Electronic Payment Method (MEP)

The Electronic Means of Payment (MEP) is the real-time gross settlement system (RTGS) developed and managed by the Central Bank of the Argentine Republic (BCRA) since 1997. It allows electronic transfers of funds between participants of the National Payment System, with direct imputation to their accounts opened at the Central Bank and with real-time information on available balances.

What is the MEP and how does it work?

The MEP is a real-time gross settlement system that processes bilateral transactions between its participants, debited and credited to their accounts at the BCRA.

– Operating hours: from 08:00 to 20:00 hours for regular operations.

– Additionally, from 07:30 a.m. it is available for the compensation of balances generated by transfers of Certificates of Deposit for Productive Investment (CEDIP).

– Each share is immediately reflected in the account of the originator and the recipient, and banks have real-time information on the available funds.

When a transfer is sent from the adhering agency or entity:

– The instruction is generated and authorized in the participant’s scope.

– The MEP receives it at the BCRA and submits it to different validations, including the verification of the available balance.

– The order is accepted only if there are sufficient funds in the originator’s account.

– Otherwise, the transaction is rejected and the participant must resend it when they have funds, or reorder their remittances according to their balance, since the system does not manage automatic queues.

Transactions accepted by the system, once validations have been passed, are irrevocable.

MEP Participants

The following may participate in the MEP, by signing the corresponding agreements:

– Banks and Financial Companies.

– Electronic Clearing Houses.

Exchange operators.

Other bodies and institutions such as:

– Bolsas y Mercados Argentinos SA.
– A3 Mercados SA.
– Caja de Valores SA.
– Argentina Clearing y Registro SA.
– Settlement and Clearing Agents (ALyCs).
– ANSES and other entities with legal personality of a public or private nature.

All these participants are involved under specific adhesion contracts and subject to BCRA regulations.

Membership and applicable regulations

To operate in the MEP:

– Financial institutions and other entities with legal personality must sign a Mutual Adhesion Agreement with the Central Bank and comply with the specific regulations of the National Payment System – Electronic Means of Payment (MEP).

– Access to and use of the system is carried out in accordance with the access profile defined for each participant and with the operational and security scheme provided for in the regulations.

Through the MEP, the authorized participant can:

– Make transfers of funds to other entities, members or public bodies, or to the BCRA itself.

– Directly affect the balance of your account opened at the Central Bank.

Irrevocability and responsibilities

The transfers that are accepted by the BCRA within the framework of the MEP:

– They comply with the validations of form, balance and security provided for in the regulations.

– They acquire the character of irrevocable.

The Adhering Entity or Body:

– You cannot repudiate the instructions for the transfer of funds generated on your account at the BCRA, when these have been issued in accordance with the modalities established for the MEP.

– You also cannot refuse incoming transfers credited to your account, provided that they have been made in accordance with the applicable regulations.