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Everything is ready for an electronic debut for checking

Source: NA – Users can receive and send checks generated from electronic channels. Echeq is a new financial tool that will take effect next Monday.

Electronic check is an innovation promoted by the Central Bank of Argentina (BCRA) to simplify operations and reduce costs. To improve the operation, the monetary entity approved three rules that complement the instrument.

One includes changes to the current bank account regulation, and the rest regulates operational issues, such as an agreement to abolish, generate, and manage electronic checks and other reimbursable documents and certification for conducting civic activities.

Among the main advantages of electronic authentication are the simplification of the operation of the issuance, approval, negotiation and turnover in general, through digital channels. It also provides an unlimited number of authorizations, reduced operating costs compared to traditional checks and reduced reasons for rejection.

Electronic checking is also a source of funding that has special significance for the SME sector, as it will facilitate their negotiation, can be done electronically and remotely, reduce operating costs, transfer and verify documents.

"Echeq will be implemented and distributed through purely electronic means, through financial institutions or from authorized financial infrastructures." The issuance and deposit of Echeqs will be exclusive functions of financial entities, "the statement said.

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