Banking can be done at gas stations, supermarkets and post office

Banks have been formally authorized to expand their customer service networks through agreements with companies or commercial networks by canceling the directory of

central bank

(BCRA) a rule prohibiting this system of correspondents which has been common for more than ten years in other countries of the region.

The resolution allows entities to outsource their customer service, which can withdraw or deposit money, manage loans, make investments or withdraw cards from these stores, avoiding the transfer to a branch of the entity with which it operates and the very limitation that presupposes the banking calendar.

The regulation aims to give greater impetus to the banking system by widening the geographical coverage of the banking system and its capillarity, while returning some of its rigidities. "This is another initiative to promote financial inclusion," they told the governing body.

The local banking system is one of the lowest number of access points (branches, ATMs and petrol stations) in the region: it has only 8 per 10 000 adult inhabitants, compared to an average of 12 in Mexico, 24 in Brazil or 33 in Colombia. The difference is essentially established by the fact that the system of "correspondents" has been in force for 12 years in these places, whereas here it was forbidden.

The rule allows banks to enter into agreements with different networks of companies or entities (petrol stations, supermarkets, pharmacies, post offices, etc.), so that they have much more time and flexibility in their service schedules.

"What is sought is that people can have a complementary, simple and fast alternative to access the services provided by a bank, which will allow users, among other operations, to open an account, subscribe a fixed-term contract, to reimburse them and obtain a loan where they generally carry out daily activities, especially those living far from bank branches, "the BCRA said.

The only initial limitation is that, for reasons related to money laundering prediction, cash deposits made by a banking customer through a correspondent should not exceed a living and mobile living wage, that is to a value of up to $ 10,700. d & # 39; aujourd & # 39; hui.

But this allows banks and correspondents to have several agreements and the latter to provide services to their own staff, a problem that is likely to generate risks in the banking sector as these are functions intended to cover trade employees. "This in other countries has allowed the banking system to grow in volume or capillarity, what banks have had to take more people," are cut off from the BCRA.

The experience of other countries in the region shows that the system of correspondents has not only opened up new channels of access to the financial system, but has also helped to reduce the costs of transaction and to maximize financial intermediation. The opening of these points will also improve the payment processes of more than 14 million benefits

Anses

It works every month, in many cases in areas where access to the banking system is hindered by the lack of pay agent branches.

The regulation lays down the conditions under which the bank correspondents must act, making it clear that the responsibility for their activities rests with the banks and including the respect of minimum security standards and other requirements guaranteeing the bank services should be adequately provided and transparent. The transaction which acts as correspondent must be identified by a copy of the BCRA which allows it and can add those of the bank or banks for which it operates.

Customers will not have to incur additional charges for the operation performed by their correspondents.