What is a DPR securitisation and how do Guatemalan banks turn remittances into funding?

Remittances (~US$21,644.5 million in 2024) underpin the system's dollar liquidity, and the banks convert them into long-term funding by securitizing Diversified Payment Rights (DPRs): Banco Industrial sold its present and future DPRs to Industrial DPR Funding Ltd. (a Cayman Islands SPC) which issues notes to international investors,… and in September 2025 closed a US$996 million issue in three series that Mayer Brown describes as one that 'is considered' the largest by an originator in Central America and the Caribbean (Hogan Lovells and Mayora & Mayora advised the bank); there were earlier series in 2022 of US$195 M and US$135 M. G&T Continental replicated the formula with a sustainable DPR of up to US$200 M with the IFC (January 2026). Banrural is said to pay out more than 50% of the remittances entering the country, according to an old academic study by Caltech that also documents loans taken with a relative in the United States as co-debtor.