Consolidated Text on Financing Platforms for MiPyME Invoices Updated

On May 17, 2024, the Argentine Central Bank (BCRA) modified the consolidated text on Financing Platforms for Micro, Small, and Medium Companies (MiPyME) Invoices (PFM) via Communication “A” 8023.

According to the applicable laws, PFMs cannot act as sellers or buyers of the financial instruments negotiated through them, nor operate on their own behalf or on a third-party account, among other limitations such as administering or managing the funds of their users.

Communication “A” 8023 clarifies that those PFM that are also registered as Payment Service Providers that offer Payment Accounts (PSPCP) may administer or manage the funds of their users. In this case, they may accredit the funds coming from the sale of electronic MiPyME credit invoices (FCEM) in the payment accounts that, in their role as a PSPCP, they provide to the corresponding MiPyMEs (i.e., sellers of the FCEM).

Regarding the mechanisms for liquidating the delivery of the FCEMs, the Communication establishes that PFMs may use those provided by financial entities under the frame of Delivery vs. Payment (DvP) or other mechanisms that guarantee the exchange.

Finally, the section on “Other Permitted Activities” now includes the possibility for PFMs to offer operations with checks issued through electronic means (ECHEQ). However, this must be carried out in compliance with the Argentine Check Law 24452.