Chile unveils high-value payment system contingency protocol
Chile's central bank has published a new contingency protocol for high-value payment systems.
A key aim of the measure is to strengthen the risk-management framework and help ensure operational continuity when there are so-called critical operational events, the bank said in a statement.
In Chile, the high-value payment system comprises the central bank's real-time gross settlement system and a high-value payment clearing house, managed by ComBanc, a supporting company for banks.
Operational continuity came under the spotlight in May when Banco de Chile suffered a cyberattack. Banco de Chile officials, experiencing problems accessing the high-value payment system from company's offices, had to conduct such transactions from central bank premises, local paper Diario Financiero reported.
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