BRZ CB issued resolutions/instructions to establish operating rules for Pix products.
Operation
Resolution 360 amends the regulation attached to Resolution No. 1, of Aug. 12, 2020.
The resolution amendments establish the operating rules for Pix Automatic.
Give requirements for participants to initiate transactions relating to Pix Automatic.
These Amendments also make adjustments to devices related to Pix Scheduled.
Penalties
Resolution 361 amends Annex I to Resolution 177, of Dec. 22, 2021, on penalties.
Adjusts/inserts provisions on penalties for non-compliance with Pix Automatic rules.
Daily fine established as R$50,000.00 for participants with total Pix transactions paid and received in the SPI between Jul. 2023 and Jun. 2024 is greater than 0.5%
R$25,000.00 for participants whose participation in the total Pix transactions paid and received in the SPI between July 2023 and June 2024 is less than or equal to 0.5%.
Operational Procedures
Normative Instruction 436 details operational procedures, such as payment instruction and settlement times, relating to Pix Automatic, Pix Scheduled and Pix Cobranca.
Indicates the information that must be part of the payment instruction will be available in the SFN Service Catalog and in the Open Finance regulatory framework.
For Pix Automatic, the payment service provider of the paying user must schedule the payment order within two hours of receiving the payment instruction.
Sets out reasons for rejecting the payment instruction and related notifications.
Normative Instruction 437 provides for value limits for transactions within scope of Pix.
Revokes 1st and 7th paragraphs of item II, of Normative Instruction No. 331, of 2022.
Specifies response to increase request must be given 24 to 48 hours after the request.
Limit must be established per day; participants will not be able to establish different limits for transactions initiated through a payment transaction initiation service.
Effectiveness
These Resolutions and Normative Instructions come into force on Oct. 1, 2024.
Dec. 2023 BRZ CB Pix Obligations
On Dec. 11, 2023, BRZ CB issued overview of the new Pix Automatic operating rules.
Launch will take place on Oct. 28, 2024 and will be mandatory for Pix participants.
Anyone who does not make the service available to their paying users starting from launch may be penalized for one day of delay in the offer (limited to sixty days).
Recurrence functionality of Pix Scheduled will become mandatory from Oct. 2024.
BRZ CB noted publication of a set of technical manuals is scheduled for Jan. 2024.
Regulators
BRZ CB
Entity Types
B/D; Bank; IA; Inv Co
Reference
PR, 12/11/2023; Res 360, Res 361, Ins 437, Ins 436, 12/7/2023; Ins 331; Res 1; Res 177;
