The Central Bank of Nicaragua, in its capacity as the regulator of the country's payment systems, has authorised the first automated clearing house manager in Nicaragua. This will coordinate interbank transfers.
The Central Bank of Nicaragua verified ACH de Nicaragua's (ACH) compliance with all the legal, technological and financial requirements set out in Resolution CD-BCN-XV-1-15, which regulates electronic payment systems managers. Effective from December 18 2015, the regulator authorised ACH to act as the manager of the ACH network, which is formed by all the private banks operating in Nicaragua. ACH's Certificate of Authority was published in Nicaragua's official journal, The Gazette, on January 27 2016.
This new payment system will allow people to transfer money from one bank to another for credit card payments, loan payments or deposits to savings accounts – either their own or from third parties. A transfer can be made from any place with internet access, without having to visit bank branches. This will save time and facilitate payment procedures for users of the financial system.
The Central Bank of Nicaragua will act as the liquidator of all payments made between Nicaragua's private banks as a result of the money transfers made by its customers through the ACH system.
Several countries in Central America already have the ACH transfer system in place. As in Nicaragua, transaction fees are fixed at the discretion of the financial institutions that are part of the network.
According to the CEO of ACH, service-users will enjoy a number of benefits, including the immediate availability of funds, which will improve liquidity and facilitate financial planning. Businesses' operational efficiency will increase because they will have access to the tools to simplify their payment and collection procedures, replacing the use of checks for automatic payment. Service-users will also have immediate access to all participating banks in the ACH network. This represents an important step forwards in the development of commercial activities.