Banks ask BCV to Extend Deadline for Plans to Modify Means of Payment Systems
31 mayo 2019

Venezuela

On May 29, the Venezuelan Banking Association (ABV) asked the Venezuelan Central Bank (BCV) and the Superintendence of Banking Sector Institutions (Sudeban) to extend from May 30 to June 26 the deadline for banks to submit their working schedule outlining modifications to the country’s means of payment systems. The BCV and Sudeban have yet to issue a statement on the matter.

The ABV is working on strategies with means of payment companies to create a system centralizing credit and debit card operations in the country, However, it says it will be impossible to meet the deadlines because of the high costs involved in modifying the means of payment system. The ABV’s comments come in the wake of a circular issued by Sudeban setting deadlines for banking institutions to implement a complementary credit card payment system before November 30, 2019 and another for debit cards before January 30, 2020.

Meanwhile, the ABV has requested meetings with the Banco de Venezuela (BV) to define the mechanisms for implementing biometric authentication in commercial transactions. This request was made in the framework of the meeting held between public and private bank representatives, and credit and debit card issuers on May 27 with Sudeban to discuss the issue.

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