Technology

Brazil's Central Bank anticipates registration for PIX instant payments

Process would start in November, but the financial authority anticipated it to October 5 to give people more time to familiarize themselves with the platform

Brazil’s Central Bank President Roberto Campos Neto. Photo: Antonio Cruz/Agência Brasil.
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  • From October 5, customers will be able to register “keys” to receive payments through PIX;
  • Mobile numbers, individual and corporate taxpayer registries, and e-mails are some of the data that can be used as a key that will dispensate with bank account information.

The Brazilian Central Bank decided to anticipate its first step in the launch of PIX, its instant payment system. Initially planned for November 3, it is now scheduled for October 5. From that day on, customers will be able to register “keys” to receive payments through PIX. The president of the Central Bank, Roberto Campos Neto, revealed the new date during a webcast held by Valor Econômico on Wednesday.

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The keys will be a way of identifying the recipient of payments. Mobile numbers, individual and corporate taxpayer registries, and e-mails are some of the data that can be used as a key by customers. Thus, during a transfer made through PIX, the payer will only need to inform the key, and no more data such as bank and current account numbers to carry out the transaction.

“Anyone wishing to receive payments using PIX in a simple and practical way should, as of October, access the application of the institution in which they have an account and register a key”, says a statement from the Central Bank. The information will be stored on a platform developed and operated by the financial authority, called the Transactional Account Identifier Directory (DICT), one of PIX’s components.

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According to the Central Bank, the anticipation occured so that customers and financial institutions have more time to familiarize themselves with the new system. “All functionalities for the management of keys will be available in advance – in addition to registration, exclusion, modification, claim of ownership and portability”, explained the Central Bank. “The specific rules will be detailed in the PIX Regulation, which will be published in August.”

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The schedule predicts that a restricted PIX operation will begin on November 3, just under a month after the start of registrations. The system will be officially launched for the entire population on November 16.

The PIX system will allow the transfers 24 hours a day, seven days a week and every day of the year. PIX is seen by the Central Bank as an initiative to increase the range of financial services available and increase competition in the market. Open banking, a system that will allow customer data sharing and also in the process of being installed, has similar goals.