The Central Bank of Chile has launched a public consultation on a proposal to regulate access by non-bank financial institutions to the Real-Time Gross Settlement system (LBTR), using powers introduced under Law 21.641 on financial system and infrastructure resilience. The proposed framework aims to strengthen the Chilean payments system by improving efficiency, security and competitiveness, and by enhancing resilience to stress and market disruptions. Currently, LBTR access in Chile is limited to banks, local central counterparties and other securities clearing and settlement systems. The proposal would set requirements and conditions for other relevant non-bank financial institutions to open accounts at the Central Bank and make payments directly through LBTR, including savings and credit cooperatives supervised by the Financial Market Commission (CMF), securities custodians, low-value payment system operators (clearing houses) and their non-bank participants, and foreign central counterparties recognised by the CMF. It also envisages Chilean peso liquidity facilities for savings and credit cooperatives that meet operational and prudential requirements, including bank-equivalent liquidity standards and risk management processes considered appropriate by the CMF. The changes would be implemented through amendments to Chapters III.H.4, III.H.5 and III.C.2 of the Central Bank’s Compendium of Financial Regulations. The consultation is open until 26 December 2025.
Central Bank of Chile 2025-11-25
Central Bank of Chile launches consultation to open RTGS access to non-bank financial institutions
The Central Bank of Chile has initiated a public consultation on regulating non-bank financial institutions' access to the Real-Time Gross Settlement system (LBTR) under Law 21.641. The proposal aims to enhance the Chilean payments system's efficiency, security, and resilience by allowing entities like savings and credit cooperatives, securities custodians, and foreign central counterparties to make payments directly through LBTR. Amendments to the Central Bank’s Compendium of Financial Regulations will facilitate these changes.