Circular SINAP 1-222 TO on National Payments System – Payment Services: Adaptation

"AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD" "AÑO DE LA DEFENSA DE LA VIDA, LA LIBERTAD Y LA PROPIEDAD"

COMMUNICATION "A" 8138 28/11/2024

TO FINANCIAL ENTITIES,
TO PAYMENT SERVICE PROVIDERS THAT OFFER PAYMENT ACCOUNTS, TO ELECTRONIC FUNDS TRANSFER NETWORKS, TO PAYMENT SERVICE PROVIDERS THAT PERFORM THE INITIATION FUNCTION, TO ADMINISTRATORS OF ELECTRONIC FUNDS TRANSFER SCHEMES, TO PAYMENT ACCEPTORS WITH TRANSFER, TO CARD PAYMENT ACQUIRERS, TO PAYMENT INSTRUMENT AGGREGATORS:

Ref.: Circular
SINAP 1-222:
TO on National Payments System – Payment
Services. Adaptation.

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We address you to inform you that this Institution has adopted the resolution that, in its pertinent part, establishes:

"It is ordered that financial entities, payment service providers that offer payment accounts (PSPCP) and other payment service providers (PSP) regulated by the Central Bank of the Republic Argentina –including administrators of immediate transfer schemes–, who wish to perform any function in the payment chain involving electronic funds transfers initiated with QR codes that debit accounts offered by PSPCP or financial entities to pay for public transport ("trip with transfer", VCT), within the framework of Decree 698/24, must:

a. use the QR code regulated in point 4.1 of the ordered text on National Payments System – Payment Services in its "consumer presented" modality; b. comply with what the regulation of the Central Bank of the Republic Argentina and the bulletins of the Interbank Commission for Payment Means of the Republic Argentina (CIMPRA) establish regarding the matter, including the date from which they may offer the VCT service; and
c. offer VCT from the moment the Central Bank of the Republic Argentina publishes the particular technical specifications of the QR codes and the operational flows to be applied, not being able to offer any other functionality for that purpose that uses a QR code and allows customers to pay with account money."

We salute you attentively.

CENTRAL BANK OF THE REPUBLIC ARGENTINA
Luis A. D’Orio Alejandra I. Sanguinetti

Main Manager of Payment Systems and Current Accounts

General Deputy Manager of Payment
Means