Users in Chile can make real-time transactions via Transferencias en Línea (TEF), an IP system launched by Centro de Compensación Automatizado (CCA) in 2008. The system was built on a previous online payments service from 2002 and allows account-to-account bank transfers up to CLP6.94m ($10,000) per transaction between both individuals and businesses via online and mobile devices.
TEF settles funds in near-real time and operates 24/7/365, with recipient banks required to credit amounts to their customers within 10 seconds of a payment being received. Almost all banks in Chile are participants of the TEF system, and can access the service provided through which they are authorized by the Commission for the Financial Market to send and receive funds.