service of Liquidation of Other Securities --launched in March 2002-- is
designed for financial entities to collect financial instruments other than
checks, either on their clients or on their behalf.
sent for collection on any given day will be credited to their beneficiaries´
accounts no later than 12:00 p.m. the following working day. This timeframe
is legally binding for this service. This is a key element in this service,
since funds are available to clients within this timeframe, rather than in
the timeframe defined by each entity.
service provides information on the documents whose collection could not be
completed, so that customers may carry out the pertinent procedures to
complete collection, either through the service or through another procedure,
according on the legal nature of the document.
Región de Acordeón
Using the Service
service of Liquidation of Other Securities may be used whenever a
financial entity requires collecting a financial instrument issued by
another financial entity, for example, time deposits, coupons, and any
other instrument other than a check.
■ The timeframe of the financial entity to credit the funds into
the client´s account is regulated.
■ The client may file a claim with their financial entity for non compliance with the term for credit in the funds,
and if the case is not solved, the claim may also be filed with BCCR.
■ Collection procedures are improved, since the client immediately
receives the information about any securities that failed to be
Example of Use
individual/juridical person whose accounts are in Bank A receives a
time certificate and its coupons as payment, which was issued by Bank
B, and the funds are deposited in Bank A. At the end the first day of
the operation cycle, Bank A sends the collection order to Bank B, which
indicates whether they can be paid or not.
there is no problem, funds are delivered to Bank A, which in turn
credits them into its client´s account within the defined timeframe.
If, on the other hand, there were an inconvenience and Bank B rejected
the collection order, Bank A should inform so to its client.
service Liquidation of Other Securities operates from Mon-Fri, except for
official holidays in T + 1. This means that for every collection
procedures carried out by a financial entity on any given day, funds will
be available in the beneficiary´s account no later than 2:00 p.m. the
following working day.