The Central Bank of Paraguay has updated its authorization framework for Payment Initiation Service Providers operating in the Instant Payment System, or SPI. The change brings fintech entities into the PISP category, allowing them to offer merchants alternative collection services by intermediating transfer-based payments through the SPI. The revised framework updates authorization requirements, operating rules, and the security and cybersecurity standards that PISPs must meet. The measures are intended to protect users and preserve the integrity of transactions within the payment system. The update also sits within the new National Payment System law, which recognizes payment service providers, including PISPs, as participants in systems administered by the central bank and gives the bank authority to determine which payment providers and services fall under its regulation, control, supervision and oversight.
Central Bank of Paraguay2025-08-29
Central Bank of Paraguay updates payment initiation service provider rules to bring fintechs into the instant payments system
The Central Bank of Paraguay has revised its rules for Payment Initiation Service Providers in the Instant Payment System. The update allows fintechs to act as PISPs and offer merchants transfer-based payment collection services through the SPI. It also refreshes authorization, operational, security and cybersecurity requirements for those providers.