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Objective

To foster digital payments and promote financial inclusion.

Adoption Scale

  • 4 billion transactions were processed (by end of 2022)
  • A daily average of 11 million transactions
  • 44.3 % of the total retail payments in Argentina

Maturity

The FPS has been ongoing since 2011. 3 years since the last major update

Information on Design and Implementation :

Allows physical and legal people to send funds and make payments from bank accounts and payment accounts (i.e. accounts provided by non-bank payment service providers (PSPs))

Technology Architecture

Shared infrastructure, financial infrastructures proprietary messaging and APIs. The FPS is operated by the private sector: there are three schemes or “brands”, which compete with each other. The Central Bank of Argentina laid the regulation and supervises and oversees its players and performance.

Technical Standards

ISO 8583 & JSON; EMVCo LLC (QR codes)

Operational Guidelines

Regulatory guidelines:
SINAP – Transferencias
SINAP – Transferencias – normas complementarias
SINAP – Servicios de pago
CIMPRA Bulletin 525
CIMPRA Bulletin 530

Operational guidelines are set by scheme managers (Red Link; Newpay; Compensadora Electrónica SA).

Monitoring and Evaluation Metrics

Transactions processed (volume & value); market share & distribution by scheme manager; market share & distribution by banks and non-banks PSP.

Capacity Building Measures

Public & private sector collaboration in the building and implementation of new functionalities.

Governance Mechanism

The regulatory framework follows a functional approach (same function, same risk, same rules) -applies to banks and non-bank PSPs-.

Non-regulatory requirements are set by scheme managers.

There is also a forum for discussion and coordination, with relevant stakeholders of the national payment system (public & private sector), the “Comisión Interbancaria para los Medios de Pago de la República Argentina” (CIMPRA).

Use Cases

Instant fund transfers orderded from ATMs, home banking, mobile banking, apps / digital wallets services (P2P, B2B, P2B, G2P). Initially only “push” transfers were available, but as from august 2023 “pull” transfers between accounts of the same individual are available.
Instant payments initiated by QR codes, payment links and other credentials are also available.
All instant fund transfers and payments are interoperable.

Additional Information

Committee on Payments and Market Infrastructure (CPMI) Fast payments – Enhancing the speed and availability of retail payments (BIS – CPMI, 2016)

Argentina: Open Payments and Universal Access, Using a Functional Approach (Currency Research, Central Bank Payment News, 2020). Full article on page 28, Volume 3 – Issue 11 / November 2020, Central Bank Payment News.

Transferencias 3.0: a more inclusive payment system (BCRA, 2020).

Retail Payments Report – 2020 (BCRC, 2020)

Contact Details

  • Matías Gutierrez Girault Payment Systems Manager
  • mggirault@bcra.gob.ar

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