Thursday, January 19, 2023 | 6:11 p.m.
The Board of Directors of the Central Bank (BCRA) approved this Thursday the creation of the Electronic Certificate for Term Deposits and Investments (Cedip), an instrument that will allow the transfer and fractioning of fixed-term deposits constituted through homebanking or mobile applications, which that extends its functionalities to use them, even, as a form of payment.
Through Cedip, term placements -both those made in pesos, including those expressed in UVA, and in dollars- may be transferred electronically or divided into placements of lesser amounts and offset, which will allow their use as a means of payment and of financing.
“Any placement achieved will have its corresponding Cedip, which must be generated by the financial entity at the time of capturing the funds from the deposit or term investment,” the BCRA detailed in a statement.
The new functionality will allow the transfer of ownership for the cancellation of obligations -commercial or between individuals- as well as for their negotiation in stock markets, and/or for the primary offer.
On the other hand, through its fractionation, the right to collect a portion less than the original amount may be transferred to a third party, while the rest of the placement is maintained under the same conditions.
In this way, the holder will be allowed to obtain liquidity for the amount he needs.
It will also be allowed that, upon maturity, the funds are collected over the counter at the depositary entity or, through account accreditation in a different financial institution.
As announced by the Central Bank, the functionalities of Cedip will be in effect as of July 1, 2023, with the exception of the fractioning, transmission for trading in the stock market, and over-the-counter functionalities, which must be operational as of July 1. November 2023.
On the other hand, as it is a completely digital instrument, Cedip will have the record of all its transmissions with a certain date and will therefore be fully traceable.
With this measure, fixed terms and term investments made through home banking or mobile banking accounted for close to 88% of total term placements and, from now on, will be equated to those arranged in person.
The Central Bank has been promoting the development of digital means of payment and financing through regulations that facilitate their use and that create new instruments, such as the electronic check (Echeq) and the MSME electronic credit invoice (FCEM), with the recent implementation of the open circulation system.
Source: Telam
