BCRA Circular SINAP 1-232: Payment Service Providers Update

“Year of the Reconstruction of the Argentine Nation” COMMUNICATION “A” 8287 25/07/2025 TO FINANCIAL ENTITIES, TO ELECTRONIC CLEARING HOUSES, TO AUTOMATED TELLER MACHINE NETWORKS, TO PAYMENT SERVICE PROVIDERS, TO PAYMENT SERVICE PROVIDERS OFFERING PAYMENT ACCOUNTS, TO ELECTRONIC FUND TRANSFER NETWORKS, TO PAYMENT SERVICE PROVIDERS PERFORMING THE INITIATION FUNCTION, TO ADMINISTRATORS OF ELECTRONIC FUND TRANSFER PAYMENT SCHEMES, TO PLATFORMS FOR SME FINANCING, TO TRANSFER PAYMENT ACCEPTORS, TO CARD PAYMENT ACQUIRERS, TO AGGREGATORS OF PAYMENT INSTRUMENTS, TO EXTRA-BANKING TAX AND/OR SERVICE COLLECTION COMPANIES:

Ref.: Circular SINAP 1-232: Payment Service Providers. Update.

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We address you to deliver the attached sheets, which replace those previously provided and must be incorporated into the consolidated text on Payment Service Providers based on the provisions published in Communications “A” 7812 and 8206. Please note that on this Institution’s website www.bcra.gob.ar, under “Financial System – LEGAL AND REGULATORY FRAMEWORK – Consolidation and summaries – Consolidated texts of general regulations”, you will find the modifications made, with text highlighted in special characters (strikethrough and bold). We remain, sincerely yours.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Irene T. Cano Matías A. Gutiérrez Girault
Deputy General Manager of Payment Systems Principal Manager of Payment Systems and Current Accounts

ANNEX

1.4.1. Account Provision: both financial entities and PSPs registered with the BCRA as payment service providers that offer payment accounts (PSPCP) may offer accounts for conducting debits and credits within a payment scheme.
The accounts offered by PSPs are called payment accounts; they are freely available peso-denominated accounts that allow placing and receiving payments.
The PSPCPs may allow these accounts to have more than one holder.

1.4.2. Administration: establish the operational, technical, and commercial rules of the payment scheme, ensure compliance in accordance with the regulatory framework, and establish contractual relationships with each participant of the payment scheme.
When specific regulations for a payment instrument require BCRA authorization to perform the administration function, consideration will be given to the existing market competition level, the efficiency and quality of services provided by existing administrators, systemic risk, and whether there is a clear intention from potential participants to contract with the administrator under review.

1.4.2.1. Electronic Fund Transfer Payment Scheme Administrator: establish the operational, technical, and commercial rules of the transfer scheme, in accordance with the consolidated texts (CT) on National Payment System – Transfers, National Payment System – Transfers – Supplementary Rules, and National Payment System – Payment Services, and ensure compliance. Requires BCRA authorization.
1.4.2.2. QR Administrator: manage payments for QR travel schemes (VQR).
1.4.3. Acceptance: enroll merchants into transfer-based payment schemes. Includes, among other tasks: facilitating mechanisms to initiate payments, transmitting payment order information to the administrator or other scheme participants, and, if authorized, confirming operations.
1.4.4. Initiation: forward a valid payment instruction upon request from an ordering client to the provider of an account –payment or current– or issuer of a payment instrument.
1.4.5. Automated Teller Machine Networks: manage transactions initiated through automated teller machines.
1.4.6. Electronic Fund Transfer Networks (processing or operation): transmit electronic instructions for fund movements between financial entities and, where applicable, notify the PSP offering payment accounts of credits to their current account, so that it may effectively fulfill its transfer function as defined in point 1.3.11. of the CT on National Payment System – Transfers – Supplementary Rules.
1.4.7. Acquiring: enroll merchants into card-based payment schemes. Includes, among other tasks: facilitating mechanisms to initiate payments, transmitting payment order information to the administrator or other scheme participants, and, if authorized, confirming operations.
B.C.R.A. PAYMENT SERVICE PROVIDERS
Section 1. General Provisions
Version: 5th COMMUNICATION “A” 8287 Effective Date:
26/07/2025 Page 3

1.4.8. Aggregation or Sub-acquiring: provide merchants with access to payment schemes contracted by the aggregator with one or more acquirers, using for this purpose the identifier number (Merchant ID) of the aggregator or sub-acquirer, which acts as the receiving client for funds from the settlement of various payment schemes.
1.4.9. Extra-banking Tax and/or Service Collection Companies: provide payment and/or collection services for taxes and/or services on behalf of third parties through agent networks, using cash and/or payment instruments.
1.5. Non-compliance and Sanctions
PSPs and members of their governance, administration, and oversight bodies are subject to sanctions for non-compliance with BCRA regulations governing their activity, as provided in Articles 41 and 42 of the Financial Entities Law and corresponding provisions. B.C.R.A. PAYMENT SERVICE PROVIDERS
Section 1. General Provisions
Version: 2nd COMMUNICATION “A” 8287 Effective Date:
26/07/2025 Page 4

2.1. Registration of Payment Service Providers
PSPs covered in points 1.4.1., 1.4.2.2., 1.4.3., 1.4.4. –only if providing digital wallet services–, 1.4.5., 1.4.6., 1.4.7., 1.4.8. and/or 1.4.9. must register in the “Registry of Payment Service Providers” established by the Superintendence of Financial and Currency Entities (SEFYC), as established in point 2.2. PSPs performing more than one registration-subject function must identify them separately in the registry and complete the sections corresponding to the “Operational and Commercial Description” of each function, except for PSPs that simultaneously perform initiation and payment account provision functions, in which case only the registration of the latter function will be required.
2.2. Registration Procedure
Applicants must access the website of the Revenue and Customs Control Agency (ARCA) www.arca.gob.ar –using the legal entity’s tax key– to obtain the username and password that will allow electronic registration through the application enabled by the BCRA, attaching the documentation and integrating the information detailed in points 2.2.1. to 2.2.3.
2.2.1. Copy of the articles of incorporation or bylaws with proof of registration by the competent corporate control authority in the public registry of the corresponding jurisdiction and all amendments (in “.pdf” format).
The corporate purpose must explicitly include the development of activities related to payment service provision that motivate registration in the registry.
2.2.2. Payment Service Provider Data
2.2.2.1. Legal entity name
2.2.2.2. Trade name or brand
2.2.2.3. Unique Tax Identification Key (CUIT)
2.2.2.4. Legal address
− Street and Number
− City/Town
− Province
− Postal Code
− Phone
− E-mail: this email address will be considered the only valid for sending information and/or requests to BCRA and receiving notifications.
B.C.R.A. PAYMENT SERVICE PROVIDERS
Section 2. Payment Service Providers Required to Register with BCRA
Version: 6th COMMUNICATION “A” 8287 Effective Date:
26/07/2025 Page 1

2.2.2.5. Special address –the address where relevant operational processes will be carried out and records associated with such operations will be maintained must be stated–.
− Street and Number
− City/Town
− Province
− Postal Code
− Phone
2.2.2.6. Legal representative / Attorney-in-fact
− First and last names
− Type and number of identity document
− E-mail
2.2.2.7. Data security officer –designated for access to BCRA’s internet site IT environments–.
− First and last names
− Position/Title
− Type and number of identity document
− E-mail
2.2.2.8. Payment systems oversight officer
− First and last names
− Position/Title
− Type and number of identity document
− E-mail
2.2.2.9. Information regime officer
− First and last names
− Position/Title
− Type and number of identity document
− E-mail
2.2.2.10. Operational and commercial description (does not apply to PSPs covered in point 1.4.2.2.).
i) For PSPCPs:
B.C.R.A. PAYMENT SERVICE PROVIDERS
Section 2. Payment Service Providers Required to Register with BCRA
Version: 4th COMMUNICATION “A” 8287 Effective Date:
26/07/2025 Page 2

CONSOLIDATED TEXT ORIGIN OF PROVISIONS
OBSERVATIONS Section Point Para. Com. Annex/ Chap. Pt. Para.

1. “A” 6859 S/Com. “A” 6885, 7153 and 7495.
   1.1. “A” 6859 S/Com. “A” 6885, 7153 and 7495.
   1.1.1. “A” 6859 S/Com. “A” 6885, 7153 and 7495.
   1.1.2. “A” 6859 S/Com. “A” 6885, 7153 and 7495.
   1.1.3. “A” 6885 Annex S/Com. “A” 7153 and 7495.
   1.1.4. “A” 6885 “ S/Com. “A” 7153.
   1.1.5. “A” 6885 “ S/Com. “A” 7153.
   1.2. “A” 6885 “ S/Com. “A” 7495.
   1.3. “A” 6885 “ S/Com. “A” 7495.
   1.4. “A” 6885 “ S/Com. “A” 7153, 7328, 7462, 7495 and

1.4.2.1. “A” 8206 9. a. S/Com. “A” 8287.
1.4.2.2. “A” 8206 9. a. S/Com. “A” 8287.
1.4.7. “A” 7769 2.
1.4.8. “A” 7769 2.
1.4.9. “A” 7769 2.
1.5. “A” 6885 “ S/Com. “A” 7367.
2.
2.1. “A” 6885 “ S/Com. “A” 7462, 7495, 7769, 7907,
8206 and 8287.
2.2. “A” 6885 “ S/Com. “A” 7462, 7495 and 7613, 8176
and “B” 12648
2.2.2.
10. iv) a
vi) “A” 7769 7. S/Com. “A” 8287.
2.3. “A” 6885 “ S/Com. “A” 7495 and 7613.
2.4. “A” 6885 “ S/Com. “A” 7495.
2.5. “A” 7613 4.
3.
3.1. “A” 6885 Annex S/Com. “A” 7495 and 8102.
3.2. “A” 6885 “ S/Com. “A” 7495.
3.3. “A” 7593 4. 1. and 2. S/Com. “A” 7712, 7972 and 8102. Inclu-
ides regulatory clarification.
4.
4.1. “A” 6885 “ S/Com. “A” 7495, 7825 and 8038.
4.2. “A” 6885 “ S/Com. “A” 7495.
4.3. “A” 6885 “ S/Com. “A” 7153 and 7495.
4.4. “A” 7759 S/Com. “A” 7907.
5. 5.1. “A” 7769 4. S/Com. “A” 7907.
6. 6.1. “A” 7769 8. S/Com. “A” 7907.
B.C.R.A. ORIGIN OF PROVISIONS CONTAINED IN THE CONSOLIDATED TEXT ON PAYMENT SERVICE PROVIDERS