The BCRA provided that all bank accounts will have an alias as from June 1. To this end, an alias will be assigned by default to such accounts that have not got one yet and to new accounts; account holders may change them electronically at any time.
The format of the alias assigned by default will come from a random combination of three short words of common use in the Spanish language, the spelling of which must not be ambiguous when transmitted orally. Bank account holders may become acquainted with their alias assigned by default through traditional electronic channels.
With the implementation of an alias, the transferor will just have to ask for the transferee’s alias. In addition, an alias will make it easier to link a bank account to payment services by instant debit (DEBIN); this will be implemented in the next months.
To date, over 150,000 bank customers have already created an alias for their accounts.
A bank alias allows users to authenticate their accounts easily by using any combination of up to 20 characters. Banking and mobile payment applications make it easier for customers to carry out instant transfers by identifying transferees under their aliases rather than their single banking code (CBU). Before confirming any payment, a pop-up message on screen shows the transferee’s real name to avoid any mistake.
Aliases are portable; this means that a bank customer may detach an alias from one of its accounts and link it to another one. No other user may create an alias that has already been used. Aliases are administered in a centralized manner to avoid any duplications and ensure the security of transactions conducted through COELSA, an electronic clearing house.
