The regulations for the new Caja Extra service were established and published in the Official Gazette this September 24th.

It is stated in the document that the regulation establishes the legal regime for the organization and operation of the Extra Cashier Services provided by banks and the financial system through nom-bank correspondent agents.

For those purposes thereof, non-bank correspondent agents are understood as commercial establishments such as pharmacies, post offices, supermarkets, stores, among others where the purchase of goods or payment of services is made.

The regulation only applies to banks and non-bank correspondent that perform the Extra Cashier Service.

The purpose of the Caja Extra is to enable new points of access to financial services, to offer an alternative for the cash extraction at the same place where the purchase opf goods and the payment of services is made, and thus to reduce the costs associated with the transportation, handfling and custody of cash.

Correspondent agents provide one or more of the following services on behalf of banks:

1. Delivery of cash by debit card.
2. Payment of basic utilities.
3. Third party collections.
4. Sending and payment of drafts and remittances locally and abroad.
5. Others provided by the bank and reflected in the contract.

The Extra Cahier Service is made in Cuban pesos, to natural individuals with payment cards RED, and it is formal through a contract on which subscribe the bank and the correspondent agent or the subsidiary correspondent entity, in case the correspondent agent does not have juridical personality on its own.

Cash delivered by correspondent agents to customers comes from the incomes of the daily sales. So that, banks will not anticipate cash to correspondent agents.

The service will be carry out through the electronic payment channels. For its execution, customers should activate a payment card first using one of the electronic payment channels available.

Correspondent agents should have a QR code place in plain sight containing its ordinary bank account number. In the case of the service of Extra Cashier using TPV, correspondent agents should deliver the customers the ticket of the transaction made, which must include the date, time, amount of the transaction and the correspondent agent´s name and the bank.

Source: Gramma