Under Communication A 6885, the Board of the BCRA adopted the resolution to supplement the broad regulatory framework for payment service providers (PSPs) that offer payment accounts with new regulations to make the system more transparent and strengthen the protection of financial consumers for greater financial inclusion.
Communication A 6885 seeks to pinpoint the operative and commercial activity of PSPs that provide payment accounts in line with Communication A 6859 issued last January 9. In addition, and in order to identify the roles of PSPs properly, the new BCRA regulation specifically defines them and makes a distinction between them and those regulated by the National Securities Commission.
PSPs must register in the “Registry of payment service providers that provide payment accounts” before April 1, and conform to a monitoring and reporting system so that its development may be supervised.
Also, PSPs advertisements must include a caption with a warning that PSPs provide payment services and that funds do not have deposit insurance as financial institutions do.
Previously, Communication A 6859 established the operation of payment service providers and the safeguard of funds credited in payment accounts.
