On 12 September 2024, the Central Bank of the Argentine Republic (‘BCRA’) issued communication ‘A’ 8103 (the ‘Communication’), where changes to the regulations of the National Payment System were implemented comprising updates to the algorithm used to generate aliases of bank accounts (‘CBU’) or payment accounts (‘CVU’), in addition to the inclusion of new information reporting requirements for electronic clearing houses.
The alias, which is intended to simplify transactions by associating a unique code with a CBU or CVU, has also been modified. The new algorithm will allow low-value clearing houses to generate aliases for accounts that do not already have one, using a combination of up to four simple Spanish words, one of which may be replaced by a number of up to four digits. Previously, the alias consisted of a combination of three single words.
The Communication provided that electronic clearing houses shall:
1. offer a CUIT/CUIL/CDI and CBU/CVU/alias validation service, accessible to public or private entities whose operations require ensuring that payments or payment requests are sent to the correct recipient. To access this service, it will be necessary to define an authorisation policy.
2. Report annually to the BCRA the legal entities that, as of 31 December of the previous year, had access to the CUIT/CUIL/CDI and CBU/CVU/alias control services, in addition to notifying registrations, cancellations and the current access policy.
It should be noted that low value clearing houses may exclude certain dates or transactions from the clearing processes at the request of a member financial institution, when extraordinary events have affected the daily clearing calculation. Such exclusions must be communicated to the BCRA before 31 March of each year, including the applicable policy for granting such requests. This policy must be detailed in the procedures manual, specifying the criteria used to approve or reject each exclusion request.
