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Understand the main concepts of PIX, the new instant payments system from the Brazilian Central Bank

PIX Scenario:








Within 90 minutes

Within 90 minutes

Within 90 minutes

Within 2 days

Within 2 days

PIX is Brazil’s Instant Payments platform, it is a platform from the Central Bank that allows electronic transfers in which compensation occurs immediately, available 24 hours a day, seven days a week, all year. Transfers occur directly from the paying user’s bank account to the receiving user’s account, without the need for intermediaries, which provides lower transaction costs.

PIX will be available to the public starting November 2020, its main principles are:

  • Availability 24/7/365.
  • Authorization and compensation in real time.
  • Accessible, inclusive system and with reduced costs.
  • Typical use in mobile apps.

Along with the ongoing technological revolution, enables the innovation, the emergence of new business models and the reduction of social cost related to the use of paper-based tools.

1.1. Figures/Actors

PIX’s main arrangement figures are:

PSPs are responsible for providing the infrastructure for the users to perform transactions in the PIX’s scope, as well as the Accounts, DICT Register, QR Codes Emission, etc.;

DICT – Directory of Transactional Accounts Identifiers
It is the centralizing base of PIX users, through it, users can use the keys to send and receive transactions;

It is the instant payments settlement system, through it, transactions are compensated in PIX;

Transactional Accounts
Those aree accounts used by final users to perform PIX transactions;

SPB Accounts
Those are accounts used by banks for the market operations as a whole, like TED, DOC and Bills, besides PIX account’s supply, function at business time and periods only;

Reserve Pilot
Professional responsible for operating SPB’s activities, as well as STR and PI Accounts management and its respective balances, transfers management and financial payment;

STR Provider
It’s the Transfers System used by BCB to perform the inter-funds transfer from different financial institutions.

BCB – Brazil’s Central Bank

Brazilian Payments System, it is where the national financial market operations occur.

The National Financial System Network, is where occur all the SPB transactions, such as:

  • Bills
  • TEDS
  • DOCS
  • PIX

RSFN is formed by two service providers to SPB, being them RTM and AT&T, being mandatory the hiring of both for the operating at the SPB and SPI scope, according to Circular Nº4027 do BCB;

The PSTIs – Information Technology Service Providers, are the responsible for connecting the financial institutions through software to SPB and SPI;

Direct Participant
The participants that are directly connected to SPI for PIX accounts service providing, those are:
Financial Institutions, non-financial and Payment Institutions;

Indirect Participant
The participants that are indirectly connected to SPI, once they’re connected to a direct participant, those are:
Financial Institutions, Non-Financial Institutions and non-regulated by BCB Payment Institutions.

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