Interclear
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.
- Company typePrivate
- Founded2015
- HeadquartersSanta Ana, Costa Rica
- Headcount11–50
- GTM typeB2B
- OfferingServices
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.
Interclear firmographics
Firmographics- 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
Interclear industry classification
Industry- 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
Where Interclear is headquartered
LocationHeadquarters
- HQ city
- Santa Ana
- HQ country
- Costa Rica
- HQ region
- Latin America
Offices1 record
Markets served
Interclear business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure
Revenue model
- 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.
- Custody and Safekeeping Services: Fees for custody services including physical vault storage, dematerialized securities custody, and special custody administration (CUSLI, EPREV, DEPOS, DPCUS custodians).
- 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.
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Quote-based service pricing |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Interclear product offering
Product offeringCore 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
Companies that use Interclear
Customer profileNamed customers3 records
Segments2 records
Ideal customer profiles2 records
Interclear technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration9 records
Feature6 records
Interclear partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core.
- SINPE (Sistema Nacional de Pagos Electrónicos)coreNational 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.
- ClearstreamcoreInternational 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 BankcoreInternational central securities depository providing cross-border custody services. Partnership enables InterClear clients to access European securities markets and settlement infrastructure.
- VESTIMA (Clearstream)corePlatform 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)coreInterClear 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 ValorescoreParent 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 CustodianscoreInternational 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 MurraycoreInternational 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 RicacoreCentral 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)coreCloud 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
Interclear competitors and assessment
Company assessmentDirect 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
Interclear social profiles
Digital presenceInterclear compliance and trust
Trust signalCompliance3 records
Interclear financial estimates
Financial estimateRevenue estimate
Valuation estimate
Interclear leadership team
Management profileNumber of profiles
Profiles13 records
Interclear funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Interclear M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Interclear
What does Interclear do?
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.
Is Interclear a public or private company?
Interclear is a private company. It is classified as corporate owned and is currently operating.
When was Interclear founded?
Interclear was founded in 2015. It employs 11 to 50 people.
Where is Interclear based?
Interclear is headquartered in Santa Ana, Costa Rica, in the Latin America region.
How does Interclear make money?
Four revenue lines are on record. Securities Registration and Book Entry Services are the primary driver. The others are custody and Safekeeping Services, paying Agent Services and customized Reports.
Who are Interclear's main competitors?
Direct peers on record are Latinclear (Peru), Cedeval (El Salvador), CENIVAL (Nicaragua) and Deceval (Colombia). Broad incumbents are Clearstream Banking, Euroclear Bank, Iberclear (Spain) and DTCC (Depository Trust & Clearing Corporation). DCV (Depósito Central de Valores, Chile) is listed as a regional player. BCB (Banco Central de Costa Rica) is listed as an others.
Does Interclear have an API?
No public API is recorded for Interclear.
What industry is Interclear in?
Interclear's product category is Central Securities Depository Services. Its primary akta.pro industry code is FSAFAGAA, National CSDs & Domestic Settlement Systems, with a secondary code of FSAFAGAH, CSD Asset Servicing (Income, Redemptions, Tax Withholding). Its NAICS code is 522320 and its SIC code is 6099.