New Developments in the CBU/CVU Algorithm and Regulation of Electronic Clearing Houses

On September 12, 2024, the Argentine Central Bank issued Communication "A" 8103 through which it implemented modifications in the regulations of the National Payment System. The changes include updates to the algorithm for creating bank account (CBU) or payment account (CVU) ‘Alias’ and the addition of new reporting requirements for electronic clearing houses.

The ‘Alias’ function is to make reference to a payment account -provided by a Payment Service Provider that Offers Payment Accounts- or bank account -provided by a Financial Entity- through a simple code that is uniquely linked to a CBU or CVU, which streamlines transfers and other fund movements within the financial system. The new algorithm -that can be implemented by ‘low-value’ electronic clearing houses for each CBU or CVU that has not one assigned in its registry- will combine up to four simple words in Spanish, allowing one of them to be replaced by a number of up to four digits. Before, the ‘Alias’ was a combination of three simple words in Spanish.

Also, through this Communication electronic clearing houses must:

1.    Offer a CUIT/CUIL/CDI and CBU/CVU/‘Alias’ control service, which may be accessed by public or private entities whose operations require guaranteeing that the payments or payment requests made are sent to the corresponding recipient; and

2.     annually inform the Argentine Central Bank of the legal entities that, as of December 31 of the previous year, had access to this control services, in addition to reporting registrations, cancellations and the policy to maintain access.
Keep in mind that, low value clearing houses may exclude certain dates and/or certain transactions from clearing products, at the request of an affiliated Financial Entity, when extraordinary circumstances have distorted the daily clearing calculation (see Point 9.2.1.1.1. of the Argentine Central Bank’s National Payment System regulation - Electronic Clearing Houses).  In such a case, and as a novelty, on March 31 of each year (or immediately following business day) the low value clearing houses must send to the email address sdep_vigilancia_estadisticas@bcra.gob.ar a report detailing the exclusions to which they consented, and the policy applied to grant the exclusion.