Link cards and flag Stone fight for guarantees

Elo, Bradesco, Banco do Brazil and Caixa Economica Federal, and the acquirer Stone, who is preparing to list its shares on the New York Stock Exchange this year, wage a real battle about warranties. The dispute, including, have ended up in court. The reason for the discord is the assurance that the acquirers have to present the flags, as the rules of the Central Bank. Behind the scenes, the complaint of link is that Stone has refused to comply with the requirements and about a year ago is defaulted with the presentation of guarantees, which could represent a risk to the system. The Link does not face this problem with the nearly 20 accreditation bodies with which it operates. Already the Stone claims that has presented the guarantees to all the flags. In the case of Elo, payments have been made, but being required additional guarantees and even greater than those made by Visa and Mastercard. Rebate. Without agreeing with the requirements, the Stone filed for an injunction in court against the presentation of new guarantees to the flag until the Central Bank approves the rules of the new payment arrangements. The 4th civil court of Barueri granted the injunction, but the Link was able to knock it down yesterday, 19. In the decision of judge Renata Bittencourt Couto da Costa, was highlighted even if the amount charged by the Elo is R R $25 million $11.2 million and not as reported the Stone. How it works. This "payment" is necessary so that the flags can evaluate the condition of the purchasers and prevent risks to the sector. Warranties vary according to the requirement of each flag, but can be bank guarantee, insurance or public title. With the word. The Central Bank had no comment. The Elo is "adopting appropriate legal measures in the sense that is guaranteed compliance with the rules laid down in the arrangement of your payments are valid to all participants". Stone said he does not recognize any non-conformities with their obligations and believes that has already made sufficient guarantee contributions for the maintenance of the operation. He added that what is at issue is the arbitrariness and lack of transparency on the part of the flag in the definition and collection of duties and rates, as well as the lack of equality in the same ".