Banco Central de Bolivia

Directorio

RESOLUTION OF THE BOARD OF DIRECTORS NO. 069/2021

SUBJECT: FINANCIAL ENTITIES MANAGEMENT – APPROVES THE REGULATION ON PAYMENT SERVICES, ELECTRONIC PAYMENT INSTRUMENTS, CLEARING AND SETTLEMENT.

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VISTOS (VIEWED):

• The Political Constitution of the State of February 7, 2009.
• Law No. 1670 of October 31, 1995, of the Central Bank of Bolivia.
• Law No. 393 of August 21, 2013, on Financial Services.
• The Statute of the BCB, approved by Board Resolution No. 128/2005 of October 21, 2005, and its modifications.
• The Regulation on Payment Services, Electronic Payment Instruments, Clearing and Settlement, approved by Board Resolution No. 137/2019 of October 8, 2019.
• Board Resolution No. 51/2020 of April 28, 2020, which modifies the Regulation on Payment Services, Electronic Payment Instruments, Clearing and Settlement.
• The Report from the Financial Entities Management BCB-GEF-SSPSF-DVSP-INF-2021-11 of April 9, 2021.
• The Report from the Legal Affairs Management BCB-GAL-SANO-DLBCI-INF-2021-94 of April 23, 2021.

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CONSIDERING:

That the Political Constitution of the State establishes in its article 327 that the BCB is a public law institution, with legal personality and its own assets. Within the framework of the State's economic policy, it is the function of the BCB to maintain the stability of the internal purchasing power of the currency, to contribute to economic and social development.

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That in its article 328, it states that it is an attribution of the BCB, in coordination with the economic policy determined by the Executive Branch, in addition to those indicated by Law, to regulate the payments system.

That according to its article 331, financial intermediation activities, the provision of financial services, and any other activity related to the handling, use, and investment of savings are of public interest and can only be exercised prior authorization of the State, in accordance with the Law.

That articles 3 and 30 of Law No. 1670 provide that the BCB will formulate policies of general application in monetary, exchange, and payments system matters for the fulfillment of its object, being subject to its regulatory competence all financial intermediation entities and financial services, whose operation is authorized by the Superintendence of Banks and Financial Entities, now the Authority for the Supervision of the Financial System (ASFI).

That in its article 44 it establishes that the highest authority of the BCB is its Board of Directors, responsible for defining its policies, specialized regulations of general application and internal norms; as well as establishing administrative, operational and financial strategies of the BCB, approving their respective short and medium-term programs.

That in subsections a), b) and o) of its article 54, it provides that the Board of Directors of the BCB has the attributes to issue norms and adopt general decisions that would be necessary for the BCB to fulfill its functions, competencies and faculties assigned by Law; to regulate the administration of payments systems between authorized financial entities; and to approve, modify and interpret the Statute and Regulations of the BCB by two-thirds votes of all its members, without the need for any additional administrative act.

That paragraph III of article 8 of Law No. 393 on Financial Services establishes that the ASFI will issue specific regulation and supervise its compliance within the framework of the norm issued by the BCB, in the scope of the payments system.

That paragraphs I and IV of its article 124 provide that operations carried out within the framework of the services provided by financial entities may be carried out through electronic means, which necessarily must comply with security measures that guarantee integrity, confidentiality, authentication and non-repudiation; and that the ASFI and the BCB, according to their competencies, will issue regulation that establishes the procedure and security norm for operations, as well as the minimum requirements that entities must meet to carry out activities of electronic banking, telephone banking and via mobile devices, regulatory norm of mandatory compliance by financial entities that provide the service.

That item 13) of article 11 of the BCB Statute establishes as an attribute of its Board of Directors, to approve the norms for the functioning of the payments system.

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That the Regulation on Payment Services, Electronic Payment Instruments, Clearing and Settlement aims to regulate in the scope of the national payments system, the services and electronic payment instruments and the clearing and settlement derived from these instruments, establish the general framework for the creation, constitution and functioning of Clearing and Settlement Chambers (CCL) and Payment Service Companies (ESP); and regulate the surveillance and supervision activities of the national payments system.

That the Report BCB-GEF-SSPSF-DVSP-INF-2021-11 from the Financial Entities Management indicates that within the framework of the tasks instructed by the Board of Directors to promote greater use of Electronic Payment Instruments, the issuance of a new version of the Regulation on Payment Services, Electronic Payment Instruments, Clearing and Settlement is proposed, which includes modifications referred to the issuance of electronic invoice for basic services, enabling electronic banking and mobile banking for users of financial services, information for the holder on the use of electronic channels, the obligation of connection of financial entities to the Deferred Settlement Module to guarantee the operational continuity of the OETF service, conditions of interconnection and interoperability between CCL and ESP and others in form and style.

That the Report BCB-GAL-SANO-DLBCI-INF-2021-94 from the Legal Affairs Management establishes that the Regulation on Payment Services, Electronic Payment Instruments, Clearing and Settlement does not contravene the current legal order, therefore it is legally appropriate, being the competence of the Board of Directors of the BCB, to consider its approval, in accordance with what is established in subsections a) and o) of article 54 of Law No. 1670 of the BCB and in items 1) and 29) of article 11 of its Statute.

THEREFORE,

THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BOLIVIA

RESOLVES:

**Article 1.-** Approve the new Regulation on Payment Services, Electronic Payment Instruments, Clearing and Settlement, which forms part of this Resolution in the Annex.

**Article 2.-** Repeal Board Resolutions No. 137/2019 of October 8, 2019 and No. 51/2020 of April 28, 2020.

**Article 3.-** This Regulation shall enter into force, from the day of its approval.

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**Article 4.-** The Presidency and General Management are charged with the execution and compliance of this Resolution.

La Paz, April 27, 2021

Edwin Rojas Ulo
Rafael Boyán Tellez
Bismarck Arevilca Vásquez
Darwin Ugarte Ontiveros
Gabriel Herbas Camacho

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## ANNEX

### REGULATION ON PAYMENT SERVICES, ELECTRONIC PAYMENT INSTRUMENTS, CLEARING AND SETTLEMENT

## TITLE I
## GENERAL PROVISIONS

### Article 1. (Object). This Regulation aims to:

I. Regulate, within the scope of the national payments system, the services and Electronic Payment Instruments (EPI) and the clearing and settlement derived from these instruments.

II. Establish the general framework for the creation, constitution and functioning of Clearing and Settlement Chambers (CSC) and Payment Service Companies (PSC).

III. Regulate the surveillance and supervision activities of the national payments system.

### Article 2. (Scope of Application). The norms contained in this Regulation are applicable to:

a) FIEs that have a license of operation from the Authority for the Supervision of the Financial System (ASFI).
b) PSCs that are established in this Regulation and their participants.
c) CSCs and their participants.
d) Securities Depository Institutions and their participants.
e) Entities that carry out liquidation activities, indicated in this Regulation.
f) Holders and users of EPIs and natural and legal persons who accept them.
g) Investment Fund Management Companies (IFMC).

### Article 3. (Acronyms). This Regulation will use the following acronyms:

a) APS: Authority for the Supervision and Control of Pensions and Insurance;
b) ATM: Automated Teller Machine.
c) ASFI: Authority for the Supervision of the Financial System;
d) BCB: Central Bank of Bolivia;
e) CSC: Clearing and Settlement Chamber
f) COASIF: Committee for the Analysis of the Financial System;
g) COMA: Open Market Operations Committee;
h) FIE: Financial Intermediation Entity;
i) PSC: Payment Service Company;

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j) RAL Fund: Liquid Asset Requirement Fund;
k) GEF: Financial Entities Management of the BCB;
l) GGral: General Management of the BCB;
m) EPI: Electronic Payment Instrument;
n) PI: Payment Instrument;
o) LIP: Integrated Payments Settlement System;
p) DNS: Deferred Net Settlement;
q) RTGS: Real-Time Gross Settlement;
r) FX: Foreign Currency (only US dollars);
s) MLD: Deferred Settlement Module;
t) MLH: Hybrid Settlement Module;
u) FN: National Currency;
v) MNUFV: National Currency with value maintenance in relation to the Housing Development Unit;
w) MDOL: National Currency with value maintenance in relation to the US dollar;
x) OP: Payment Order or Payment Orders;
y) EOP: Electronic Payment Order or Electronic Payment Orders;
z) OETF: Electronic Funds Transfer Orders;
aa) LPMND: Net Multilateral Debtor Position Limit;
bb) PMN: Net Multilateral Positions;
cc) PMNA: Net Multilateral Creditor Position;
dd) PMND: Net Multilateral Debtor Position;
ee) POS: Point of Sale, Point of Sale Terminal
ff) RIO: Internal Operations Regulation
gg) TGN: General Treasury of the Nation;
hh) IFMC: Investment Fund Management Company;
ii) UIF: Financial Investigations Unit.

### Article 4. (Definitions). For the purposes of this Regulation, the following definitions are established:

a) **EPI Administration.** Service provided by the issuer of an EPI and/or a PSC consisting of the activities developed for the processing of Payment Orders (PO) and their operation, such as: the issuance of EPI, provision of technology, terminals or electronic devices, security mechanisms, communication management, elaboration and dissemination of procedures, and other accessory activities;

b) **Acquiring.** Contract through which an FIE, PSC or CSC, authorized by the ASFI, provides electronic means and affiliates natural and/or legal persons to process POs carried out through EPI;

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c) Acquirer. Entity authorized by the ASFI that carries out acquiring and is responsible for the management of PO information and the settlement of these with accepting entities;

d) Beneficiary. Natural or legal person who receives in their account funds coming from a PO;

e) Mobile Wallet. EPI that accredits a contractual relationship between the issuer and the holder of a mobile wallet account, exclusively in national currency, which allows the holder of the instrument to originate electronic fund transfers, load and/or withdraw cash, make inquiries and other accessory activities;

f) Automated Tellers. Electronic devices that allow, in an enumerative and not limiting manner, to withdraw and deposit cash, carry out electronic fund transfers, buy and redeem shares of open investment funds, load EPIs, check balances, change password and others. Automated tellers are also known by their English acronym ATM (Automated Teller Machine);

g) Clearing and Settlement Chamber. Complementary financial services company whose object is the automatic and centralized processing of the clearing and settlement of POs generated from Payment Instruments (PI) and other accessory activities;

h) Mobile wallet distribution channel. Infrastructure that through an electronic fund transfer network, allows the issuance and distribution of the mobile wallet, from the issuer to the account holder and/or beneficiary;

i) Electronic payment channels. Are the devices (automated tellers-ATM, point of sale terminals-POS) or communication networks (internet, fixed or mobile telephony) that allow processing POs originated with EPIs;

j) Loading of an Electronic Payment Instrument. Increase of the balance of the account associated with the EPI that allows its holder and/or user to make POs with this instrument;

k) Check. PI that represents an unconditional order of payment at sight drawn by the payer against his funds in checking account;

l) Cycle. Continuous processing time period of POs and instructions for the transfer of securities that comprises the clearing and settlement of the Net Multilateral Positions (NMP) of the participants. The cycle can have sessions;

m) Quick response code. Matrix of points or two-dimensional barcode, with square structure also known as QR by its acronym

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in English (Quick Response Code). In the scope of the payments system it allows storing encoded data for the processing of electronic fund transfers;

n) **E-commerce.** Is any commercial relationship whether or not contractual, with the intervention or starting from the use of one or more digital communications.

o) **Commission.** Amount contractually agreed that is received by the issuer of an EPI, PSC, financial and non-financial correspondent or natural or legal person affiliated with an acquirer, for the services provided;

p) **Clearing.** Process that comprises: the transmission, reconciliation and, when appropriate, confirmation of the POs, the instructions for the transfer of securities, prior to settlement and the establishment of final or net positions (creditor or debtor) for each participant, which replace the individual rights and obligations of each accepted PO or transfer of securities;

q) **Share Purchase.** Operation in which the participant of an Investment Fund through money contributions acquires participation shares of the same, either through the Managing Society in the case of Open Investment Funds or through authorized intermediaries in the primary or secondary market in the case of Closed Investment Funds;

r) **Financial Correspondent.** FIE or complementary financial services company regulated by the ASFI that through an express contract commits to carry out or provide payment services for a certain time on behalf of another FIE or PSC, in exchange for a previously agreed commission;

s) **Non-financial Correspondent.** Natural or legal person who by virtue of an express mandate commits to carry out or provide payment services for a certain time on behalf of an FIE or PSC, in exchange for a previously agreed commission;

t) **Account associated with an Electronic Payment Instrument.** Account used to originate a PO, which can be checking account, savings account, mobile wallet account, participation account of an open investment fund and those that allow the use of credit and prepaid cards, these accounts can be linked to a cell phone number or email address for the processing of the POs;

u) **Mobile wallet account.** Payment account issued in the name of a holder, associated with the mobile wallet EPI, exclusively in national currency;

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v) **Savings account.** Account that allows natural or legal persons to keep funds in FIEs intended for savings, on which they can originate POs;

w) **Checking account.** Account that allows natural or legal persons to keep funds in banking entities mainly to make payments through POs or checks;

x) **Checking and reserve account.** Account opened at the Central Bank of Bolivia (BCB) by banking entities to constitute the legal reserve and to instruct and receive POs;

y) **Reserve account.** Account opened at the BCB by Savings and Credit Cooperatives, Housing Financial Entities and Development Financial Institutions to constitute the legal reserve and to instruct and receive POs;

z) **Settlement account.** Account opened at the BCB by participants of the Integrated Payments Settlement System (LIP) to process POs in that system. Considered settlement accounts are:
- checking and reserve accounts;
- reserve accounts;
- clearing accounts and;
- settlement accounts opened by the BCB for other entities covered by the LIP Regulation;

aa) **Payment account.** Account issued in the name of a holder, associated with the mobile wallet EPI or prepaid card. The funds kept in these accounts are not deposits, so they do not generate interest;

bb) **Participation account.** Account in which the balances of participation shares owned by the participant of an Open Investment Fund are registered and the movements of purchase and sale of shares, as well as positive and negative returns recorded by the increase or decrease in the value of the share;

cc) **Clearing account.** Account opened at the BCB by CSCs and by Securities Depository Institutions for the settlement of the NMPs resulting from the clearing of PIs and securities. These accounts cannot maintain balances at the end of the cycle;

dd) **Automatic debit in account.** Charge to the account of the ordering party, previously authorized by him, which is initiated by the beneficiary;

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ee) Computer developments. Specialized computer programming for the issuance and/or administration of EPIs and POs that must comply with the norms and procedures established by the supervisory and surveillance bodies;

ff) Electronic Money. Monetary value that is used to process or receive POs through different EPIs and is convertible into cash at nominal value at the request of the holder;

gg) Cash-out of Electronic Payment Instrument. Act by which an entity authorized for the effect delivers cash to the holder or user of the EPI charged to the associated account;

hh) Cash-out of EPI in stores. Procedure by which the holder of an EPI can withdraw cash from the account associated with said instrument in stores affiliated with the EPI network at the time of making a purchase and paying at a POS or some payment channel established in this Regulation, subject to specific norm issued by the BCB and the ASFI;

ii) Cash. Legal tender banknotes and coins;

jj) Issuance of Electronic Payment Instrument. Action by which an FIE or PSC authorized by the ASFI, as well as the IFMC that manages Authorized Open Investment Funds and duly registered in the Securities Market Registry, delivers to a holder or user an EPI;

kk) EPI Issuer. FIE or PSC authorized by the ASFI, as well as the IFMC that manages Authorized Open Investment Funds and duly registered in the Securities Market Registry, that in the development of its activity emits one or more EPIs. The issuer is obliged to pay obligations generated by the use of the EPI;

ll) PSC. Complementary financial services companies authorized by the ASFI to provide the payment services contemplated in this Regulation;

mm) Accepting Entity. Any natural or legal person, public or private, that accepts on its own account or on behalf of third parties POs originated with one or more EPIs for payment of goods, services and/or any other liquid and due obligation through EPI;

nn) Securities Depository Institution. Anonymous society of exclusive object authorized by the ASFI and inscribed in the Securities Market Registry in charge of custody, registration and administration of securities as well as of

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the settlement and clearing of operations carried out with the securities subject to custody;

oo) Settlement Entity. Entity with an account at the BCB that assumes responsibility for providing the necessary funds for the settlement of the NMPs of participants of a CSC, PSC or Securities Depository Institution that does not have a settlement account at the BCB. The settlement entity must be a participant of the LIP, CSC, PSC or Securities Depository Institutions;

pp) Due. Characteristic by which the originated and accepted POs must be settled or paid;

qq) Settlement Guarantees. Mechanisms to ensure the settlement of POs and/or securities. The CSCs, Securities Depository Institutions or PSCs will define the guarantees to be used within the framework of what is established in this Regulation;

rr) Monetary Guarantee. Deposit of a PSC that backs the settlement of its operations;

ss) National Remittance. Electronic transfer of funds in national territory for payment in cash, with the particularity that the ordering party and/or the beneficiary do not maintain an account associated with the EPI in the entities providing the service;

tt) PI. Physical or electronic forms or modalities that money takes and that allow a holder and/or user to transfer funds or execute POs. The following are PIs:

• Cash;
• Check;
• Electronic Funds Transfer Order (OETF);
• Mobile Wallet;
• Electronic Cards (credit, debit and prepaid);
• Others authorized by the Board of Directors of the BCB;

uu) Electronic Payment Instrument. Electronic device or document that can be used physically or virtually and allows the holder and/or user to originate POs and/or make inquiries about accounts associated with the instrument. The EPIs are:

• Mobile Wallet;
• OETF;
• Electronic Cards (credit, debit and prepaid) and;
• Others authorized by the Board of Directors of the BCB;

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vv) **Internet.** Worldwide communication network that allows processing POs through the use of electronic devices such as computers, mobile phones, *tablets* and others;

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**ww) Interconnection.** Physical or virtual and logical connection of the computer developments of Financial Intermediation Entities (EIF), Payment Service Entities (ESP), Clearing Houses (CCL), and Securities Depository Entities for the transmission of electronic information, including Payment Orders (OP);

**xx) Interoperable.** Technical compatibility between the computer developments of EIF, ESP, CCL, and Securities Depository Entities for the processing of OP;

**yy) Computer Intrusion.** Unauthorized access to computer developments with the aim of manipulating them to obtain some illegal benefit;

**zz) Irrevocable or definitive.** Condition or state whereby accepted OP cannot be repudiated, denied, reversed, or annulled by the party that generated them or by the party that received them;

**aaa) Consolidated limit.** Maximum debtor amount in each currency denomination and at the national level that a participant or a settlement entity may register in all clearing and settlement systems in which it participates;

**bbb) LPMND.** Maximum debtor amount in each currency denomination and at the national level that a participant may register as Net Multilateral Debtor Position (PMND) during a cycle in a CCL, ESP, or Securities Depository Entity. This limit is not applicable to the BCB;

**ccc) Settlement.** Debit or credit that settles obligations regarding OP or securities between two or more participants, according to the results of the clearing. Settlement can be processed through: current and reserve accounts, reserve accounts, clearing accounts, and settlement accounts;

**ddd) Payment Order.** Instruction or message by which the originator requests the assignment and/or transfer of funds through the use of IP, in favor of a beneficiary, which, by way of example and not limitation, includes:

    1. Electronic fund transfers between natural and/or legal persons, including payments in case of being benefited by the provision of a service, purchase-sale of goods, purchase and redemption of shares of Open Investment Funds, as well as payment for the fulfillment of obligations (debts, taxes, and others);

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    2. Deposit or withdrawal of cash, loading and realization of electronic money and the realization of IP in businesses (the cash comes from the business's own activities);

**eee) Contact Payment Order.** OP that for its processing requires that the IP holder has physical contact with an electronic device, for example, the insertion of an electronic card into a Point of Sale Terminal-POS;

**fff) Contactless Payment Order.** OP that for its processing does not require that the IP holder has physical contact with a device;

**ggg) Originator.** Natural or legal person who initiates or originates the OP from their account in favor of a beneficiary;

**hhh) Electronic Fund Transfer Order.** IP through which communication networks and specialized computer developments such as internet banking, mobile banking, or others allow holders and/or users to originate OP from accounts related to the instrument;

**iii) Paying originator.** Natural or legal person who authorizes automatic debit in their account in favor of a beneficiary;

**jjj) Immediate payment.** EFTO in which the transmission of the message, the processing response, and the availability of funds at the destination occur in real time in a 24 hours a day, 7 days a week processing scheme;

**kkk) Payment gateway.** Payment channel that allows registering, processing, authorizing, and/or transmitting payments with IP corresponding to e-commerce purchase-sale operations and guarantees communication between the business and financial entities;

**lll) Participant.** Entity authorized in a CCL, Securities Depository Entity, or ESP authorized to send and receive OP or securities. Process administrators with their own Net Multilateral Positions (PMN) may also be participants;

**mmm) Net Multilateral Position.** Sum of the value of all OP and securities in favor of a participant during a cycle, minus the sum of the value of all OP and securities against them. If the result is positive, the participant is in a Net Multilateral Creditor Position (PMNA) and if the result is negative, they are in a PMND;

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**nnn) Payment Order Processing.** Series of actions performed by entities covered by this Regulation from the sending of the OP request until its completion;

**ooo) Family remittance.** International remittance modality corresponding to the sending of money as family aid;

**ppp) International remittance.** Electronic fund transfer from/to abroad, with the particularities that the originator and/or beneficiary do not maintain an account associated with the IP;

**qqq** Electronic repository of the mobile wallet distribution channel. Component of the mobile wallet service distribution channel that temporarily holds funds from the wallet issuer until the holder and/or beneficiary;

**rrr) Redemption of shares.** Operation whereby the participant makes liquid or converts into money the shares of an Open Investment Fund through the redemption of shares executed by the Management Company;

**sss) Payment service.** Set of activities aimed at issuing, acquiring, administering IP, processing OP, buying and selling foreign currency, sending and paying international remittances, sending and receiving internal transfers;

**ttt) Session.** Phase of a cycle in which clearing is performed that does not involve settlement;

**uuu) Integrated Payment Settlement System.** Payment system administered by BCB that allows its participants to make electronic fund transfers between their participants;

**vvv) National payment system.** For the purposes of this Regulation, the payment system is the set of rules, procedures, payment services, clearing and settlement, IP, and payment channels that make it possible to process OP originated by natural and/or legal persons. The payment system makes it possible for money to circulate in the national economy;

**www) Electronic card.** IP that allows originating OP and making inquiries about associated accounts. The electronic card is issued physically and can be used virtually at the holder's request. The following are considered electronic cards:  
- Credit card: Allows its holder and/or user to avail themselves of the funds of a credit line up to a financing limit;
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- Debit card: Allows its holder and/or user to avail themselves of the funds held in their associated account;
- Prepaid card: Allows its holder and/or user to avail themselves of the stored money that was previously paid to the IP issuer;

**xxx) Point of Sale Terminal.** Device that allows the use of physical or virtual IP at points of sale of goods and/or services to process OP by contact or contactless; the information is captured in paper vouchers or by electronic terminals designed to transmit the information. The Point of Sale Terminal is also known by its English acronym: POS (Point of Sale);

**yyy) Real time.** Processing of OP individually at the moment they are received;

**zzz) Holder.** Natural or legal person who maintains a contractual relationship with the issuer for the use of their IP;

**aaaa) Electronic fund transfer.** Money movements instructed electronically by the originator in favor of a beneficiary through the use of IP, which by way of example and not limitation include electronic money movements between accounts belonging to the same natural and/or legal persons or to third-party accounts, transfers or remittances, automatic account debits, payments in case of being benefited by the provision of a service, purchase-sale of goods and foreign currency, purchase and redemption of shares of Open Investment Funds, as well as, payment for the fulfillment of obligations such as debts, rents, taxes, and others;

**bbbb) User.** Natural or legal person authorized by the holder to perform operations with an IP associated with their account. The user may or may not have a contractual relationship with the issuer of an IP;

**cccc) Validity.** Characteristic whereby OP originated with IP have full legal effect between the issuer and the recipient;

**Article 5. (Operations of the Central Bank of Bolivia).** OP processed, cleared, or settled in systems administered by the BCB will be regulated by specific regulations.

**Article 6. (General rights).** The following are the rights of the entities covered by this regulation:
a) Participate in the BCB's electronic payment systems.
b) Receive remuneration for the services provided, which must not exceed the maximum limits established by the BCB;
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c) Request information from the BCB related to the national payment system; d) Have access to information about the national payment system related to IP they administer.

**Article 7 (General obligations).** The following are the obligations of the entities covered by this regulation:

a) Comply with the regulations issued by the BCB and the ASFI as supervisory and oversight bodies; b) Send to the supervisory and oversight bodies within the established deadlines the information these authorities require; c) The computer developments of EIF, ESP, CCL, and Securities Depository Entities and all entities participating in payment systems authorized by the ASFI must be interoperable and must interconnect; d) Make available to the beneficiary the funds received by OP immediately; in case of contingencies, the funds must be delivered within a period not exceeding 3 business days from the start of the OP; after this period, the funds will be returned to the originator; e) Do not perform automatic debits from the participant's or holder's accounts, unless they have express consent and authorization, which at all times is renewable or revocable at the request of the originator; f) Communicate to the supervisory and oversight bodies, prior to implementation, new services associated with operations permitted within the framework of current legislation and regulations, as well as changes in operation, functioning, and/or technology related to OP processing; g) Comply with the audit and control mechanisms regarding the legitimization of illicit gains defined by the Financial Investigations Unit (UIF) with respect to money laundering and terrorist financing; h) Perform permanent control and monitoring of activities carried out by their financial and non-financial correspondents, developing adequate control procedures; i) Hire special external audits of their operations and functioning related to OP at the request of the ASFI; j) Safeguard databases preserving the integrity of electronic records of customer personal information, data generated from the issuance and administration of IP, processing of OP and its clearing and settlement, financial, statistical, and operational information, as well as any information generated as a result of their activity for a minimum period of 10 years from the date of the last accounting entry. These data may only be disclosed with the written authorization of the holder and in the cases indicated in Article 473 of Law No. 393 on Financial Services; k) Assume responsibility for the non-execution or defective execution of the holder's OP;
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l) Have adequate software and hardware technological resources, with characteristics and procedures necessary to adequately carry out payment services or clearing and settlement;

m) Have secure and adequate computer developments, establish control and early warning measures in order to prevent the materialization of risks from computer intrusion, avoid the commission of fraud, and others. These developments must generate reports that will be sent to the supervisory and oversight authorities and to the holder with the frequency defined by these authorities;

n) In case of not having partial or total technological support, maintain a contractual relationship with companies that provide technical support for payment, clearing, and settlement services, in which, among others, the applied security mechanisms, confidentiality, and safeguarding of operations carried out are stipulated, ensuring the continuity of the payment, clearing, and settlement service;

o) Sign a written or electronic contract with the IP holder stating the terms and conditions clearly and understandably. For the signing of contracts by electronic means, the holder must perform the confirmation of acceptance of the service;

p) Financial entities cannot unilaterally modify the terms and conditions agreed upon in the contracts according to what is established in Article 86 of Law No. 393 on Financial Services. In case of modifying contractual conditions, these must be communicated to the IP holder and/or participant as well as to the ASFI with due advance notice and allowing contract termination in case that the IP holder and/or participant does not agree with the modifications;

q) Provide clear, truthful, sufficient, timely, understandable, and exact information, in physical or electronic form, to the interested party in acquiring and/or using IP, payment services, or participating in clearing and settlement before the signing of the contract;

r) Provide the holder or participant with a monthly detail of all transactions performed, including charges for commissions or other concepts, in physical or electronic form;

s) Attend to verbal and/or written complaints due to a disagreement, harm, damage, or grievance in the use of a payment service or reports of theft, cloning, or loss of an IP as established by the supervisory body;

t) Apply self-assessments according to the formats established by the supervisory and oversight bodies and send the results to said bodies.

u) Do not perform activities other than those authorized by the competent supervisory body;

v) Use standards, compatible and interoperable with those defined or approved by the BCB, or agreed upon between parties in case there are no pre-established guidelines, for the processing of OP using IP;

w) Inform all entities that provide payment services or issue IP about the messaging standards and QR code generation used for the

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transmission of OP in order to facilitate the interoperability of computer developments that interact in said transmission;
x) Others established by the supervisory and oversight bodies;

**Article 8. (Tariffs and commissions).**
I. The BCB, in coordination with the ASFI, and through a Resolution of its Directorate, may approve the maximum tariffs, commissions, and other charges applicable to IP and to the interconnection and interoperability between CCL and ESP.
II. The entities covered by this regulation must send to the ASFI their initial tariffs, commissions, and other charges as well as subsequent modifications, provided that these do not exceed the maximum amounts or percentages approved by the BCB.
III. CCL and ESP must send to the BCB for authorization a technical study justifying the definition of interconnection and interoperability tariffs for the processing of IP prior to their application and each time updates are made. Once BCB approval is obtained, the same must be sent by the requesting entity to the ASFI and its counterparts for their knowledge.
IV. Interconnection and interoperability conditions must be fair, reciprocal, and consensual between parties.
V. CCL and ESP must facilitate upon simple request to entities that require it the documentation that facilitates interconnection and interoperability between these infrastructures.

**Article 9. (Dissemination).** EIF, ESP, CCL, and Securities Depository Entities covered by this Regulation must:
a) Train their personnel on the regulations issued by the supervisory and oversight bodies;
b) Inform participants of CCL and Securities Depository Entities about internal rules and procedures;
c) Inform IP holders about their functionalities, implemented innovations, and security measures for their correct use in order to prevent fraud and information infiltration;
d) Communicate to IP holders and users or participants their rights and obligations;
e) Display in a visible place current tariffs, hours, and customer service numbers;
f) Others determined by the supervisory and oversight bodies;

**Article 10. (Non-compliance with regulations).** Entities covered by this Regulation that fail to comply with this regulation will be sanctioned in accordance with current regulations.

**TITLE II**
**PAYMENT SERVICES**

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# Banco Central de Bolivia  
## Directorate

//19. R.D. No. 069/2021

## CHAPTER I  
### ON THE PROVISION OF PAYMENT SERVICES

**Article 11. (Permitted payment services).** EIF and ESP and CCL authorized by the ASFI may provide one or more of the following payment services:  
a) Administration of IP; b) Processing of OP; c) Acquiring; d) Others to be approved by BCB Directorate Resolution.

**Article 12. (Other payment operations).** Entities covered by this Regulation may not perform operations other than those stated in their operating license; in case of requiring the incorporation of any payment service or IP into their operations, they must request authorization from the ASFI within the framework established in paragraphs II and III of Article 120 of Law No. 393 on Financial Services, prior non-objection from the BCB.

**Article 13. (Obtaining operating license for Payment Service Entities).**  
I. To provide payment services, ESP must have an operating license granted by the ASFI in accordance with what is established in articles 19 and 150 of Law No. 393 on Financial Services.  
II. The operating license will specify the payment services that ESP can perform within the framework established in this Regulation and in Law No. 393 on Financial Services.  
III. The supervisory body, within the framework of its competencies, may authorize ESP to provide payment services different from those defined for their nature, prior coordination with the BCB.  
IV. The ASFI will incorporate into its supervisory scope ESP that routinely perform these services, within the framework of paragraph III of article 19 of Law No. 393 on Financial Services.

**Article 14. (Minimum requirements for the constitution of Payment Service Entities).** The ASFI will determine the requirements for the constitution and obtaining of operating license for ESP through specific regulation. Regarding technological, operational, and administrative requirements, the following aspects must be included at least:  
a) Legal form of organization; b) Definition of minimum capital; c) When participating in CCL, the establishment of monetary guarantee mechanisms or through collateralization of securities that back the continuity of their operations for the settlement of OP;
```markdown

Banco Central de Bolivia
Directorate

//20. R.D. No. 069/2021

d) Have physical and technological infrastructure appropriate to the payment services to be provided, considering the number, complexity, and nature of their provision;

e) Have an organizational structure with defined, transparent, and coherent lines of responsibility, as well as effective procedures for identification, measurement, monitoring, control, mitigation, and disclosure of risks to which the ESP is or may be exposed, along with adequate internal control mechanisms, including administrative and accounting procedures. Such methods, procedures, and mechanisms will be exhaustive and proportional to the nature, scale, and complexity of the payment services provided by said entity;

f) Interoperability and interconnection with other computer developments for payment services;

g) Description of the operational process of payment services in all its stages and risk control mechanisms for settlement, within the framework established by supervisory and oversight authorities;

h) Contingency procedures and business continuity policies;

i) Establish the rights, obligations, and responsibilities of financial and non-financial correspondents;

j) Initial tariffs with the cost structure that supports them, within the framework established in Article 8 Title I General Provisions of this Regulation.

**Article 15. (Verification of requirements).** It corresponds to the supervisory body to verify the permanent compliance with the requirements established in this Regulation, and in case it considers necessary, it will request relevant additional information according to the nature of the service provided by each ESP.

**Article 16. (Non-objection to Financial Intermediation Entities).** For the provision of payment services and according to their nature, EIF must process the non-objection or authorization of the ASFI, in accordance with the requirements that this authority defines in specific regulation.

**Article 17. (Authorization for the clearing and settlement of Payment Orders generated through Payment Instruments).** In case the operation of ESP implies a process of clearing and settlement of OP, the ASFI will authorize the process verifying compliance with the requirements established in Chapter V On the Requirements for Clearing and/or Settlement of Transactions with IP and in Chapter VI On the Clearing and Settlement of this Regulation.

**Article 18. (Financial and non-financial correspondents).**

1. ESP may hire financial and non-financial correspondents to provide payment services on their behalf, for which they must sign a contract specifying the rights and obligations between both parties. The ASFI will regulate the minimum content of such contracts.
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