Interclear

What Interclear does

InterClear Central de Valores S.A. is the sole Central Securities Depository (CSD) in Costa Rica, providing book-entry registration, custody, and administration services for the country's securities market under the exclusive legal mandate of Ley Reguladora del Mercado de Valores (Law No. 7732) and supervision by SUGEVAL. Founded in 2015 as part of a broader modernization of Costa Rican market infrastructure, the company operates proprietary custody and registration platforms — CREVD for international custody, CEDEP for local custody, and CEVALDEP for securities registration — which were migrated to AWS in August 2020 and complemented by a new book-entry annotation system in October 2023. Its core client base consists of two segments: Securities Issuers (12 issuer services covering ISIN/CFI code assignment, balance administration, corporate events, and paying agent functions) and Depositors/Custodians (6 custody services including special-purpose custody account types CUSLI, EPREV, DEPOS, DPCUS).

The company generates revenue through transaction-fee-based streams including securities registration and book entry, custody and safekeeping, paying agent services, and the sale of customized statistical reports, with pricing determined bilaterally via its Mesa de Ayuda (Help Desk). InterClear is part of Grupo Financiero Bolsa Nacional de Valores, with the Bolsa capped at 40% of capital and financial market participants collectively owning 60%. It is a member of ANNA for ISIN/CFI assignment, and holds direct bilateral integrations with SINPE (national payments), Clearstream and Euroclear (international custody), VESTIMA (fund routing), and the Banco Central de Costa Rica (liquidity), giving it cross-border reach into Latinclear, Cedeval, CENIVAL, and Deceval. International eligibility assessments — IOSCO, Association of Global Custodians Rule 17f-7, and Thomas Murray — underpin its ability to serve cross-border flows. The product portfolio was extended in June 2025 with the Centralized Registry for Electronic Bills of Exchange and Promissory Notes, reflecting ongoing scope expansion within a fundamentally monopoly-shaped competitive structure.

Name

Interclear

Legal name

InterClear Central de Valores S.A.

Website

https://interclearcr.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

InterClear Central de Valores S.A. is the sole Central Securities Depository in Costa Rica, providing electronic book-entry registration, custody, and paying-agent services to securities issuers, custodians, and the Bolsa Nacional de Valores under Law 7732.

Ownership category

akta.pro rank

Product category

Central Securities Depository Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

National CSDs & Domestic Settlement Systems (FSAFAGAA)

akta.pro secondary industries

CSD Asset Servicing (Income, Redemptions, Tax Withholding) (FSAFAGAH), Central Securities Depositories (CSDs) & Settlement Systems (FSACAHAA), Central Securities Depository (CSD) & Securities Settlement Services (FSAAAOAD)

Keywords

• Central securities depository
• Securities custody services
• Book-entry registration
• Financial market infrastructure
• Securities clearing settlement

Headquarters

HQ city

Santa Ana

HQ country

Costa Rica

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Securities Registration and Book Entry Services: Fees charged to issuers for registering securities, assigning ISIN codes, and maintaining book-entry records. Services include emission numbering, registration for market circulation, and balance administration.
2. Custody and Safekeeping Services: Fees for custody services including physical vault storage, dematerialized securities custody, and special custody administration (CUSLI, EPREV, DEPOS, DPCUS custodians).
3. Paying Agent Services: Collection and payment services for securities maturities including interest payments, principal repayments, and corporate event distributions. Manages tax withholding and exempt investor income tax return processing.
4. Customized Reports: Sale of personalized statistical reports and information products to market participants. Daily bulletins and ISIN active reports are available for purchase.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

InterClear Central de Valores S.A. operates as Costa Rica's Central Securities Depository (CSD), providing book-entry registration (anotación en cuenta), custody, and clearing/settlement services for securities issued in the country. It also runs the centralized registry of electronic bills of exchange and promissory notes and issues ISIN/CFI codes through its ANNA membership.

Product overview

InterClear operates as a single unified Central Securities Depository (CSD) platform offering electronic book-entry registration and securities custody services for the Costa Rican financial market. The product portfolio consists of five interconnected components: Issuer Services (12 modules covering the full securities lifecycle from ISIN numbering through tax management), Depositor Services (6 custody and administration modules including specialized custody account types CUSLI, EPREV, DEPOS, DPCUS), Electronic Forms (14 digital forms enabling online securities registration and shareholder management), Download Systems (3 legacy software systems: CEDEP for local custody, CREVD for international custody, CEVALDEP for securities registration), and Help Desk (CRM-based customer support). A 2025 addition introduced the Centralized Registry for Electronic Commercial Paper. The platform also publishes statistical reports and daily bulletins. All services are governed by Ley N° 7732 and supervised by SUGEVAL.

Differentiator

Problem solved

Functional benefit

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core.

• SINPE (Sistema Nacional de Pagos Electrónicos)coreTechnology or IntegrationNational electronic payment system integration for processing securities settlements and maturity payments. InterClear executes payments to custodian entities through SINPE reserve accounts before 11:00 AM daily for same-day value distribution.
• ClearstreamcoreTechnology or IntegrationInternational custodian providing cross-border securities custody and settlement services. InterClear connects through Clearstream for reception (4F instruction) and transfer (5F instruction) of international securities. Suspended US Limited Partnership Shares custody in April 2020.
• Euroclear BankcoreTechnology or IntegrationInternational central securities depository providing cross-border custody services. Partnership enables InterClear clients to access European securities markets and settlement infrastructure.
• VESTIMA (Clearstream)coreTechnology or IntegrationPlatform provided by Clearstream Banking for routing and closing instructions for investment fund subscriptions and redemptions, including ETFs and mutual funds.
• ANNA (Association of National Numbering Agencies)coreTechnology or IntegrationInterClear is a member of ANNA, assigning ISIN codes per ISO 6166 standard and CFI codes per ISO 10962 for standardized Costa Rican market securities.
• Bolsa Nacional de ValorescoreStrategic or Co-development PartnerParent organization and market infrastructure partner. InterClear is part of Grupo Financiero Bolsa Nacional de Valores structure. Corporate support services are provided by BNV. The exchange holds maximum 40% of InterClear capital per regulatory requirements.
• Association of Global CustodianscoreTechnology or IntegrationInternational assessment under 17f-7 framework for Central Securities Depositories. InterClear underwent evaluation to become an eligible candidate for holding securities through global custodians. Most recent update April 2024.
• Thomas MurraycoreTechnology or IntegrationInternational securities services rating and risk assessment firm. Conducted evaluations in October 2017 and January 2018 to assess InterClear's operational and risk framework.
• Banco Central de Costa RicacoreTechnology or IntegrationCentral bank for colón and dollar liquidity management. InterClear maintains reserve accounts at BCCR for settlement processing and receives payment confirmations between 12 PM and 1 PM daily.
• AWS (Amazon Web Services)coreTechnology or IntegrationCloud infrastructure platform. InterClear completed migration of its custody platform to AWS in August 2020, enhancing system reliability and scalability.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Latinclear (Peru): Latin American regional CSD operated by CAVALI in Peru, providing cross-border settlement services to Latin American markets. InterClear maintains a documented operating guide with Latinclear for cross-border transactions, making it a directly comparable regional CSD peer.
• Cedeval (El Salvador): Central Securities Depository of El Salvador providing book-entry and custody services. InterClear has an established cross-border settlement operating guide with Cedeval, and both serve small Central American markets with similar regulatory monopoly structures.
• CENIVAL (Nicaragua): Central Nicaraguan Securities Depository offering book-entry and settlement services. InterClear has a documented cross-border settlement operating guide with CENIVAL, making it a directly comparable peer in the Central American CSD ecosystem.
• Deceval (Colombia): Colombian Central Securities Depository providing depository, custody, and settlement services. InterClear maintains an operating guide with Deceval for cross-border settlement, and Deceval serves as a benchmark for a larger but structurally similar Latin American CSD.

Broad incumbents

• Clearstream Banking: International CSD (ICSD) based in Luxembourg providing cross-border custody and settlement globally, including the VESTIMA fund platform used by InterClear. Clearstream is both a partner and a broader incumbent that defines the international standards InterClear must meet.
• Euroclear Bank: International CSD based in Belgium providing cross-border settlement for European and global securities. Euroclear is a key integration partner of InterClear for cross-border custody and represents a broader incumbent defining international CSD standards.
• Iberclear (Spain): Spanish CSD operating under BME Group, providing book-entry, settlement, and custody for the Spanish securities market. Iberclear serves as a model of a more mature national CSD structure that InterClear's institutional evolution could resemble.
• DTCC (Depository Trust & Clearing Corporation): US-based central securities depository and clearing corporation that is a listed partner of InterClear for international settlement standards alignment. DTCC represents the gold standard for CSD scale and operational sophistication that InterClear aligns to through best-practice integration.

Regional players

• DCV (Depósito Central de Valores, Chile): Chilean central securities depository operated in coordination with the Santiago Stock Exchange. DCV is a comparable Latin American CSD serving a similarly sized but more developed capital market, providing a benchmark for InterClear's potential scale and operational model.

Others

• BCB (Banco Central de Costa Rica): Central Bank of Costa Rica with limited authority to hold state debt securities as a competing depositary under Law 7732. BCCR maintains reserve accounts used by InterClear for settlement and is a structural counterparty rather than a competitor, but its limited CSD role is part of the same regulatory framework.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/interclear-central-de-valores

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Interclear