The Malvinas are Argentine

COMMUNICATION “A” 7462
24/02/2022

TO FINANCIAL INSTITUTIONS,
TO ELECTRONIC CLEARING HOUSES,
TO COMPANIES ADMINISTERING AUTOMATED TELLER MACHINE NETWORKS, TO PAYMENT SERVICE PROVIDERS, TO FINANCIAL MARKET INFRASTRUCTURES:

Ref.: Circular
SINAP 1-152:

Rules on “Payment service providers”. Adjustments. Digital wallet service. Registry of interoperable digital wallets.

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

“1. Define the “digital wallet” service, also known as “electronic wallet” or “virtual wallet”, as the service offered by a financial institution or payment service provider (PSP) through an application on a mobile device or in a web browser that must allow –among other transactions– making transfer payments (PCT) and/or payments with other payment instruments –such as debit, credit, purchase or prepaid cards–.

The accounts (demand or payment accounts) that are debited for PCTs and the remaining payment instruments may be provided or issued, as the case may be:

a) by the same financial institution or payment service provider that offers payment accounts (PSPCP) that provides the digital wallet service; and/or

b) by other financial institutions and/or PSPs, when the digital wallet service provider only performs the initiation function defined in point 2. of this communication.

2. Incorporate as points 1.4.4., 1.4.5. and 1.4.6. in the rules on “Payment service providers” the following:

“1.4.4. Initiation: send a valid payment instruction at the request of a payer customer to the provider of an account –payment or demand account– or issuer of a payment instrument.

1.4.5. Automated teller machine networks: administer transactions ordered through automated teller machines.

1.4.6. Electronic funds transfer networks (processing or operation): transmit electronic instructions for movements of funds between financial institutions and, if applicable, notify the PSP that offers payment accounts of the credits in its demand account, so that it proceeds with the effective performance of the transfer function incumbent upon it in accordance with what is defined in point 1.3.11. of the rules on “National Payment System – Transfers – complementary rules.”

3. Establish that PSPs that perform the initiation function without providing payment accounts (PSI) and provide the digital wallet service must:

− Verify the identity of the persons requesting that service, observing for that purpose the provisions for financial institutions of point 1.3. of the rules on “Savings deposits, salary and special accounts” (except what is required in its last paragraph, in relation to the customer's sworn statement) and related provisions –points 4.1., 4.2. and 4.16.1.–.

− Comply with the provisions of points b) and c) of point 2. of Communication “A” 7328.

− Facilitate that all activities related to the customer are traceable and auditable, and provide integrity, protection and safekeeping to those records.

The deadline for the provisions of this point to be implemented and operational is 1.5.22 for new customers and 1.6.22 for the users of that service at the time of dissemination of this communication.

4. Amend the name of the “Registry of payment service providers that offer payment accounts” to “Registry of payment service providers” and establish that PSPs that perform the functions indicated in point 2. of this communication must register in said registry.

5. Establish that PSPs that perform more than one function subject to registration must identify them in the registry separately and complete the sections corresponding to the “Operational and commercial description” of each function, except in the case of PSPs that simultaneously perform initiation and payment account provision functions, in which case only the registration of the latter function will be required.

6. Replace point 2.1.1., the first paragraph of point 2.1.3. and point 2.3. of the rules on “Payment service providers” with the following:

“2.1.1. Copy of the articles of incorporation or bylaws with evidence of their registration by the competent corporate control authority in the public registry of the corresponding jurisdiction and of all its amendments (in a “.pdf” format file).

The corporate purpose must explicitly contemplate the development of activities related to the provision of payment services that motivate the registration in the registry.”

“2.1.3. Sworn statement signed by the legal representative that all the information presented is true, that the attached documentation is a true copy and that the originals are at the disposal of the SEFyC (indicating the place where they are located) and that the PSP has voluntarily accepted that it is subject to the regulatory, supervisory and sanctioning regime of the BCRA.”

“2.3. Reporting regime and surveillance

2.3.1. The PSPs registered in the “Registry of payment service providers” must:

2.3.1.1. Comply with the reporting regime that is established. This obligation will be extendable to financial institutions that provide the digital wallet service.

2.3.1.2. Give access to their facilities and documentation to the personnel of the SEFyC designated for that purpose and make available to the BCRA the real-time consultation tools –such as service availability indicators– and reports that the Deputy General Management of Payment Means determines.”

7. Incorporate into the “Operational and commercial description” detailed in point 2.1.2. of the rules on “Payment service providers” the following:

7.1. For PSPCPs:

− Indicate whether it will provide the digital wallet service. If so, specify whether said service will allow initiating payments by reading QR codes and detail with which instruments –such as transfer and credit card payments– those payments may be made.

7.2. For PSPs that perform the initiation function (PSI) and provide the digital wallet service:

− Specify whether said service will allow initiating payments by reading QR codes and detail with which instruments –such as transfer and credit card payments– those payments may be made.

− Payment schemes in which it participates by initiating transactions.

7.3. For ATM networks and electronic funds transfer networks:

− Copy of the regulations or operating manual that includes the service specifications and responsibilities assumed by the participants.

− List of its participants, grouped by type or assumed function.

8. Establish that financial institutions and PSPs that provide the digital wallet service must implement mechanisms to detect suspicious or unusual activities of users aimed at mitigating the risk of fraud.

9. Order the creation of the “Registry of interoperable digital wallets”.

10. Establish that any PSP wishing to provide a digital wallet service that allows making transfer payments initiated by reading QR codes must be registered in the “Registry of interoperable digital wallets” provided for in point 9. of this communication. To register, it must:

i. Be registered as a PSPCP or PSI.

ii. Submit –through the application referred to in Section 2. of the rules on “Payment service providers”–:

a. Certification issued by the legal representative of each immediate transfer scheme administrator authorized by the Central Bank of the Argentine Republic in which states –as a sworn statement– that the service in question success- fully completed the integration with each of the acceptors adhered to its sche- me and that it is in a condition to be used by the general public to make transfer payments by reading the QR codes generated by each and every one of those acceptors. The administrators must issue said cer- tification, at the latest, within 5 business days from the completion of the tests that prove the referred integration.

b. The following information:

− Full name, position, type and number of identity document and email address of the highest responsible person for technology and information systems tasks.

− Full name, position, type and number of identity document and email address of the highest responsible person for tasks related to information security and asset protection.

− Location of the main and alternate (contingency) processing centers

− List of providers that provide computer technology, systems and information security services.

Once those requirements are met, the Superintendency of Financial and Exchange Institutions (SEFyC) will issue a registration certificate and grant the applicant a number in the “Registry of interoperable digital wallets”. Receipt of that certificate will be a condition to be able to provide the digital wallet service.

Until the application referred to above has been adapted, the requirements set forth in this point will be fulfilled by sending the requested documentation and information to the email address sdep_vigilancia_estadisticas@bcra.gob.ar.

The affected PSPs that at the time of dissemination of this communication are providing the digital wallet service will have until 15.4.22 to comply with the provisions of this point.

11. Establish that any financial institution wishing to provide a digital wallet service that allows making transfer payments initiated by reading QR codes must be registered in the “Registry of interoperable digital wallets” provided for in point 9. of this communication. To register, it must submit a certification issued by the legal representative of each immediate transfer scheme administrator stating –as a sworn statement– that the service in question successfully completed the integration with each of the acceptors adhered to its scheme and that it is in a condition to be used by the general public to make transfer payments by reading the QR codes generated by each and every one of those acceptors. The administrators must issue said certification, at the latest, within 5 business days from the completion of the tests that prove the referred integration.

The requirement set forth in the preceding paragraph will be fulfilled by sending the aforementioned statements to sdep_vigilancia_estadisticas@bcra.gob.ar Once that requirement is met, the SEFyC will issue a registration certificate and grant the applicant a number in the “Registry of interoperable digital wallets”. Receipt of that certificate will be a condition to be able to provide the service.

The affected entities that at the time of dissemination of this communication are providing the service will have until 15.4.22 to comply with the provisions of this point.

12. Establish, with effect from 1.5.22, that administrators of immediate funds transfer schemes must prepare and make available to any financial institution and PSP – duly registered with the Central Bank of the Argentine Republic – that requests it a procedure manual that allows them to integrate their “digital wallets” with the transfer payment acceptors of their respective schemes.

In no case may they enable an acceptor to receive payments by transfer initiated with QR codes, if they have not verified that such codes can be read by all financial institutions and PSPs providing digital wallet services registered in the registry of the Banco Central de la República Argentina.

13. Order that PSPCPs that have managed their registration in the current registry –whether or not they have the relevant certificate– must update –within 90 calendar days following the date that the Subgerencia General de Sistemas y Organización duly announces– the information related to the “Operational and commercial description” specified in point 7. of this communication.

14. Establish that PSPs that must complete the application for registration in the “Registry of payment service providers” for the first time based on the extension of their scope must do so within 90 calendar days following the date that the Subgerencia General de Sistemas y Organización duly reports.”

Likewise, we inform you that we will subsequently send you the pages that, replacing those previously provided, must be incorporated into the rules on “Payment service providers”.

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Luis A. D’Orio
Principal Payment Systems Manager y Cuentas Corrientes Julio César Pando Subgerente General de Medios de Pago