The communication maintains that the BCRA measure aims to guarantee transparency and protection of the rights of consumers of payment services.
EXPANSION. There are currently 13 million digital wallets in the country, compared to 400,000 five years ago.
Through Communication A 8038 from the Central Bank (BCRA), which is aimed at various financial entities and payment service providers informs about the repeal of the Communication “A” 7825 and attaches the sheets that replace it in the regulations of the National Payment System (SINAP).
The most important points of the measure
- Repeal of Communication “A” 7825: the BCRA annuls the provisions of Communication “A” 7825, which regulated payment services offered by financial entities.
- New rules for payment service providers: the BCRA attaches the new rules that will govern the payment services offered by financial entities. These rules include provisions on fund administration, transparency and fund transfers.
- Fund Management: payment service providers must keep customer funds credited to payment accounts available at all times. The funds must be deposited in demand accounts in pesos in financial institutions in the country.
- Transparency: Payment service providers must clearly inform their clients that they are not financial institutions and that funds deposited in payment accounts do not enjoy the same guarantees as deposits in financial institutions.
Fund transfers: Payment service providers must comply with SINAP regulations on fund transfers.
Likewise, the communication maintains that the BCRA measure aims to guarantee transparency and protection of the rights of consumers of payment services. The measure affects Payment Service Providers that Offer Payment Accounts (PSPCP).
Main changes
Fund availability– Client funds must be available immediately upon request. Likewise, PSPCP systems must identify each client’s funds.
Deposit of funds: 100% of client funds must be deposited in demand accounts in pesos in Argentine financial institutions. At the client’s request, balances may be transferred to “money pools” and must be reported separately.
Accounts for own transactions: PSPCPs must use an “operating” demand account other than client funds for their own transactions.
Lastly, the Argentine Fintech Chamber celebrated “the BCRA’s promotion of the link between banks and virtual wallets and pointed out: “The decision to roll back Communication A 7825 is a step in favor of a more integrated and collaborative financial industry”
Source: Ambito
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