This report presented the argument that justifies intervention in the banking market through policies such as the one implemented in El Salvador. The argument is that the way in which the banking market is structured and competes makes banks have incentives to participate in a payment infrastructure only when they can exclude others, with the result that when a payment infrastructure such as SIPA is established, there is not complete compatibility.

This policy has recently been applied in El Salvador, where the BCR of El Salvador ordered all banks operating in the country to make their electronic and face-to-face platforms compatible with the SIPA.

During the first quarter of 2024, El Salvador and the Dominican Republic, where all or most of the banks participating in SIPA have this service on their electronic platforms, originated payments more than US$49 million, equivalent to 81.4% of all payments made during this period.

In contrast, Guatemala, Honduras and Nicaragua, countries whose banks participating in SIPA do not offer this service on their platforms, originated transactions of US$4.7 million during the same period, representing 7.9%.

Translated by: A.M