The Central Bank Implemented A New Online Immediate Debit Payment Service

Author:Mr Juan Diehl Moreno and Santiago Ezequiel Eraso Lomaquiz
Profession:Marval O'Farrell & Mairal
 
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Pursuant to its aim to provide a wide range of technological tools within the financial system (see " New Regulation Implementing the Mobile Payment Platform" in Marval News # 162, and " New Regulations towards a Digitalized Financial Sector" in Marval News # 165), the Central Bank of Argentina (the "Central Bank") issued Communiqué "A" 6099 introducing a new payment method: the immediate debit (the "DEBIN", after its Spanish acronym).

The DEBIN allows bank customers to authorize goods or service providers (the "Providers") to directly collect payments from their accounts. This payment method will be available through either web or mobile applications, and consists of:

A request for authorization of debit by the Providers; An authorization for the debit by the buyer or consumer; An online debit to the bank account of the buyer or consumer; An online credit to the bank account of the Providers. This service will be available to bank account owners 24 hours a day, 7 days a week. Transactions in Argentine Pesos and in US Dollars will be allowed, provided that such transactions are performed between bank accounts with the same...

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