On May 30, 2003, the Banco de España published the Instruction of the National Electronic Clearing System SNCE/A/03/621 on Cash Transfer Orders, Pension Scheme transfer orders and Investment Fund Transfer Orders, approved on May 27, 2003.

With the instruction, which came into force on October 1, 2003, the second phase in the transfer process was completed by integrating through the SNCE the request for transfers from the target institution to the source institution, which until then was made by fax, as established in the Protocol for Transfers between Collective Investment Institutions of INVERCO.

Therefore, as of October 2, 2003, the entire operation from the request to the transfer could be carried out automatically through the procedures enabled by the National Electronic Claring System.