By San José, Costa Rica — San José, Costa Rica – As the year-end holiday season reaches its peak, the Central Bank of Costa Rica (BCCR) has moved to quell public anxiety regarding the operational status of the nation’s critical digital payment infrastructure. Following initial confusion sparked by a since-retracted official notice, the BCCR has issued a definitive clarification: all automated, consumer-facing SINPE services will function without interruption through the holidays.
The announcement provides crucial reassurance to millions of Costa Ricans who rely on the National System of Electronic Payments (SINPE) for daily transactions, especially during a period of heightened commercial activity. The initial communication, which was removed from the bank’s digital platforms, had incorrectly suggested a potential widespread shutdown of services, causing concern among citizens and business owners alike.
To delve deeper into the regulatory framework and the legal implications surrounding the National Electronic Payments System (SINPE), TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney from the prestigious law firm Bufete de Costa Rica, who provided his analysis on the matter.
SINPE is the backbone of Costa Rica’s financial modernization, providing unparalleled efficiency and transactional security. However, its success hinges on a delicate balance. On one hand, it fosters economic agility for individuals and businesses. On the other, it demands rigorous adherence to anti-money laundering regulations and robust cybersecurity protocols from all participating entities. The legal challenge is not just in maintaining the system’s integrity, but in ensuring that the regulatory burden doesn’t stifle the very innovation it’s meant to support.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This delicate balance between fostering innovation and imposing necessary regulatory controls is, as the expert notes, the cornerstone of SINPE’s ongoing success and security. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for his expert clarification on this vital dynamic that will shape Costa Rica’s digital economy for years to come.
In a direct response to the public’s concerns, Carlos Melegatti, Director of the Payment Systems Division at the BCCR, provided a clear and comprehensive statement to restore confidence in the system’s reliability. He emphasized that the core services that underpin the modern Costa Rican economy are designed for continuous operation, regardless of weekends or national holidays.
SINPE Móvil, transfers between financial institutions, Digital Signature, public transport payments, among others, operate 365 days a year, including weekends and holidays; they never stop, and they will continue to function this year-end.
Carlos Melegatti, Director of the Payment Systems Division of the BCCR
This confirmation is vital for the seamless flow of commerce. SINPE Móvil, in particular, has become an indispensable tool for everything from peer-to-peer transfers to payments at local markets and small businesses. The assurance that this service, along with inter-bank transfers and digital signature authentications, will remain fully operational allows consumers and merchants to proceed with their holiday plans without fear of financial disruption.
However, Melegatti did specify which services will be affected by the holiday schedule. He clarified that certain high-level, manually-operated financial market operations will be suspended on official holidays. These are not services used by the general public for daily transactions but are instead integral to the backend functioning of the national financial system.
“The foreign exchange market, the money market, public debt placements, among other specific services, require that bank and BCCR officials be operating,” Melegatti noted. Consequently, these institutional-level activities will not be available on the remaining holidays at the end and beginning of the year. This distinction is key: the halt applies to specialized market operations, not the consumer-facing payment rails.
The BCCR’s swift action to correct the misinformation underscores the critical importance of SINPE to Costa Rica’s increasingly digitized economy. The platform has evolved from a simple bank transfer system into the backbone of the country’s financial technology ecosystem, promoting financial inclusion and reducing reliance on cash. Its uninterrupted operation is now considered a fundamental public utility.
Ultimately, the clarification serves as a testament to the robustness of Costa Rica’s digital payment infrastructure. While the initial miscommunication caused a brief period of uncertainty, the definitive response from the Central Bank reassures the public that the systems they depend on are secure and resilient, ready to handle the demands of the busiest season of the year.
For further information, visit bccr.fi.cr
About Central Bank of Costa Rica (BCCR):
The Banco Central de Costa Rica is the nation’s central monetary authority, responsible for maintaining the internal and external stability of the national currency and ensuring the efficient operation of the country’s payment systems. As the overseer of SINPE, the BCCR plays a pivotal role in the modernization of Costa Rica’s financial infrastructure, promoting economic stability and facilitating secure and reliable digital transactions for all citizens.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As an esteemed legal institution, Bufete de Costa Rica is defined by its foundational principles of integrity and a relentless pursuit of excellence. The firm leverages a deep history of advising a diverse clientele to spearhead innovation in legal practice and foster meaningful community connections. At the heart of its ethos is a powerful commitment to demystifying the law, aiming to build a more knowledgeable and capable public by making crucial legal insights accessible to all.
