SINPE: The Invisible Backbone of Costa Rica’s Financial System and a Model for Central America

SINPE: The Invisible Backbone of Costa Rica’s Financial System and a Model for Central America

In a region where financial digitization progresses at different speeds, Costa Rica has emerged as a regional leader in interbank payment infrastructure. Much of this progress can be attributed to the National Electronic Payment System (SINPE), a platform operated by the Central Bank of Costa Rica (BCCR) that has become the backbone of electronic transfers—not only within the country but also as a model for others in Central America.

This article explores SINPE’s evolution, its key services, its strategic role in inclusion and modernization, and how it compares to world-class payment systems.

A Brief History of SINPE

SINPE was launched in 1997 by the Central Bank of Costa Rica. Originally designed as a check clearing system, it has evolved over the past two decades into a comprehensive infrastructure for real-time transfers, electronic payments, and digital financial services.

Its mission has been clear: modernize payments, reduce cash usage, and promote financial inclusion. Today, it is a cornerstone of Costa Rica’s financial system.

Impact and Statistics

Over the years, SINPE has proven to be a vital tool for modernizing Costa Rica’s financial landscape. In 2023, it processed more than 413 million transactions, demonstrating sustained growth in payment digitalization and strong user adoption.

It has helped reduce cash usage, expand banking access, and improve transparency in financial operations.

SINPE Services for End Users

SINPE Móvil

This service enables money transfers using only a recipient’s phone number. Available 24/7 and free for daily amounts under ₡100,000, users can also check balances, review transactions, and unsubscribe at any time.

In 2023, 92.7% of all SINPE transactions were processed via SINPE Móvil.

Débitos en Tiempo Real (DTR)

This service allows customers to instantly transfer funds between accounts they own in different financial institutions.

Key features:

• Available during SINPE’s operational hours
• Reversible DTR: Allows reversal under certain conditions
• Non-Reversible DTR: Requires a digital signature issued by the CA-SINPE
• High security through authentication
• Ideal for urgent payments and instant interbank transfers

Pagos Inmediatos (PIN)

This service facilitates real-time transfers between bank accounts within Costa Rica.

Highlights:

• 24/7 availability
• Instant crediting to the recipient
• Strong security protocols
• Useful for tax payments, public service bills, online purchases, and more

Services for Financial Institutions

MONEX

The Foreign Exchange Market enables institutions to buy and sell foreign currency either directly with the Central Bank or with other financial entities, ensuring liquidity and transparency in currency markets.

MIL

The Integrated Liquidity Market allows institutions to negotiate short-term funds (1–90 days) with or without collateral in colones or foreign currency, either among themselves or with the BCCR.

Consulta Ciudadana

This service allows authorized institution staff to verify a client’s identity using the Supreme Electoral Tribunal’s database, ensuring secure authentication processes.

Our Connection with SINPE

At Zimplifica, we understood early on that we couldn’t rely on third parties to truly transform the financial system. After several failed partnerships, we decided to integrate directly with SINPE as a Payment Service Provider (PSP).

This wasn’t easy. It required meeting high technical and cybersecurity standards and full compliance with Law 7786.

By the end of 2024, we became entity #351 authorized by the Central Bank of Costa Rica to operate within the SINPE network.

What We Gained Through Integration

• Real-time transfers via DTR and SINPE Móvil
• Embedded financial services in external applications
• Infrastructure for accounts, cards, and automated collections

We do not manage or use client funds. We protect and move them only when the customer initiates the transfer.

The Role of Instant Payments in the Economy

Immediate payment systems like SINPE Móvil in Costa Rica, Pix in Brazil, and UPI in India have transformed how people and businesses handle transactions—producing significant economic impacts.

Financial Inclusion

Instant payments lower the barrier to formal banking. With just a phone and a basic account, people previously excluded from the financial system can now send, receive, and manage money digitally.

Operational Efficiency

For individuals and businesses, instant payments mean faster cash flow, lower transaction costs, and improved reconciliation and accounting processes.

Trade and Commerce

Immediate payments drive consumption and enable merchants of all sizes to accept digital payments with ease—boosting competitiveness and expanding business opportunities.

Economic Resilience

In times of crisis—natural disasters, pandemics, or economic shocks—instant payments enable governments and NGOs to deliver aid quickly and securely, while also integrating informal economies into the formal sector.

Conclusion: Why Being in SINPE Matters to Zimplifica

Being part of SINPE isn’t just a technical achievement. For Zimplifica, it means:

• Direct access to the national financial system
• Autonomy to build innovative solutions
• The ability to deliver reliable, regulated, and traceable services

It’s our way of building a responsible fintech—one that does things right from the ground up and earns the trust of users, partners, and the nation.

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Are You a Fintech or Payment Solutions Developer?

Do you want to connect your app, platform, or business to SINPE?

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At Zimplifica, we help you integrate with SINPE in a secure, compliant, and scalable way.