Operations through e-checks become effective on July 1. Users may issue and receive checks generated through electronic channels.
Under the relevant regulation, financial institutions must receive deposits in e-checks. The issue—not mandatory—is available for current accounts and will grow gradually. E-checks will be created and will circulate through electronic means, whether through financial institutions or infrastructures authorized in the financial market. The issue and deposit of ECHEQs will be the exclusive duty of financial institutions.
E-checks are an innovation promoted by the BCRA to simplify operations and reduce their costs (Communication A 6578).
For the purposes of tuning up the e-check operation even further, the Board of the BCRA passed three supplementary regulations yesterday: one of them includes amendments to the regulation of bank current accounts while the other two govern operating issues such as the agreement on truncation, electronic creation and management of checks and other documents that may be cleared, and the certification to file civil actions (Communications A 6725, A 6726 and A 6727).
The main advantages of e-checks include:
- Simplification of e-checks’ issuance, endorsement, negotiation, and transfer in general through digital channels.
- Unlimited endorsements.
- Reduction of operating costs compared to traditional checks.
- Greater security and effectiveness.
- Fewer reasons to reject e-checks.
E-checks are also a financing source particularly relevant for the SMEs sector as they will facilitate their negotiation, which may be carried out electronically and remotely, thus reducing operational and transport costs, and those related to the verification of documents.
Through measures like this one, the BCRA aims at reaffirming its commitment to adopting actions to promote the modernization of the payments system while improving the quality of the financial system. 
