Regulation of the national payment system

As regards the regulation of payment and settlement systems, the Charter of the BCRA sets out as follows:

• – Section 4, (g): “The BCRA shall regulate, within its authority, all payment systems, clearing and settlement houses, money remittance entities, and cash-in-transit companies, and carry out any other action related to the financial and foreign exchange industries.”
• – Section 14, (j): “The Board of Directors shall regulate the creation and functioning of clearing houses for checks and other securities organized by financial institutions.”

In turn, under the Law on Financial Institutions (Law 21,526 as amended –view consolidated text in full), the BCRA is vested with authorities over clearing houses and other institutions that may fulfil comparable functions concerning settlement and payments.

The Law on Cheques (Law 24,452 as amended –view consolidated text in full) provides for the characteristic features of any transfers of funds through checks and regulates their operation as well as the rights and redress for the parties involved. This law further provides that the BCRA’s regulations on clearing systems should set up a special regime for the upkeep of checks, their presentation for payment, kinds of endorsement, as well as the clearing, payment, return and accounting record of checks along with any other relevant aspect.

In accordance with Law 24,452, the BCRA regulates checkbooks together with the conditions and requirements for operating a current account on which a check—either post-dated or not—may be drawn. In turn, the BCRA provides for the effective operation of this service. In addition, the BCRA regulates the operation of electronic check clearing systems, other means of payment (electronic payments included) as well as negotiable instruments and other securities as under such agreements as financial institutions may execute. The terms of such agreements shall not be against the rights conferred by this law to account holders.

The Law on Credit Cards (Law 25,065 as amended -view consolidated text in full) different aspects related to the system of credit, purchase and debit cards. It covers consumers’ purchases or hiring/rental of goods or services; loans and cash advances; payment deferrals, reimbursements or financing as under the relevant agreement; and payments to providers of goods or services. The Productive Financing Law (Law 27,440), Title I, created in May 2018, with the aim of promoting financing for SMEs in the Argentine capital market, reducing their costs, and enhancing their productivity and development through the early collection of their receivables. In turn, Section 21 of this law entrusted the BCRA with the establishment of the corresponding guidelines, within its sphere of authority, for the implementation of this regime.

The BCRA’s regulations which are aimed at regulating the national payment system comprise the following consolidated texts:

• National Payment System – ATMs
• National Payment System – Electronic Clearing Houses
• National Payment System – Checks and other Cleared Instruments
• National Payment System – Instant Debit
• National Payment System – Direct Debit
• National Payment System – Electronic Means of Payment (MEP)
• National Payment System – Payment Services
• National Payment System – Transfers – Supplementary Rules
• Payment Service Providers
• Principles for Financial Market Infrastructures

The Interbank Commission on Means of Payment of Argentina (CIMPRA) is a forum where the different players taking part in the national payment system study, plan and monitor the evolution of means of payment.

CIMPRA’s essential functions are as follows:

• – To conduct research works, to propose guidelines on the operation and clearing of payment instruments, and to check their compliance.
• – To consider any such proposals or projects which aim at innovating or improving existing means of payment within the relevant working commission.
• – To coordinate any such proposals and projects on means of payment.
• – To make arrangements for releasing the findings of research works as well as the decisions adopted through appropriate communication channels.
• – To settle any dispute that may arise between two or more institutions taking part in an electronic clearing process.
• – To conduct any other activity or business related to the development/upkeeping of means of payment.

In sum, CIMPRA deals with projects, proposals and inquiries on the National payment System. Proposals are assigned, where necessary, to a working commission for consideration. Subsequently, the commission is required to issue an opinion which, in turn, is submitted to the Board of Directors for approval. Decisions may be communicated in two ways:

1. – BCRA’s communications, to which institutions are bound.
2. – CIMPRA reports, which are deemed as recommendations, setting out guidelines for financial institutions.

CIMPRA members:

• – Central Bank of Argentina (BCRA)
• – Banco de la Nación Argentina (BNA)
• – Banco de la Ciudad de Buenos Aires (BCBA)

Bank associations:

• – Association of Public and Private Banks of the Argentine Republic (Asociación de Bancos Privados y Públicos de la República Argentina, ABAPPRA)
• – Association of Specialized Banks (Asociación de la Banca Especializada, ABE)
• – Association of Banks in Argentina (Asociación de Bancos de la Argentina, ABA)
• – Association of Argentine Banks (Asociación de Bancos Argentinos, ADEBA)

CIMPRA’s governing body is the Board of Directors, which is composed of banking associations, Banco de la Nación Argentina, Banco de la Ciudad de Buenos Aires, and the BCRA, which acts as chair. Where the issues addressed call for technical advice, representatives from clearing houses or ATMs networks or the fintech chamber are invited to participate.

The Executive Secretary coordinates all CIMPRA’s activities, supporting the Board’s actions, organizing the activities of working commissions, keeping record of any conclusions and putting them forward for Board approval. In addition, the Executive Secretary is in charge of making sure they have the necessary powers to act and execute agreements among other actions involving third parties, and of developing the most appropriate methods for releasing the decisions adopted along with the conclusions reached.

Instant pull transfers

3.0 Transfers Consent: User Experience Guide.

3.0 Transfers: Registration Process for New Participants.

3.0 Transfers Consent.

Payments by Transfer (PCTs)

3.0 Transfers Interoperability Document – Administrators.

Transfers 3.0 Operating Rules: Participant integration.