Regulatory Alerts2022-03-18 | Circular 4/2022Added · Updated
Circular 4/2022 — Modifies Circular 3/2012
Circular 4/2022 modifies Circular 3/2012 to establish requirements for credit institutions participating in payment systems to allow same-day electronic fund transfers between accounts at the same institution using 'Charge Messages,' ensuring interoperability. It mandates that institutions associate the last ten digits of mobile phone numbers with deposit accounts to facilitate fund transfers identified solely by these digits, requiring notification to the system administrator within one business day. Additionally, it imposes obligations on institutions to notify clients of technological disruptions within sixty seconds and to restrict or allow programmatic transfer instructions based on the status of communication channels.
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