Compilation of Payment System Regulations - Modifications in Books IV, VII and IX

Montevideo, October 29, 2024

CIRCULAR NO. 2467

Ref:

It is brought to your attention that this Central Bank adopted, on October 23, 2024, Resolution No. D/321/2024, which is attached, followed by the referenced text.

ANA CLAUDIA DE LOS HEROS MENDEZ PAYMENT SYSTEM MANAGEMENT

(Exp. No. 2023-50-1-02336)
Diagonal Fabini 777 - C.P. 11100 - Tel.: (598 2) 1967 - Montevideo, Uruguay - www.bcu.gub.uy

BOARD OF DIRECTORS - RESOLUTION

Montevideo, October 23, 2024.

BOARD OF DIRECTORS

VISTO: The proposal from the Payment System Management to modify Books III, IV, VII, and IX of the Compilation of Payment System Regulations.

RESULTING FROM: That the Payment System Management, based on the analysis of current regulations, considers it convenient to introduce modifications in the aforementioned regulations, as well as incorporate new articles taking into account market evolution.

CONSIDERING:

I) That for more than a decade, the National Payment System and, in particular, the retail payment system, have been undergoing a modernization process, both in terms of their operational processes and the range of instruments and actors participating in the payment chain;

II) That driven by technological advances implemented both nationally and internationally, the participants themselves are in a continuous search for new alternatives that translates into improvements for the market, in terms of cost reduction, speed, usability, and security;

III) That with the aim of favoring a solid, efficient, innovative, and accessible payment system, the regulatory norms must be symmetric and transparent, so it is considered appropriate to introduce the proposed regulatory changes, taking into account the principle of proportionality based on the risk that each type of entity or system generates for the National Payment System.

ATTENTIVE: To the above, to the provisions of Law No. 16.696 of March 30, 1995, as amended by Article 5 of Law No. 18.401 of October 24, 2008, to Law No. 18.573 of September 13, 2009, to Law No. 19.210 of April 29, 2014, and its amendments, to the opinions of the Legal Advisory No. 2024/0078 of March 12, 2024, and No. 2024/0302 of September 4, 2024, to what was reported by the Payment System Management on October 14, 2024, and other background information appearing in file No. 2023-50-1-2336,

IT IS RESOLVED:

Modify the Compilation of Payment System Regulations, according to the text attached from folio 210 to 233 of file No. 2023-50-1-2336.

R.N°: D-321-2024
CIRCULAR NO. 2467

BOARD OF DIRECTORS - RESOLUTION

Entrust the communication of the provisions, by means of a Circular, to the Payment System Management.

(Today's Session - Minutes No. 3734) (File No. 2023-50-1-2336)

Jorge Christy
General Secretary

Aar/am

Publishable Resolution
R.N°: D-321-2024
Signatory: Jorge Eduardo Christy Davies Date: 23/10/2024 19:22:18 CIRCULAR NO. 2467

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