The Chile Financial Market Commission (CMF) board has postponed the removal of coordinates cards as a user authentication mechanism for payments and electronic transactions until 1 August 2026, and amended the start of mandatory Reinforced Client Authentication (RCA) so both measures take effect on the same date. The change extends the implementation timeline set under General Rule No. 538, which raised client authentication security standards to reduce fraud in electronic transactions. The CMF framed the delay as providing additional time for payment instrument issuers to migrate to more robust authentication methods, particularly for customer segments that make intensive use of printed coordinates cards, while maintaining continuous and uninterrupted access to financial products and keeping clients informed as operational changes are rolled out.
Chile Financial Market Commission 2025-08-07
Chile Financial Market Commission delays coordinates card phase-out and reinforced client authentication mandate to 1 August 2026
The Chile Financial Market Commission has postponed the removal of coordinates cards for user authentication in payments and electronic transactions to 1 August 2026, aligning it with the start of mandatory Reinforced Client Authentication. This extension under General Rule No. 538 allows issuers more time to transition to stronger authentication methods, ensuring uninterrupted access to financial products and keeping clients informed.