Regulatory Alerts2024-03-01
Added · Updated
Compilation of Payment System Rules - Modifications in Book VII and Creation of Book X
The Central Bank of Uruguay amends the Payment System Rules to update definitions in Book VII, including 'acquirer' and 'switch', and expands the permitted activities of electronic money issuing institutions to include acquiring services for national fund transfer payments. New authorization requirements and minimum documentation standards are established for national fund transfer acquirers. Additionally, Book X is created to regulate payment system interoperability, mandating non-discriminatory interconnection agreements, setting a 30-day negotiation window before Central Bank intervention, and defining a 60-day deadline for the Central Bank to issue final resolutions on disputed terms.