Further Protection for Financial Services Users

January 9, 2020. Under Communication A6859, the BCRA issued regulations for the operation of payment accounts provided by Payment Service Providers (PSP). Such regulations give the system further transparency and increase the protection of financial users. Argentina has, thus, taken a significant step to regulate PSPs in order to be in line with other countries in the region and in Europe that already have a regulatory framework for PSPs.

One of the measures taken sets forth that clients’ funds credited in payment accounts offered by PSPs must be in sight accounts, in pesos, with financial Institutions in Argentina and must be available at all times upon request for an amount that is, at least, equivalent to the amount credited in the payment account.

Nevertheless, PSPs may, upon their clients’ request, deposit the balance of payment accounts in money market funds and PSPs will be required that the funds so invested be reported separately from the rest.

These provisions must be implemented by January 31, 2020 at the latest.


Payment Service Provider (PSP) is a legal person that, without being a financial institution, performs at least one role within the retail payment system, such as providing payment accounts. PSPs shall be subject to the sanctions set forth in sections 41 and 42 of the Law on Financial Institutions and supplementary provisions.

Payment Account: is an account with funds of free availability that PSPs offer to their clients to order and/or receive payments.

Financial Services Users—in accordance with the concept set forth in the regulations on protection of financial users—are natural and legal persons that, as ultimate addressees, use the products and services offered by banks, financial companies and/or credit cards, without incorporating such products and services to their commercial activity.

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