The BCRA simplifies the identification of transfers received

The Central Bank of Argentina (BCRA) provided that banks should inform their clients as from June 1 of the particulars of senders. This decision may help clients to identify easily their account transactions through electronic channels (online banking, ATMs, and mobile banking).

Banks shall at least include in the statements the name of the sender of a transfer and his/her/its Tax-Payer Identification Number (CUIT), Employee Identification Number (CUIL) or Identity Code (CDI); this information shall be posted online no later than 24 business hours following the crediting of funds to the account.

This decision adopted by the BCRA in Communication A6200 simplifies the use of bank transfers and is in line with other measures, such as the introduction of the “alias CBU”, which allows using a short fictitious name instead of the traditional 22-digit number code. To date, 120,000 bank accounts have been identified through an “alias CBU”.

The use of electronic transfers (through online banking, apps, ATMs) has increased significantly in line with the BCRA goal to promote them as a means of payment alternative to cash. In January 2017, individuals made 6.3 million transfers for $64.1 billion, evidencing a 42% year-on-year rise in terms of transactions, and an 83% increase in terms of money.

In addition, Instant Electronic Payments (PEI) are already in place; they allow traders and the self-employed persons to receive payments on debit cards, actually channeled through an instant electronic transfer thereby eliminating withholding fees or taxes. Furthermore, electronic wallets are also available to make transfers between individuals.

One of the core targets of the BCRA is to massively spread out the use of electronic means of payment so as to simplify transactions for all economic agents and contribute to reducing shadow economy.

March 9, 2017

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