This decree extends existing supplementary channels for selected public services. It provides detailed legislation to regulate bank correspondent services. It also introduces main amendments on corresponding agents’ basic transaction establishments. This decree amends Decree No. 2555, published in 2010.
The main features introduced in the draft are:
- Correspondent Cashiers: Correspondent Cashiers are defined as service points which operate through a financial intermediary. Though legislation had already been introduced on this topic, this decree requires each company to keep an updated database with comprehensive information of the operators and correspondent cashiers they work with. Companies will be required to publish this information on their website.
- Establishments for Basic Transactions (EBT): These establishments may conduct the same transactions for which correspondent cashiers are authorized, but they will be operated directly by companies in the financial system. Cutting out intermediaries will mean a more straightforward and efficient financial service for their customers.