Circular Letter No. 2414 — Establishes Procedures for the Implementation of Electronic Clearing of Collections

CIRCULAR LETTER NO. 002414

Establishes procedures for the implementation of electronic clearing of collections.

The compensation card for the collection slip, containing a 44 (forty-four) position barcode, according to the CADOC - 24044 model, Annex I of this Circular Letter, is hereby instituted. This is mandatory for the Regional Integrated Compensation Systems of Rio de Janeiro and São Paulo, and such obligation may be extended to other markets at any time, at the discretion of the Central Bank of Brazil.

1. • The issuing bank of the collection slip shall be responsible for errors resulting from the poor quality of the document.
2. • Starting from January 3, 1994, in the Regional Integrated Compensation Systems of Rio de Janeiro (RJ) and São Paulo (SP), all compensation cards for collection slips manufactured according to the standard referred to in Article 1 of this Circular Letter, accepted by the banking network, shall be, mandatorily, processed via Electronic Clearing, by all banks present or represented in these clearinghouses.
3. • The following minimum percentages of the "your remittance" movement of each participant shall be achieved, according to the schedule below:

a) until 31.01.94 - 30%;

b) until 28.02.94 - 50%; c) until 31.03.94 - 70%; and d) until 29.04.94 - 100%.

4. • The Service Operator shall centralize the information referred to in Articles 2 and 3 of this Circular Letter, providing the Central Bank with biweekly reports, indicating the percentages of "your remittance" (movement received from other participants) electronically and conventionally, individually, by participant.
5. • Non-observance of the deadlines and parameters established in Articles 2 and 3 of this Circular Letter shall subject the defaulting institution to the penalties provided for in Article 44 of Law No. 4.595, of December 31, 1964.
6. • The forwarding of the logical file related to the collection movement shall comply with the schedules, modality, and teletransmission parameters established by the Operator, clarified that the return of processed data shall be available to the sending banks in the same modality in which they are transmitted.
7. • Starting from February 23, 1994, Compensation Cards whose data are included in the logical file shall not be forwarded to their respective destination banks, remaining in the possession of the sending banks, as faithful depositaries, for a period of 60 (sixty) days counted from the inclusion.
8. • The sending bank shall be responsible for the accuracy of the information generated from the compensation cards for collections, clarified that, in the case of inconsistency detected by the receiving bank, the corresponding value must be returned to the sender in the next return session, who shall be subject to making the transfer in the destination bank's cash, bearing the burden resulting from the delay.
9. • The Operator of the SCCOP is tasked with disseminating the procedures and routines necessary for compliance with the provisions of this Circular Letter.

10. This Circular Letter enters into force on the date of its publication.

Brasilia, October 7, 1993.

DEPARTMENT OF BANKING OPERATIONS

Luis Gustavo da Matta Machado
Chief