Virtual Identification Number

Through Communique “A” 6510 (the “Communique”), issued on May 15, 2018, the Argentine Central Bank (the “BCRA”, after its Spanish acronym) established the creation of a Virtual Identification Number for virtual non-banking accounts. The importance of these accounts has grown with the development of what is commonly known as Fintech or Financial Technology. By issuing the Communique, the BCRA intends to simplify the interoperability between bank and virtual accounts.

Section 1 of the Communique establishes the creation of a VIN which “will allow the identification and traceability of fund transfers between current or saving accounts, when at least one of them belongs to a company providing payment services…” and consequently allowing the transfer of funds between bank and virtual accounts.

VIN will be compatible with Bank Identification Numbers, and will be linked to:

1. A client identifier provided by the payment service provider;
2. A unique Alias which is compatible with the Bank Identification Number Alias; and
3. The Bank Identification Number of a current or savings account belonging to the payment service provider.

Additionally, the BCRA designates the Chamber of Electronic Low Value Clearing as the operator and administrator of the data bases and computer systems necessary to process the VIN for the different modes of fund transfers.

Finally, the BCRA grants financial entities a 120-day term as of the date of publication of the Communique, after which they must be able to process transfers to and from VIN.