Ana Clara Pedotti
07/22/2021 4:25 PM
Clarín.com
Economy
Updated 07/22/2021 4:25 PM
Far from a cooperative scenario,
the relationship between local banks and fintech is increasingly tense.
Now, after the Central Bank called the attention of the entities for the growing cases of fraud and bank scams and after a claim from the wallets for
arbitrary limits on transfers
, the main banking chambers presented the body with a request to
limit them.
formally operations.
The response from the fintech companies was immediate and they issued a note to the monetary authority to warn that
banks fail to comply with two regulations.
At the same time, they demanded a
joint working group
to be able to work on curbing cybercrime "without affecting the means of financial inclusion."
The focus of a new chapter in the war between banks and fintech is this time on
interoperability between bank accounts and wallets.
While the Central Bank hopes that, through the
Transfer 3.0
program,
the
full compatibility
of all the players in the financial system will
be reached
before the end of the year for immediate transfers, in practice the
friction between banks and fintech limits the free flow of money. money
for different types of bank accounts.
The position of the banks
In a letter signed jointly by the two private banking chambers, ABA (Asociación Bancaria Argentina) and ADEBA (Asociación de Bancos Argentinos), the entities called on the regulator to closely monitor the solutions of the different wallets to
prevent the growth of the
bank.
cybercrime
and also requested that
each of the banks be able to set daily limits
on transfers to these types of accounts.
“This possibility of interoperability in some way
facilitated the realization of illicit activities
linked to these companies that provide different financial services, since
they are not met by the various standards issued by that Central Bank
aimed at providing security in the operations of the clients of the financial entities ”, indicated the banks.
The banks' reaction came after the companies that make up the Argentine Chamber of Fintech formally complained to the body chaired by Miguel Pesce because some entities arbitrarily
limited transfers between bank accounts (identified with the CBU) and non-bank accounts (identified with the Uniform Virtual Key or CVU).
The entities acknowledged in their letter that they do not comply with the norm and asked the Central "to establish that each entity
may determine the limits applicable to each enabled channel
and according to the risk profile associated with each client and channel, taking into account the monitoring and control processes that each entity has, both for operations in pesos and in foreign currency ”.
The fintech response
In the companies of the sector this new onslaught of the banks was experienced with much discomfort. The Argentine Chamber of Fintech quickly raised a note to Banco Centr
al. In the letter, addressed to Miguel Pesce and Diego Bastourre
, the agency's manager of means of payment, the wallets argued that
the obstacles to making transfers between CBUs and CVUs are "capricious and unfounded."
At the same time, they called for joint action to avoid the windows of operation of scammers and criminals.
"All the procedures related to cybercrime are unrelated to the acceleration in the adoption of non-banking financial solutions.
The cybercriminal does not distinguish between traditional or virtual financial entities
," says part of the document, which Clarín was able to access.
"It is also noteworthy that the requests from the Banking associations to which we refer are presented a week after this Chamber requested equal conditions between users of Banks and wallets," the letter signed by Ignacio Plaza highlights in another passage. , President of the Argentine Chamber of Fintech.
"
The model to follow is openness to dialogue, cooperation and joint supervision,
as occurs in other regions, such as the European Union. Not unilateral, discretionary and unregulated limitation on the part of the Banks," the note remarked.
Look also
Paying with your cell phone: the fight between banks and fintech heats up
More controls on virtual operations: fintech companies must inform AFIP of their names and movements