smaller CPBVs may access simplified connection modes and differentiated fees.
Non-bank payment system participants: May open current and settlement accounts in the LBTR solely for the purpose of settling net balances arising from CPBV compensation processes in which they participate, including card issuers and operators and savings and credit cooperatives (CACs) with net equity of at least UF 400,000.
Securities depository and custody companies (DCV) governed by Law No. 18876 : May open current and settlement accounts in the LBTR as required by their operations.
Foreign central counterparties (ECCs) recognised by the CMF under Law No. 20345 : May open current and settlement accounts in the LBTR on equivalent terms to local ECCs.
The BCCh notes that access to current and settlement accounts does not constitute a guarantee by the BCCh of the operations to be settled or of the funds held in those accounts. The expected benefits of the framework include reducing interbank interconnectedness and systemic contagion risk, improving payment system operational efficiency, and supporting the international integration of Chile's financial system by enabling foreign ECCs to settle in central bank money.