On September 14, 2023, the Central Bank of Argentina (“Central Bank“) implemented, through Communiqué “A” 7841, a series of modifications to the recurring immediate debit (“DEBIN“) operations to improve the adhesion process by its users and to prevent fraud cases.
The Central Bank defines DEBIN as an online transfer in which the payee initiates the transactions, and the payer only needs to accept it. In the case of the recurring mode, this authorization is general and enables periodic collections. In this regard, the Central Bank provided that, as from December 1, 2023, express authorization from the user will be required before the first debit. Therefore, any financial institution or payment service provider who offers virtual payment accounts (“PSPCP“) that receives a recurring DEBIN must display a notice to the customer confirming their acceptance for periodic debits to be made by that provider.
Furthermore, the Central Bank has implemented the following improvements in the operation of “pull” immediate transfers between accounts held by same owner, in order to promote more efficient and secure procedures:
- The scope, both for receiving and ordering funds, is limited to widely used accounts such as savings accounts, salary and social security accounts, and savings accounts for the payment of plans.
- Those PSPCP that are not registered in the “Register of Interoperable Mobile Wallets” will not be able to initiate or receive “pull” immediate transfers.
- An initial limit of 2,500 units of purchasing power (“unidad de valor adquisitivo” – “UVA”) (approximately ARS 727,000) per day and per account is set for initiating “pull” immediate transfers.
- Participants in the immediate transfer scheme who currently use recurring DEBIN to fund accounts must discontinue that operation and enable their clients to use the “pull” immediate transfer service before December 1, 2023.
Finally, bear in mind that these “pull” immediate transfers are being implemented in phases and, as from August 7, 2023, they can be used to fund accounts, i.e., to request funds between accounts of the same account holder.
