El RBI emitió una circular sobre la regulación de los Agregadores de Pagos Transfronterizos

Reserve Bank of India (RBI) has issued a detailed circular on the regulation of Payment Aggregator-Cross Border (PA-CB) vide RBI/2023-24/80 CO.DPSS.POLC.No.S-786/02-14-008/ 2023-24 dated 31st October, 2023. Processing of payment or receipts transactions in cross-border transactions is not something an Individual entity can do itself. All these facilities are provided by Payment Aggregator through Payment gateways.

So far, All Payment Aggregators (PAs), whether facilitating domestic transfers or cross-border payments, are covered under different circulars and regulations issued by RBI from time to time. Separate circulars were issued based on type of transaction. Therefore, Keeping in view the developments taking place in cross-border payments, RBI has decided to bring all entities facilitating cross-border payment transactions for import and export of goods and services under direct regulation of the RBI. Such entities shall be treated as Payment Aggregator-Cross Border (PA-CB).

Therefore, all the entities, including Authorised Dealer (AD) banks, Payment Aggregators (PA) and PAs-CB, involved in processing or settlement of cross-border payment transactions for import and export of goods and services, shall comply with these instructions.

Detailed regulations are discussed in this article:

1. Meaning of Payment Aggregator (PA), Payment Aggregator-Cross Border (PA-CB) and Payment Gateway

a. Payment Aggregator (PA)

• PAs facilitate e-commerce sites and merchants to accept various payments from the customers. Such merchants and e-commerce websites are not required to create a separate payment integration system of their own. 
• PAs receive payments from customers, pool and transfer them to the merchants after a time period.

b. Payment Aggregator-Cross Border (PA-CB)

• PAs-CB are entities that facilitate cross-border payment transactions for import and export of permissible goods and services in online mode. These entities are authorised by RBI to carry out these operations.

c. Payment Gateway

• Payment gateways are entities that provide technology infrastructure to route and facilitate processing of an online payment transaction without any involvement in handling of funds.

2. Requirement of Authorisation

Existing payment Aggregators are required to obtains authorisation in following manner to act as PA-CB:

1. Authorised Dealer (AD) Category-I banks do not require any separate approval from the RBI for undertaking PA-CB activity.
2. However, existing Non-banking entities providing PA-CB services are required to apply for authorisation by April 30, 2024. Such entities can continue such services till the approval or final communication is obtained from the RBI.
3. Authorisation for PA-CB activity may be sought under any one of the following categories:
   1. Export only PA-CB (PA-CB-E)
   2. Import only PA-CB (PA-CB-I)
   3. Export and Import PA-CB (PA-CB- E&I)

4. The entities currently carrying out this activity are required to adhere to guidelines on governance, merchant on-boarding, customer grievance redressal and dispute management framework, baseline technology recommendations, security, fraud prevention and risk management framework within a 3 months from date of this circular. Such a circular should be compiled on an ongoing basis thereafter.
5. Non-adherence may lead to the rejection of application.
6. Non-bank PAs, whether authorised or whose applications are pending with RBI approval, are required to advise the Department of Payment and Settlement Systems (DPSS), RBI, Central Office (CO) within 60 calendar days, about their existing PA-CB activity. 
7. If any authorised PA wants to commence PA-CB activity shall seek approval from DPSS, RBI, CO prior to commencement of such business. A single authorisation will be required by a non-bank to undertake PA and PA-CB activity.
8. If an authorised PA-CB wants to change its activity post approval, it is required to inform DPSS, RBI, CO atleast 60 calendar days prior to commencement of new activity. New business can be commenced only after approval from RBI.
9. Further, as a pre-requisite for seeking authorisation from the RBI, all existing non-bank PA-CBs shall register themselves with the Financial Intelligence Unit-India (FIU-IND).

3. Networth criterion

1. Existing Non-banks entities, shall have a minimum net worth of ₹15 crore at the time of filing application with RBI for authorisation and expected networth of ₹25 crore by March 31, 2026.
2. New non-bank PA-CBs shall have a minimum net worth of ₹15 crore at the time of filing application and shall attain a minimum net worth of ₹25 crore by end of the 3rd financial year of grant of authorisation.
3. New worth can be evidenced through a certificate from their statutory auditor alongwith audited financial statements. Newly incorporated non-bank PA-CBs,  can submit a certificate from their statutory auditor regarding the current net worth along with a provisional balance sheet.
4. All existing non-bank PA-CBs which failed to comply with authorisation criteria within the stipulated time frame, shall wind-up PA-CB activity by July 31, 2024.
5. Banks shall close accounts of existing non-bank PA-CBs by July 31, 2024 unless the PA-CBs produce evidence of authorisation provided by the RBI.

4. Type of Authorisation

4.1 Import only PA-CBs

1. Import only PA-CB shall maintain an Import Collection Account (ICA) with an AD Category-I scheduled commercial bank.
2. Payment for imports shall be received in an escrow account of the PA. These payments shall be transferred to the ICA. Funds from ICA shall be transferred to foreign merchants.
3. For facilitating import transactions, PA-CBs may directly on-board merchants located abroad, or may enter into agreement with e-commerce marketplaces or entities providing PA services abroad. In all such arrangements, it shall be the responsibility of PA-CBs to carry out Customer Due Diligence of merchants (i.e. directly onboarded merchants, e-commerce marketplaces or entities providing PA services abroad) and that they do not facilitate payment transactions for import of any restricted / prohibited goods and services.
4. In case per unit goods or services imported is more than ₹2,50,000, then PA-CB shall undertake due diligence of the buyer as well.
5. Payments can be carried out using any payment instrument provided by authorised payment systems, except small PPIs.

4.2. Export only PA-CBs

1. Los PA-CB de exportación exclusivamente deberán mantener una Cuenta de Recaudación de Exportaciones (ECA, por sus siglas en inglés) en un banco comercial programado de Categoría I autorizado (AD). Dichas cuentas deberán estar denominadas en rupias indias (INR) o en moneda extranjera. Se deberá mantener una ECA por separado para cada moneda distinta a la INR.
2. Todos los ingresos por exportaciones deberán acreditarse en la ECA de la moneda correspondiente del PA-CB.
3. Los PA-CB deberán asegurarse de no facilitar transacciones relacionadas con la exportación de bienes y servicios restringidos o prohibidos.
4. Se deberá llevar a cabo la debida diligencia del cliente (es decir, comerciantes indios incorporados directamente, mercados de comercio electrónico o entidades que presten servicios de PA), y los ingresos de la ECA solo se liquidarán en la cuenta de dicho comerciante.
5. La liquidación en monedas distintas a la INR solo se permitirá para aquellos comerciantes que hayan sido incorporados directamente por el PA-CB.

4.3 Import and Export PA-CBs

• Los requisitos tanto para los PA-CB de importación como para los de exportación serán aplicables a ambos tipos de entidades. Se deberán mantener cuentas de recaudación separadas (ICA para importaciones y ECA para exportaciones) para facilitar las transacciones correspondientes.

5. Varios

• En caso de que un PA-CB también realice actividades de PA nacionales, la ICA y la ECA deberán mantenerse separadas de la cuenta de depósito en garantía utilizada para las transacciones nacionales.
• Las instrucciones sobre los débitos y créditos permitidos en las cuentas de depósito en garantía de los PA se aplicarán mutatis mutandis a las ICA y ECA de los PA-CB.
• Los bancos AD de Categoría I que realicen actividades de PA-CB deberán garantizar el cumplimiento de los requisitos para los PA-CB antes del 30 de abril de 2024.
• Respecto a las transacciones de importación y exportación procesadas por los PA-CB, el valor máximo por unidad de bienes o servicios vendidos o comprados será de 2 500 000 ₹.
• Los bancos AD que mantengan ICA o ECA deberán asegurarse de cumplir con todos los requisitos bajo la FEMA, incluidos los de notificación y conciliación de asientos en EDPMS/IDPMS.

6. Conclusion

Actualmente, los distintos agregadores de pagos están cubiertos por diferentes circulares y normativas. La regulación de los PA-CB tiene como objetivo unificar a todas las entidades bajo un mismo marco para establecer reglas y normas comunes. Esta medida también busca evitar transacciones ilegales mediante el registro ante la Unidad de Inteligencia Financiera de la India (FIU-IND).