(CNN Spanish) — The traditional system for handling electronic transactions in Argentina was the Clave Bancaria Uniforme (CBU).
He Central Bank of the Argentine Republic (BCRA) defines it as a unique form of identification for every bank account registered in the country. It consists of 22 digits. Each digit provides information about the account: type, number, bank and branch. With the CBU, bank transfers, the receipt and sending of payments and the acceptance of payments and automatic debit services are enabled.
How to consult the CBU in Argentina?
The CBU can be obtained through financial institutions’ home banking services, by debit card at any ATM or correspondent bank branch, according to the BCRA.
What is CBU Alias and what is it for?
In 2016, the BCRA decided to create the CBU alias. This is a feature available in internet banking and mobile banking that allows customers to associate a simple alphanumeric transmission code with their CBU. According to the national government, it aims to simplify and facilitate electronic transfers and payments, making the process more accessible and secure.
The BCRA defines the CBU alias as a way to refer to a bank account by a unique, easy-to-remember code. By adding a CBU alias to an account, customers will no longer need to provide their full 22-digit CBU number when receiving a transfer or generating a payment. Instead, they should indicate only the CBU alias previously assigned to the receiving account.
The main function of the CBU alias is to promote the use of electronic transfers and payments, channeling payments for goods and services online in an agile and simple way. This is achieved by simplifying the process of providing the information necessary to complete a transfer, reducing the possibility of errors and accelerating the execution time of transactions.
It is important to note that this new feature benefits not only bank customers, but also wire transfer issuers or payment originators. They will be able to enter the CBU alias of the receiving account instead of the corresponding CBU, which further simplifies the process and speeds up transaction operations.
The CBU alias must respect some general characteristics to ensure its effectiveness and safety. According to the BCRA it must be unique and unrepeatable for the entire National Financial System. Additionally, the historical record of transactions associated with a bank account is required not to be altered by changes in CBU aliases.
The implementation of the CBU alias is mandatory for all natural and legal persons who have savings accounts or current accounts in financial institutions. Effective June 1, 2017, all accounts from which transfers are made or received must have your CBU alias. If you don’t create a custom CBU alias, you’ll be assigned one made up of three short, commonly used words. However, customers have the option to change this CBU alias to one of their choice, as long as it meets the length requirements (between 6 and 20 characters) and contains letters, numbers, period (.), and dash (-).
What is CVU and who can get it?
The Uniform Virtual Key consists of 22 digits and its function is to facilitate transactions between users of payment service providers (e-wallets and prepaid cards, among others) and the financial system.
According to the provisions of the BCRA, it is made up of a first block (numbers from 1 to 8), which identifies the PSP to which it belongs, and a second block (numbers from 9 to 22) which identifies the user. Like the CBU, CVU holders can generate an alphanumeric CVU alias to expedite financial transactions.
