Payment cards, whether physical or in digital form on phones or other devices, have come to the forefront in Spain and across the European Union. They enable purchases remotely and at physical points of sale, as well as cash withdrawals.
Sistema de Tarjetas y Medios de Pago, S.A. (STMP or Sistemapay) manages the national clearing system for cards (SNCT), which is the interbank clearing system for a large portion of domestic card transactions in Spain. These transactions primarily involve payment instruments issued under the brands and scheme rules of Visa or Mastercard, along with others like VIA-T (for paying motorway tolls) or Gasóleo Bonificado (for subsidised diesel).
Redsys and Cecabank serve as technological and technical providers for the payment service providers (PSPs) acting as acquirers in transactions at merchants and at ATMs, as well as for the PSPs issuing card-based instruments. Additionally, Redsys and Cecabank technically execute clearing processes, on behalf of the SNCT, calculating the multilateral net interbank obligations resulting from the retail transactions.
The Banco de España is responsible for overseeing the SNCT and monitors its activity as a prominently important retail payment system (PIRPS). Redsys and Cecabank are monitored by the Banco de España as processors providing critical services for STMP and PSPs at the national level. STMP, Redsys and Cecabank are also subject to Banco de España supervision in relation to the proper management of risks associated with information and communication technologies in the retail payment ecosystem.