(PT) Central Bank Launches Instant Payments Arrangement - RMS Advogados
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Central Bank Launches Instant Payments Arrangement


BACEN informed that the measure aims to build “an efficient, competitive, safe, inclusive and comprehensive ecosystem”.

In February 2020, the Central Bank (BACEN) launched the unique brand “PIX”, an instant payment arrangement instituted to regulate the provision of payment services related to electronic funds transfer in which the transmission of the payment order and availability for payment. receiving user takes place in real time, even between accounts of different institutions, without the need for intermediaries with allowed use 24/7 on all days of the year, with an implementation deadline scheduled for November 2020.

Instant payment can be used for transfers between natural persons; between people and commercial establishments, even e-commerce; between establishments; involving government entities (fees and taxes); payments of wages, social benefits, covenants and services. They can be initiated by the payers using your account identification keys (CPF, CNPJ, e-mail, cell phone number), dynamic QR Code (exclusive for each transaction, allows the insertion of other data in addition to the amount ) or static (used in multiple transactions, with the possibility of defining a fixed value for a product) and other technologies that allow the exchange of information between compatible devices that are close to each other (smartphones, smartwatches).

BACEN informed that the measure aims to build “an efficient, competitive, safe, inclusive and comprehensive ecosystem”, which “provides the development of products and solutions that offer a better user journey in making payments, efficiently and at low cost. ”(Communiqué nº 34.085 / 2019), that is,“ support the electronic payment process, increase efficiency in the retail payments market and enable the development of solutions focused on the customer experience ”.

Circular No. 3,985 / 2020 provides that the participation of financial institutions and payment institutions that offer an account (demand deposit; savings deposit; prepaid payment) allowed by the end user, including payment institutions that are not subject to the authorization of operation by the Central Bank, and the first two types of payment service providers previously mentioned with more than 500 thousand active customer accounts, considering all their modalities, must participate in the arrangement for instant payments.

By: Wilson Sales Belchior

Source: ClickJus



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