Technology

Next week, the Brazilian Central Bank begins a new phase for the implementation of the PIX instant payments system

The launch of the system to the public is scheduled for November this year

Photo: Brazil's Central Bank
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  • What the monetary authority is going to test from now on are the operational platforms of the system, the registration of keys (the registration linking a user’s account to his cell phone number, made in this step based on fictitious data), and the user’s experience;
  • The PIX will allow transfers and payments between people, companies and the government, at any time of the day, including on the weekend and on holidays, in a few seconds, and from the reading of a QR Code or information such as email, cell phone number or ID number.

Next Monday, June 1st, is the deadline for institutions that wish to be part of PIX, the Brazilian instant payment system, to register with the Central Bank. On the same day, the stage of mandatory tests by the institutions begins.

What the monetary authority is going to test from now on are the operational platforms of the system (SPI and DICT), the registration of keys (the registration linking a user’s account to his cell phone number, made in this step based on fictitious data), and the user’s experience, checking if the institution’s applications are easy and friendly to use.

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The PIX will allow transfers and payments between people, companies and the government, at any time of the day, including on the weekend and on holidays, in a few seconds, and from the reading of a QR Code or information such as email, cell phone number or ID number of companies and individuals.

A central aspect of this step is the verification of how the institutions will present the PIX to their customers through the mobile applications and if the interfaces meet the requirements defined by Brazil’s Central Bank.

We need to ensure that the population has access to the PIX in a simple and practical way so that everyone understands and use this new payment method

Breno Lobo, head of division at brazil’s central bank.

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Institutions that do not complete the registration and approval steps by October 16th, according to the schedule defined by the Central Bank, will not be able to participate in the PIX since its launch.

Earlier this month, the system’s launch date for the public was set: November 30 this year.

In April, the Central Bank conducted the first transaction settlement test on PIX. Five companies, including banks, cooperatives, and payment companies participated in the test: Banco do Brasil, Caixa Econômica Federal, BPP, Sicredi, and Bancoob.

Implementation schedule for PIX, Brazil’s instant payment system:

  • June 1: deadline for institutions to apply for membership to the PIX and participate since the launch (there will be a new opportunity from December 1);
  • June 1st to October 16th: homologation stage and completion of the registration stage (documents and information must be sent to the Competition and Market Structure Department by the BC Digital Protocol);
  • June: Disclosure of operating platform regulations (SPI and DICT);
  • July: PIX regulation and technical manuals released;
  • November: launch of PIX to the public.