Through Resolution No. 16 Act No. 18 dated May 2, 2024, the Board of Directors of the Central Bank of Paraguay (“BCP”) amended articles 6 and 15 of the Regulations for the Issuance, Operation and Administration of Credit and Debit Cards (the “Regulations”).

Regardless of whether they have commercial agreements with card issuing participants, the Payment Service Provider (“PSP”) must follow the indications set forth in the Regulations when settling card transactions.

In cases where there is a commercial agreement between the PSP and the issuing participants, it is the responsibility of the PSP to take the necessary administrative measures to guarantee the settlement of the obligations arising from the use of the cards and to calculate the net positions resulting from the transactions carried out at the affiliated merchants. Settlement will be remitted through the Real-Time Gross Settlement feature (“RTGS”).

In the cases where there is no commercial agreement, the issuing participants must make the necessary arrangements so that the funds related to the card transactions are available to the PSP within a maximum of 2 business days after the sale transaction has been carried out. In turn, the PSP must transfer the funds to the beneficiary merchants within a maximum period of 2 business days. These transfers must be made through the Automated Clearing House feature (“ACH”).