CIEX No. 24/2021: Procedure for No Objection to New Electronic Payment Services and Instruments

Calle Ayacucho esquina Mercado - Teléfono: (591-2) 2409090 - Fax: (591-2) 2661590 www.bcb.gob.bo - bancocentraldebolivia@bcb.gob.bo - La Paz – Bolivia } CIRCULAR EXTERNA La Paz, July 13, 2021 CIEX No. 24/2021 FROM: GENERAL MANAGEMENT FINANCIAL ENTITIES MANAGEMENT TO: PARTICIPANTS IN THE INTEGRATED PAYMENT SETTLEMENT SYSTEM SUBJECT: PROCEDURE FOR NO OBJECTION TO NEW ELECTRONIC PAYMENT SERVICES AND INSTRUMENTS

Gentlemen:

The Regulation on Payment Services, Electronic Payment Instruments, Compensation and Settlement, approved by Board Resolution of the Central Bank of Bolivia (BCB) No. 069/2021 of April 27, 2021, establishes that entities covered by this regulation must request the BCB's No Objection in case they require the incorporation of any service or Electronic Payment Instrument into their operations; consequently, this External Circular is issued describing the No Objection request procedure for strict compliance:

1. The entity will issue a note to the General Management of the BCB requesting the No Objection for the provision of the new service or Electronic Payment Instrument (EPI), attaching the necessary documentation with the description of the new service or EPI. Prior to this, it must request the sending of the "Guide for the elaboration of the No Objection request document for the provision of new services and Electronic Payment Instruments" and the related regulatory framework, to the email address sistemadepagos@bcb.gob.bo.

2. The aforementioned note must contain at minimum the following points:
   a) Name of the payment service or instrument. b) General functional description. c) Security characteristics (use of digital certificates, security policies, compliance with the regulatory framework of the Financial System Supervision Authority (ASFI) and the BCB's Minimum Operational Security Requirements for EPIs, security mechanisms implemented between the financial core and other software for information exchange).

Calle Ayacucho esquina Mercado - Teléfono: (591-2) 2409090 - Fax: (591-2) 2661590 www.bcb.gob.bo - bancocentraldebolivia@bcb.gob.bo - La Paz – Bolivia } d) Associated processes and procedures (affiliation, authentication, information processing, operational flow, aspects related to interoperability, others related within the framework of current regulations). e) Channels through which the instrument or service will be provided. f) Detail of functional tests performed and documentation that allows validating the proper functioning of the new service or EPI and interoperability with other systems or payment platforms. g) Contingency and operational continuity plans, including the detail of identified critical processes, estimated recovery times, and responsible parties. h) Dissemination and training tasks, including the schedule, detail of activities, and responsible parties.

3. The BCB will respond to the entity or request complementary information.

4. In case the BCB requires complementary information, it is a requirement that the entity submit this information for the conclusion of the corresponding analysis and issuance of the response.

5. The BCB will send the note from the General Management, prior to a report from the Financial Entities Management, communicating to the entity the No Objection or Objection, as appropriate for the provision of the service, with the respective technical justification.

6. Once the response is received, the entity may continue the procedure requesting authorization from the ASFI, attaching as a precedent the BCB's No Objection.

Circular Externa CIEX No. 023/2020 of May 22, 2020, is hereby repealed.

Sincerely.

DIGITALLY SIGNED DOCUMENT
Rolando Sergio Colque Soldado
FINANCIAL ENTITIES MANAGER
Rubén Gonzalo Ticona Chique
GENERAL MANAGER

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