Among the most outstanding novelties introduced by Resolution No. 06/2020, are the following aspects:
In addition to the Regulation on Electronic Payment Methods, EMPE are regulated by an extensive body of rules that complements this regulation. The main regulations are as follows:
- Resolution No. 1, Act No. 77 dated 20.11.18, which regulates the opening of electronic payment institutions
This resolution establishes the procedure for obtaining authorization to operate as an EMPE, and is divided into three steps:
The first step establishes all the requirements that the application letter must contain along with the information that must necessarily be attached, among others:
- Information on the entity (name, address, telephone numbers, etc.);
- A copy of the company's articles of association;
- list of shareholders (including certain documentation corresponding to each shareholder);
- report of the entity that will act as trustee of the trust for the constitution of guarantees of the users' balances or, in case of offering different guarantee mechanisms, the detail, the modality and the arguments that justify the effectiveness of its execution;
- the list of the members of the Board of Directors of the company together with another of the executive staff and the proxies, providing specifically detailed personal data (including certain documentation corresponding to each person);
- a business plan with specifically determined guidelines;
- an operational and organizational plan with precise guidelines;
- the contract signed with the telecommunications service provider;
- the technical and economic conditions for the provision of the telecommunications services;
- the certificate of no objection issued by the National Telecommunications Commission (CONATEL);
- the model adhesion contracts to be signed between the EMPE and the agents, as well as with the points of sale, the providers of technological services, and with the users; these contracts must follow the guidelines established in the regulations; and
- all the additional information that the BCP deems necessary to verify the asset situation and the origin of the shareholders' resources, as well as the technical capacity, experience and reputation of the directors.
In turn, the second step indicates the procedure to be followed by the BCP once the application is received. The procedure consists of a formal review of the documentation submitted, followed by the issuance of final legal and technical opinions which, if favorable, will allow the publication of the application in widely distributed newspapers and then the submission of the draft Resolution of authorization to the Board of Directors of the BCP.
Finally, the third step establishes that after 180 days from the issuance of a favorable resolution of the Board of Directors of the BCP, the EMPE will proceed to start its operations. In case of not starting operations within that period, after a report from the Superintendency of Banks, the authorization to operate may be declared revoked, and a new presentation may not be submitted within a period of one year.
- Resolution No. 10, Act No. 8 dated 31.01.19, which regulates the Information System for EMPEs.
The means of communication established as the receiver of the data required to be sent by the EMPE is by e-mail. Only the data to be communicated annually should be presented in printed form. It is indicated that the BCP will provide model forms for reports that must necessarily be used and in all cases contain in a clear and visible way the entity to which the reported period belongs and express "This form has the character of an Affidavit".
The different data to be reported to the BCP are classified according to the frequency with which they must be reported.
(i) The total balance of users, stores, agents and points of sale must be presented daily; the balances recorded in the trust; the daily amount of the guarantee deposited in the trust; the and the name of financial entities in which the funds are deposited. This information has to be sent to the BCP the day that follows the closing day.
(ii) The following data must be submitted monthly: the number of existing users; the number of active and inactive accounts; the number of complaints or claims with their respective procedures and results; the number and type of access channels by district; the number of accounts by district that send and receive non-bank wire transfers and make payments at shops; the number of transactions by district that send and receive non-bank wire transfers and make payments at shops; the number of transactions per district that send and receive non-bank wire transfers and make payments at merchants; the total number of accounts, transactions and amounts per type of service or product; the number and amounts of accounts migrated to the financial system due to inactivity and linkage; the numbers of relevant incidents of service interruption, fraud, theft and/or robbery. These data must be submitted to the BCP within the first five working days following the end of the reported month.
(iii) The audited accounting statements must be submitted annually; the audited financial statements of the trust; and, the report of the external security audits and certifications, performed to both the technological infrastructure and the applications used for the operation of the EMPEs.
- Resolution No. 11, Act No. 63 dated 9.09.2019, which grants the authorization to manage the Clearing House of EMPEs and recognize it as a payment system
This resolution authorizes BEPSA DEL PARAGUAY S.A.E.C.A. to operate as the administrator of the Clearing House of EMPEs and recognizes it as a Payment System, in accordance with the provisions of Law No. 4595/2012 "Payments and Securities Settlement Systems". Likewise, the resolution approves the General Rules of Adherence and Operation of the Clearing House of EMPEs and establishes that the settlements, product of the compensations made in the Clearing House of EMPEs must be made unfailingly in the settlement accounts kept by the BCP.
- CIRCULAR SB. SG. No. 00072/2020 - Request for information from EMPEs
With this circular, it is established that all the modifications in the contracts subscribed between the EMPEs and Agents, Points of Sale, Suppliers of Technological Services and Users, must be sent to the BCP within a period no longer than five days after the signature of the mentioned instrument.
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