Chile's Financial Market Commission authorizes Mastercard and Visa to operate low-value payment clearinghouses

Chile's Financial Market Commission (CMF) authorized Mastercard Administradora Chile S.A. and Visa Chile Sociedad Administradora de Cámara de Compensación de Pagos de Bajo Valor S.A. to begin operating low-value payment clearinghouses under the applicable regulatory framework and registered both as low-value payment clearinghouse managers. With the authorization, settlement of retail card payments regulated by the Central Bank of Chile falls within the CMF’s supervisory perimeter. The CMF said this ensures that payments cleared and settled through these clearinghouses are final, irrevocable and binding for participants, in line with international practices. The move follows the 2024 authorization of the clearinghouse managed by Centro de Compensación Automatizado S.A., which incorporated wire transfers, and means Mastercard and Visa card payments will now be cleared and settled through their own clearinghouses.