Circular No. 1826 — Approval of the Electronic Clearing Regulation for Check Exchange in the Integrated Regional Systems of Rio de Janeiro and Sao Paulo

CIRCULAR NO. 001826

TO
FINANCIAL INSTITUTIONS PARTICIPATING IN THE CHECK AND OTHER PAPER CLEARING SERVICE.

REGULATES THE ELECTRONIC EXCHANGE OF CHECKS - ELECTRONIC CLEARING.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A MEETING HELD ON THIS DATE, BASED ON ARTICLE 11, ITEM VI, OF LAW NO. 4,595, OF 12.31.64, DECIDED:

ART. 1. APPROVE THE ATTACHED REGULATION, WHICH GOVERNS THE ELECTRONIC EXCHANGE OF CHECKS - ELECTRONIC CLEARING, IN THE INTEGRATED REGIONAL SYSTEMS OF RIO DE JANEIRO (RJ) AND SAO PAULO (SP).

ART. 2. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASILIA, OCTOBER 18, 1990.

LUIS EDUARDO ALVES DE ASSIS GUSTAVO JORGE LABOISSIÈRE LOYOLA DIRECTOR DIRECTOR

(ATTACHMENT TO CIRCULAR NO. 1,826, OF 10.18.90)

REGULATION OF ELECTRONIC CLEARING

ART. 1. ELECTRONIC CLEARING WILL BE IMPLEMENTED, INITIALLY, WITH THE MANDATORY PARTICIPATION OF ALL BANKS REGISTERED IN THE CHECK AND OTHER PAPER CLEARING SERVICE, IN THE INTEGRATED REGIONAL SYSTEMS OF RIO DE JANEIRO (RJ) AND SAO PAULO (SP).

ART. 2. THE IMPLEMENTATION OF ELECTRONIC CLEARING WILL COVER, INITIALLY, CHECKS WITH A VALUE LESS THAN THE EQUIVALENT IN CRUZEIROS TO 100 (ONE HUNDRED) BONDS OF THE NATIONAL TREASURY - BTN AND WILL FOLLOW THE FOLLOWING SCHEDULE:

I - IN THE INTEGRATED REGIONAL SYSTEM OF SAO PAULO (SP):

A) BY 01.02.91, FOR BANKS WITH VOLUME HIGHER THAN 1 MILLION CHECKS SENT IN THE MONTH OF AUGUST/90;

B) BY 04.01.91, FOR BANKS WITH VOLUME HIGHER THAN 500 THOUSAND AND LESS THAN 1 MILLION CHECKS SENT IN THE MONTH OF AUGUST/90;

C) BY 07.01.91, FOR BANKS WITH VOLUME HIGHER THAN 250 THOUSAND AND LESS THAN 500 THOUSAND CHECKS SENT IN THE MONTH OF AUGUST/90; AND

D) BY 10.01.91, FOR THE REMAINING BANKS;

II - IN THE INTEGRATED REGIONAL SYSTEM OF RIO DE JANEIRO (RJ):

A) BY 04.01.91, FOR BANKS WITH VOLUME HIGHER THAN 1 MILLION CHECKS SENT IN THE MONTH OF AUGUST/90;

B) BY 06.01.91, FOR BANKS WITH VOLUME HIGHER THAN 500 THOUSAND AND LESS THAN 1 MILLION CHECKS SENT IN THE MONTH OF AUGUST/90;

C) BY 08.01.91, FOR BANKS WITH VOLUME HIGHER THAN 250 THOUSAND AND LESS THAN 500 THOUSAND CHECKS SENT IN THE MONTH OF AUGUST/90; AND

D) BY 10.01.91, FOR THE REMAINING BANKS.

ART. 3. FAILURE TO OBSERVE THE IMPLEMENTATION SCHEDULE DEFINED IN THE PREVIOUS ARTICLE WILL SUBJECT THE FAILING FINANCIAL INSTITUTION TO THE PENALTIES PROVIDED FOR IN MNI 4-3-10.

ART. 4. ELECTRONIC CLEARING WILL BE CARRIED OUT THROUGH THE DELIVERY, TO THE OPERATOR, OF A FILE ON MAGNETIC MEDIA (TAPE, CARTRIDGE, OR DISK), CONTAINING THE DATA OF THE DOCUMENTS TO BE CLEARED.

ART. 5. THE EXCHANGE OF INFORMATION BETWEEN THE PARTICIPANT AND THE OPERATOR MAY ALSO OCCUR THROUGH THE TELETRANSMISSION OF DATA.

ART. 6. THE INFORMATION CONTAINED IN THE MAGNETIC FILE MUST BE IN ACCORDANCE WITH THE NORMS AND ROUTINES ESTABLISHED BY THE OPERATOR.

ART. 7. THE REMITTING BANK IS RESPONSIBLE FOR THE ACCURACY OF THE DATA GENERATED FROM THE CLEARABLE DOCUMENTS, CLARIFYING THAT:

I - ONCE THE ERROR IS IDENTIFIED, THE DRAWEE BANK MAY PROMOTE THE CORRECTION WITH THE REMITTING BANK, THROUGH NEGOTIABLE REMUNERATION, WITHIN THE LIMITS CURRENT IN THE MARKET, RESPECTING THE PROVISIONS IN ITEMS II, III, AND IV BELOW;

II - IF THE DIGITIZED VALUE OF THE CHECK IS LOWER THAN THE ISSUED VALUE, THE DRAWEE BANK WILL ONLY BE OBLIGED TO ACCEPT THE COMPLEMENT IF THERE IS A BALANCE IN THE ACCOUNT OF THE ISSUER;

III - IF ANY DATA OF THE CHECK IS CAPTURED WITH ERROR, CAUSING A DEBIT IN AN ACCOUNT DIFFERENT FROM THAT OF THE ISSUER, THE DRAWEE BANK WILL ONLY BE OBLIGED TO ACCEPT THE DEBIT IF THERE IS A BALANCE IN THE ACCOUNT OF THE TRUE HOLDER; AND

IV - IF THERE IS NO BALANCE IN THE ACCOUNT OF THE ISSUER, IN THE CASES PROVIDED FOR IN ITEMS II AND III, THE RETURN OF THE CHECK OR THE COPY OF THE MICROFILM WILL BE PERMITTED, PROVIDED THAT WITHIN THE STATUTE OF LIMITATIONS OF THE CHECK, FOR THE CLEARED VALUE.

ART. 8. IT IS ESTABLISHED THAT:

I - THE DELIVERY OF THE MAGNETIC FILE AND ITS BACKUP TO THE OPERATOR AND OF THE CORRESPONDING DOCUMENTS TO THE DRAWEE BANK WILL BE CARRIED OUT IN THE SPECIFIC EXCHANGE SESSION;

II - THE DELIVERY OF THE MAGNETIC FILE AND ITS BACKUP BY THE OPERATOR TO THE DRAWEE BANKS WILL BE CARRIED OUT BY THE BEGINNING OF THE EXCHANGE SESSION;

III - THE FINANCIAL RESULT WILL BE COMMUNICATED BY THE END OF THE FIRST STAGE OF THE RETURN SESSION; AND

IV - THE DOCUMENTS MUST BE SENT TO THE DRAWEE BANK IN THE SAME ORDER AS THE LOGICAL FILE.

ART. 9. THE DRAWEE BANK IS RESPONSIBLE FOR ERRORS ARISING FROM THE NON-OBSERVANCE OF THE SPECIFICATIONS AND INSTRUCTIONS FOR CHECK FORMS OR OF THE POOR QUALITY OF THE MATERIAL USED IN THE MANUFACTURE OF THE DOCUMENTS.

ART. 10. THE OPERATOR IS RESPONSIBLE:

I - FOR THE EXACT RETRANSMISSION OF THE DATA CONTAINED IN THE MAGNETIC FILE RECEIVED FROM THE REMITTING BANK; AND

II - FOR ANY DAMAGES THAT, DUE TO INTERNAL OBSTACLES, IT MAY CAUSE TO THE REMITTING BANK BY NOT INFORMING, IN A TIMELY MANNER, THE FINANCIAL RESULT OF THE EXCHANGE FOR CREDIT IN THE "BANKING RESERVES" ACCOUNT MAINTAINED WITH THE CENTRAL BANK OF BRAZIL.