Circular SINAP 1-183: Rules on National Payments System - Electronic Clearing Houses. Update.

"1983/2023 - 40 YEARS OF DEMOCRACY"
COMMUNICATION “A” 7818 10/08/2023
TO THE ELECTRONIC CLEARING HOUSES,
TO THE FINANCIAL ENTITIES,
TO THE AUTOMATED TELLER MACHINE NETWORKS,
TO THE ELECTRONIC FUNDS TRANSFER NETWORKS:
Ref.: Circular
SINAP 1-183:
Rules on "National Payments System – Electronic Clearing Houses". Update.
___________________________________________________________________________ We address you to deliver the sheets that, in replacement of those previously provided, must be incorporated into the rules on “National Payments System – Electronic Clearing Houses” in light of the provisions disseminated by Communications “A” 7761 and “B” 12535. Finally, we remind you that on this Institution's website www.bcra.gob.ar, by accessing “Financial System – LEGAL AND REGULATORY FRAMEWORK – Orders and summaries – Ordered texts of general regulations”, the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We salute you sincerely. CENTRAL BANK OF THE ARGENTINE REPUBLIC Matías A. Gutiérrez Girault Luis A. D’Orio Manager of Payment Systems Principal Manager of Payment Systems and Current Accounts

ANNEX

In this sense, the administrator will be responsible for monitoring the classification of entities within the guarantee scheme, generating alerts in compliance with a scaling policy, and managing the expected actions in the event of incidents. Under no circumstances may operations that are not covered by the guarantee be processed. Likewise, entities must inform their clients, in the event of the impossibility of completing the DEBIN due to insufficient guarantees, about the responsibility that falls on the receiving entity of the DEBIN regarding this matter. In the event that the debit balance reaches the guaranteed amount, entities must transfer through the MEP, to the administrator's account opened at the BCRA, the funds that increase the aforementioned amount to allow the processing of the aforementioned DEBINs.

9.2.4.2. Liquidation Procedure
The liquidation procedure provided for the cancellation of balances of operations between entities providing the DEBIN service must adhere to the following:
i) On business days, the administrator must generate the net debit and credit balances of all operations involved and inform these balances to its affiliated entities. ii) All entities must pay the debit balances within the established hours, through transfers processed through the MEP to the account determined by the administrator, using the payment instructions including the phrase “DEBIN”. iii) If, within the time frame defined between the administrator and the entity, any debtor entity has not deposited the total sum in the determined account, the administrator will proceed to liquidate the guarantee. iv) Once all debit balances are covered, the administrator will proceed to transfer the funds to the entities presenting a credit balance, debiting their account and crediting each entity's account at the BCRA. At the same time, it will return to the entities the sums deposited in excess.

9.2.5. Mechanism applicable to non-business compensation days
9.2.5.1. Calculation of Guarantees
Regarding the real-time monitoring of guarantees required by online credit instruments, when the net debit balance of a financial entity exceeds the corresponding guarantee established on a non-business compensation day, the CEC will allow such transactions to continue provided that the excess of the debit balance does not exceed an amount that must have been coordinated between each financial entity and the CEC.

B.C.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
Version: 2nd. COMMUNICATION “A” 0 Validity:
05/05/2023 Page 11

This amount may not exceed, and must be deducted from, the guarantees integrated in its favor by that financial entity for deferred credit instruments in the same currency, in accordance with what is established in point 9.2.1.

9.2.5.2. Liquidation Procedure
Before 10:00 on the first business day following the application of the provisions set forth in point 9.2.5.1., the financial entity must transfer through the MEP to the CEC's account opened at the BCRA the amount deducted from the guarantee of point 9.2.1. If the aforementioned is not complied with, the activity of the online and deferred credit instruments involved will be limited.

9.3. Availability of Guarantees
Each CEC must request from the BCRA –Current Accounts Management–, for each affiliated entity, the opening of special guarantee accounts in the different classes of currencies in which compensations authorized by the BCRA are carried out, whose operation will adhere to the guidelines indicated below, in order to keep the established guarantees available for immediate application.

9.3.1. Ownership
9.3.1.1. To cover the compensation of checks and other compensable instruments, direct debits, and transfers: the accounts will be designated “Short Name of the CEC / Name of the affiliated entity”.
9.3.1.2. To cover the compensation of automated teller machine networks: the accounts will be designated “Short Name of the CEC / Name of the Network / Name of the affiliated entity”.
9.3.1.3. To cover the compensation of purchase and credit cards: the accounts will be designated “Short Name of the CEC / Name of the Card / Name of the affiliated entity”.
9.3.1.4. To cover the compensation of consumption vouchers: the accounts will be designated “Short Name of the CEC / Name of the Consumption Voucher / Name of the affiliated entity”.
9.3.1.5. To cover the compensation of immediate transfers: the accounts will be designated “Short Name of the CEC / Name of the immediate transfer service provider / Name of the affiliated entity / immediate transfers”.
9.3.1.6. To cover the compensation of DEBIN: the accounts will be designated “short name of the administrator/name of the affiliated entity/DEBIN”.

9.3.2. Balance Availability
Checkbooks will not be enabled.
They will be available through transfer to the entity's or the CEC's current account. Account debits will be ordered solely and exclusively by the CEC, through the OWA-user entity mailbox Guarantees.

9.3.3. Origin of Credits
The crediting of funds in the special guarantee accounts will have no type of limitation or conditioning.

9.3.4. Destination of Debits
Only debits whose destination is the CEC's operational current account, by application of the guarantee, or the affiliated entity's current account, by reimbursement of excess established guarantee, will be processed.

9.3.5. Institutional Application of Balances
The special guarantee accounts will qualify for the integration of the minimum cash, in accordance with the respective regulations.

9.4. Integration of Guarantees with BCRA Liquidity Letters (LELIQ)
Financial entities may integrate with BCRA Liquidity Letters (LELIQ) up to 50% of the guarantees for product required by these rules to cover the net debit balances arising in the compensation processes of peso operations of the CECs. The LELIQ species –term and maturity– eligible will be those that the BCRA, through Communication “C”, informs. The CECs may apply a capacity check to these species that will be determined by each CEC and that may not exceed 20% of its nominal value. The excess of LELIQ that exceeds 50% of the guarantees referred to in the first paragraph will not be computable as integration.

9.4.1. Account Opening
9.4.1.1. The scheme to identify the registration accounts will be: chamber – entity – portfolio.
9.4.1.2. The CECs must request the “Central Registry and Liquidation of Public Debt Instruments, Monetary Regulation and Financial Trusts (CRyL)” the opening of registration accounts for the constitution of guarantees, sending a note with the following characteristics:
i) Be made on letterhead paper.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
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ii) Be addressed to the Principal Management of Control and Liquidation of Operations. iii) Include the reference: “Ref: Request for Registration Account Com. “A” 7718.” iv) Contain the numbers of the guarantee accounts in pesos assigned to each financial entity for which it is requested, the denomination of those accounts -according to point 9.3.1.- and the number assigned to the entity's current account in pesos at the BCRA. v) Contain an acceptance of what is established in the rules on “Central Registry and Liquidation of Public Debt Instruments, Monetary Regulation and Financial Trusts (CRyL)”. vi) Be signed by two people who are in the signature registry of the Current Accounts Management of the BCRA, according to the signature usage mode established by each entity. vii) Contain the data of, at least, two contacts of the requesting CEC. The note must be presented at the BCRA's entrance desk. Likewise, it may be advanced by email in scanned form to the mailbox administracion.cryl@bcra.gob.ar.

9.4.2. Control of Guarantee Integration with LELIQ
The CECs must daily compute and control the percentage of this composition, taking into account the last valuation of the LELIQ –effected through discount at the active pass rate– informed by the BCRA for the corresponding computation day.

9.4.3. Liquidation Procedure
In the guarantee liquidation procedures defined in points 9.1.3., 9.2.1.3., 9.2.2.2., 9.2.3.2. and 9.2.4.2., the order of guarantee execution to achieve coverage of the net debit balances will be the following:
9.4.3.1. guarantees in pesos associated with the product whose debit balance has not been covered by the corresponding financial entity;
9.4.3.2. in the case of existence, guarantees in pesos of another product that compensates the financial entity, provided that its compensation cycle has closed;
9.4.3.3. guarantees in LELIQ of the product whose debit balance has not been covered by the corresponding financial entity;
9.4.3.4. guarantees in LELIQ of another product that compensates the financial entity, provided that its compensation cycle has closed.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
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In the event that the executed guarantees in pesos are not reimbursed on the next business day, the CEC will execute the guarantees established in LELIQ in the order established previously, imputing the funds to the products whose guarantee in pesos must be restituted.

9.4.4. Operational Circuit
The CECs will operate the requested registration accounts as follows:

9.4.4.1. Hours enabled for guarantee execution
Operations may be performed from 10:00 until the closing of the MEP system.
The execution of the guarantees will be carried out through an application of exclusive access for the CECs and its liquidation will be immediate through the CRyL.
The proceeds will be credited to the CEC's account that corresponds.

9.4.4.2. Hours enabled for guarantee constitution
From 9:00 to 19:00.
Financial entities may establish guarantees in the registration accounts assigned in the CRyL in accordance with the procedure established in Communication “B” 11858 on electronic transfers FT/FTC, clarifying that the portfolio assigned for these guarantees is No. 42. Any operation entered after what is established will be rejected.

9.4.4.3. Hours for the return of excess guarantees
From 9:00 to 19:00.
The CECs may return guarantees to the registration accounts of the financial entities in the CRyL in accordance with the procedure established in Communication “B” 11858 on electronic transfers FT/FTC. Any operation entered after what is established will be rejected.

9.4.4.4. Maturity of LELIQ in guarantee
The maturity of the LELIQ will operate at 9:00 and the proceeds will be credited to the CEC's account that corresponds.
No compensation of values at maturity will be effected.

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
Version: 3rd. COMMUNICATION “A” 7755 Validity:
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9.5. Chamber Committee
The Chamber Committee, which will be convened by the BCRA at the request of the Payment System Management when the situation to be treated merits the possibility of withdrawing an entity from the compensations of a date, will adjust its management to the guidelines detailed below:

9.5.1. Mission
9.5.1.1. Analyze the situation of entities that, from 12 hours of each day, register a net compensation debit balance superior to the amount of the guarantee established and have not transferred or deposited in cash for the CEC-BV operational account the corresponding amount, as well as when any entity has not replenished guarantees liquidated due to non-payment or non-compliance with increases due to recalculation of guarantees.
9.5.1.2. Register in the minutes the rejection of debit balances occurred by retail transfers and direct debits, when recourse to such rejections has been used to achieve the liquidation of the compensation of checks and other compensable documents.
9.5.1.3. Formalize the total exclusion of financial entities from the operations in charge of the CECs, prior to adjustment to these rules and procedures.
9.5.1.4. Notify whoever acts on behalf of the excluded financial entity on what was resolved.
9.5.1.5. Dispose of the use of the mutualized guarantee fund established in point 9.2.1.2.

9.5.2. Integration
The Chamber Committee will be integrated by:
− one titular and one alternate representative for each high and low value CEC; and − three titular representatives and three alternates –at management level– by the BCRA, representing the Specialized Supervision Management, the Payment Systems Management, and the Credits Management.

9.5.3. Secretariat
The secretariat will be in charge of the Executive Secretariat of the CIMPRA, who will draft and keep the original minutes of what was resolved by the Chamber Committee, having to endorse the copies that are issued for use by the representatives.

9.5.4. Development of the Chamber Committee Meeting

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
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9.5.4.1. The committee secretary, at the request of the representatives of the Payment System Management, will summon all the representatives provided for in point 9.3.2.
Likewise, it will summon a representative of the entity, in order to notify it at the close of the meeting of the decisions adopted.
Upon the presence of all its members, the meeting will begin at the hour for which it was summoned. Otherwise, it will begin 15 minutes later with the participation of the present members, provided that at least two representatives of the BCRA and the affected CEC are present.

9.5.4.2. The meeting will be coordinated by the representative of the Payment Systems Management.

9.5.4.3. The Current Accounts Management must inform about the detected non-compliance, while the affected CEC-BV must inform the balances discriminated by operation and the rejections of compensable instruments in advance, while the CEC-AVs must inform the positions of instruments received for collection and the guarantees pending application at the time the meeting begins.

9.5.4.4. Once it is ascertained that the non-compliance situation has not been overcome, the Chamber Exclusion Act for the date will be integrated, which will be signed by all present representatives. Immediately after, the secretary will notify the resolved matter to the representative of the excluded financial entity, or leave a record of their absence.

9.5.5. Effects of Chamber Exclusion
9.5.5.1. The excluded entity will be credited with the presentations of checks and other compensable instruments made on the previous business day and liquidated on the date.
9.5.5.2. The excluded entity will reject all checks and compensable instruments presented against it by the remaining entities.
9.5.5.3. From the date of exclusion, presentations of the excluded entity in the checks and other compensable instruments session are no longer accepted. On the next business day, if the excluded entity does not regularize its situation before 12 hours, the CEC-BV will reject ex officio the presentations made by the rest of the entities against it.

9.6. Chamber Exclusion

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NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
Version: 2nd. COMMUNICATION “A” 7755 Validity:
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Entities that are excluded from any of the compensation processes in charge of the CEC-BVs, or that apply guarantees to cover debit balances both in the CEC-BV and in the CEC-AV, will be informed by the Principal Management of Payment Systems and Current Accounts –Payment Systems Management– to the SEFyC, for its competence. Entities will be withdrawn from the processes in charge of the CEC-BVs by application of the regulations in the preceding chapters, or by instruction of the SEFyC, which may reach the processes in charge of the CEC-BVs and CEC-AVs. The guarantees registered at the time of suspension of a financial entity by the BCRA, except if there is a judicial requirement, will remain at the disposal of the CECs to complete the compensation cycle of the operations entered previously. Having fulfilled the described, the CEC will proceed to transfer the remaining balance of the special guarantee account to the entity's current account.

B.C.R.A.
NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES
Section 9. Guarantees
Version: 1st. COMMUNICATION “A” 7755 Validity:
04/05/2023 Page 18

ORDERED TEXT ORIGIN NORM
OBSERVATIONS
Section Point Para. Com. Annex/
Chap. Pt. Para.
1.
“A” 2557 single S/Com. “A” 4247 and 7739.
1.1. “A” 2557 “ 7.1. S/Com. “A” 7739.
1.2. “A” 2557 “ 7.2. S/Com. “A” 7739.
2. 2.1. “A” 2557 “ 2. S/Com. “A” 3029.
2.2. “A” 2557 “ “
3.
3.1. “A” 2557 “ 3.
3.2. “A” 2557 “ “
3.3. “A” 2557 “ “
3.4. “A” 2557 “ “
3.5. “A” 2557 “ “
3.6. “A” 2557 “ “
3.7. “A” 2557 “ “
3.8. “A” 2557 “ “
3.9. “A” 2557 “ “
3.10. “A” 2557 “ “
3.11. “A” 2557 “ “
3.12. “A” 6117 1. S/Com. “A” 7739.
4.
4.1. “A” 2557 single 4.
4.1.4. “A” 2557 “ “ S/Com. “A” 3029.
4.1.7. “A” 2557 “ “ S/Com. “A” 7739.
4.2. “A” 2557 “ “ S/Com. “A” 7739.
4.3. “A” 2557 “ “ S/Com. “A” 7739.
4.4. “A” 2557 “ “ S/Com. “A” 7739.
4.5. “A” 2557 “ “
4.6. “A” 2557 “ “
5. “A” 2557 “ 6. S/Com. “A” 7739.
6. “A” 2557 “ 7. S/Com. “A” 7739.
7.
7.1. “A” 2557 “ 8.
7.1.9. “A” 2557 “ 8. S/Com. “B” 8819.
7.1.11. “A” 4730
7.1.12. “A” 4730
7.1.13. “A” 4941 S/Com. “A” 7739.
7.1.14. “A” 6099 S/Com. “A” 7739.
7.1.15. “A” 6578 S/Com. “A” 7739.
7.1.16. “A” 7219 S/Com. “A” 7739.
7.2. “A” 2557 single 8.2.
8. 8.1. “A” 2557 single 9.1.
8.2. “A” 2557 “ 9.2. S/Com. “A” 4247.
9.
9. “A” 4247 single S/Com. “A” 7739.
9.1. “A” 4247 “ S/Com. “A” 7739.
9.1.3. “A” 4247 “ S/Com. “A” 5247 and 7739.
9.2.1. “A” 4247 “ S/Com. “A” 7739.
9.2.2. “A” 4247 “ S/Com. “A” 5247 and 7739.
9.2.3. “A” 5196 S/Com. “A” 7739.
9.2.4. “A” 6099 4. S/Com. “A” 6285, 6698 and 7739.
9.2.5. “A” 7761 1.
B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “NATIONAL PAYMENTS SYSTEM – ELECTRONIC CLEARING HOUSES”

ORDERED TEXT ORIGIN NORM
OBSERVATIONS
Section Point Para. Com. Annex/
Chap. Pt. Para.
9.
9.3. “A” 4247 single S/Com. “A” 5196, 6099 and 7739.
9.4. “A” 7718 S/Com. “A” 7736, 7755 and “B” 12535.
9.4.1. “A” 7736 1. S/Com. “A” 7755.
9.4.2. “A” 7718 S/Com. “A” 7755.
9.4.3. “A” 7718 S/Com. “A” 7755.
9.4.4. “A” 7736 single S/Com. “A” 7755.
9.5. “A” 4247 single S/Com. “A” 7739.
9.6. “A” 4247 single S/Com. “A” 7739.
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