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Key change: what transfers from banks to virtual wallets will now be like

Key change: what transfers from banks to virtual wallets will now be like

Effective as of April 30, he stated that the immediate “pull” transfers To deposit funds into your own accounts, you must meet the following requirements:

1. Client consent: you must be completely certain that the debited and credited accounts belong to the same owner.

2. Banks and virtual wallets may choose a single way to complete the consent requirement, or use the modality that they consider most appropriate for the profile of the ordering client in question.

3. All administrators of immediate transfer schemes must allow immediate “pull” transfers to be processed with both types of consent (DEBIN-PULL). No account provider – banks or interoperable wallets – will be able to reject requests for funds.

4. Each transaction will have a fee of 0.3% of its amount that will be paid by the bank or virtual wallet that provides the account credited to the debit account providerwhen consent is obtained tacitly.

5. Transactions will be free for ordering customers.

6. Limit: equivalent to 2,500 UVA, per day and per paying account, which will be reported by the BCRA; from 4/30/24 it will be $2,200,000.

Pull transfers: what happens in case of fraud

The provider of the account in which the funds are credited – financial institution or PSPCP – will be responsible for its refund in case of accreditations obtained through fraudulent means. Every client will have a period of 60 days to ignore a debit as an immediate “pull” transfer. The debited entity will refund the amount debited within the 3 business days after the denial is madeand will carry out an automatic chargeback against the entity originating the immediate “pull” transfer.

On the other hand, the Central Bank established that the terms “DEBIN” and “CREDIN” to identify immediate “pull” and “push” transfers should not be identified in that way for clients.

At the same time, administrators of immediate transfer schemes, banks and wallets that today still make the DEBIN available for the entry of funds from their own accounts in other providers are asked to submit it to the General Deputy Management of Payment Methods. –within 15 days from the dissemination of this resolution– of a note explaining its scope to the provisions of this communication.”

What are immediate “pull” transfers?

Pull transfers are electronic fund transfers that are made immediately, using funds that a person has in another account they own. The operation is performed linking accounts only once through a rapid data validation process. Thus, it will no longer be necessary for you to make a traditional transfer to add pesos to a virtual wallet, but rather, from a single application, you will be able to carry out all the management.

Pull vs push transfers

Until this new solution appears, people had to enter the account of origin of the transfer and enter the destination CVU number to complete a fund transfer operation. This transaction is called “push transfer”.

Unlike “push” transfers, in the new “pull” transfers andThe customer who requests the money is the one who authorizes the transaction, without leaving the app in which they want to deposit money.

Source: Ambito

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