The Central Bank of Argentina regulates online check deposits

Buenos Aires, September 22nd, 2016. Today the Central Bank of Argentina laid down a rule that authorizes online check deposits, the submission of the physical check at a cashier’s desk or through an ATM becoming redundant.

As from next November 1st, 2016, banks may offer their clients a chance to deposit checks through mobile-phone applications, internet banking or any other software for sending the image of both sides of a check electronically.

Checks so deposited shall contain the legend “submitted online for collection” on both sides.

The rationale behind this regulation is in compass with technological trends implemented by financial systems worldwide and seeks reducing administrative costs and making management more flexible, while keeping high security standards. In the United States this mechanism has been in place since 2004, and at present, a third of their checks are deposited online.

Under this rule, which is applicable to both regular and deferred payment checks, clients shall keep every check in paper for a 60-day period following an online deposit in case banks may demand their submission. Once this period has elapsed, clients may destroy the check. In addition, banks have authorities to decide on the clients to whom this service will be offered.

Thus, the Central Bank of Argentina consolidates its objective of developing a modern and streamline financial system that derives benefit from advanced technology and, in turn, reduces costs.

September 22nd, 2016

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