Central Bank of Brazil (BCB) launches the Brazilian instant payment scheme and its brand PIX

The BCB Circular nº 3.985/2020 set the criteria and modalities of participation in the Brazilian Instant Payment Scheme (PIX) and its related system and database. PIX – the single brand for the instant payment functionality – will make it easier and faster to make payments and transfers between individuals, companies and government entities.

The new instrument, to be implemented in November, adds another alternative to carry out transactions, in addition to the existing traditional models. It is mandatory for all financial institutions and payment institutions licensed by the BCB, with more than 500,000 active customer accounts —including checking and savings accounts, as well as prepaid payment accounts— to participate in PIX. These institutions must provide their customers with all the functionalities for initiating and receiving instant payments.