What is PIX? Central Bank payment system


PIX is the Brazilian instant payment system that should replace TED and DOC. The novelty had a regulation approved by the Central Bank last Wednesday (12) and will start operating on November 16.

In tests since the beginning of the year, the platform differs from traditional bank payments, among other reasons, by settling transactions on the spot and staying on the air 24 hours a day, seven days a week. See below for all the details on the new way of making payments and transfers.

What is PIX?

PIX is a Brazilian system of instantaneous electronic money transfers. Managed by the Central Bank, it aims to be an innovation compared to TED and DOC. For this, the tool uses a modern network that operates 24 hours a day from Monday to Monday and that includes several financial institutions. In addition to banks, it will be possible to make a PIX also through payment applications that today depend exclusively on the banking network to operate.

As with current transfers, the system will act as a bridge between the payer and the payee. The two sides of the transaction can be either individuals, legal entities (including government entities) or a combination of them. In practice, the novelty promises to be a TED available at any time of the day, in a greater number of services, and with a value that falls instantly on the recipient’s account.

How and when will the PIX work?

According to the Central Bank, it will not be necessary to install any additional applications to use the PIX. The system will be integrated with the services already offered by banks, fintechs and commercial establishments. In this way, PIX should become another transfer option alongside TED and DOC when making a transfer via ATM or Internet banking.

However, unlike TED and DOC, you will not need to enter an account and agency number to initiate a transfer. In PIX, this information is replaced by what the Central Bank calls the PIX Key. The key can be a CPF, CNPJ, cell phone number or email address. With this information, the user will also be able to have his own QR Code and receive money via PIX through payments by approximation.

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The payment system will start operating strictly on November 3rd and will be released to everyone on November 16th. But it will be possible to register in the system from October 5th.

How to register

The registration must be carried out at the financial institution in which the user already has an account. Banks, payment applications, payment applications, cryptocurrency brokers and other fintechs will make the registration available in their respective applications or websites. From October 5, the user will be able to access a PIX menu and inform CPF, CNPJ, cell phone and e-mail that must be registered in their keys.

What technologies does it offer?

PIX works on a more modern network infrastructure that works independently of bank hours. For this reason, it is possible to send money to anyone at any time and time, and the amount will always fall into your account at the same time. The settlement is not carried out immediately if the user decides to schedule the payment. The function is native to the service, but each institution can decide whether to offer it to its customers or not.

In addition, the tool has an integrated technology of QR Codes in two versions. In dynamics, the code changes with each new transaction and will be more suitable for the cashier of commercial establishments. In addition to the value, it can bring store identification details, among other data. The static code will identify a fixed recipient and may or may not have a predefined value. This type of QR Code will tend to be used more by individuals.

According to the Central Bank, the PIX network is also more secure, even if it costs less. As a consequence, the institution foresees a lower entry barrier for new fintechs. Consequently, the projection is of greater competition for the customer, leading to an increase in service quality.


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