BCP implements three new functions into the System of Instant Payments

Asunción, Agencia IP.- The Central Bank of Paraguay (BCP, by its acronym in Spanish) has new functionalities in the System of Instant Payments (SPI): The refund of money and its solicitude and sub-participants. This milestone represents a significant advance for strengthening and modernising the country’s financial infrastructure by providing a safer and more efficient environment for transfers through the SPI.

The new functionalities of SPI have been developed intending to improve the experience of the clients and incorporate more participants into the ecosystem of SPI, promoting better efficiency.

The new improvements incorporate the following features:

1. Refund of money: This function allows you to reimburse a transfer received by mistake. Your bank entity will ease this function through its app, simplifying it at most.
2. Request for a refund: If you made a mistake when doing a transfer, you can now quickly request a refund. It is essential to highlight that the agreement to return the money depends on the other parties involved.
3. Sub-participants: If you are a client of an enabled cooperative, you can send and receive transfers of up to ₲ 5,000,000 through SPI twenty-four hours a day, seven days a week.

In the first two days of its launch, 20,334 transfers involving cooperatives were made. These transfers represented almost ₲15.400 million. Also, there were 627 reimbursements and 599 solicitations for it. In the following table, the details of the statistics are presented:

On the other hand, the functionalities start payment, request of payment and CAS module (alias), which are still being tested, will be available from October 16 onwards.

The improvements in the SPI result from a coordinated effort between the Central Bank of Paraguay and the financial institutions in the country that have been working to guarantee the successful implementation of these features.

The BCP is committed to working for the continuous improvement of the financial systems and providing modern and secure solutions for the economic and banking needs of the citizens.