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Brazil’s monetary authority has unveiled plans for tighter oversight of the Pix payments system from next year, which will see an increased regulatory burden introduced for financial institutions participating in the system.
The Central Bank of Brazil (BCB) announced significant regulatory changes to the Pix instant payment system with the publication of Resolution BCB No. 429.
This adjustment requires all institutions applying to join Pix from January 1, 2025 to be fully authorised by the BCB.
Currently, participating institutions without BCB authorisation may continue their operations if they file an authorisation request according to a phased schedule.
Starting in July 2025, participants in the authorisation process must comply with various financial reporting standards, including:
- Standard accounting and auditing regulations, including those regarding the submission of accounting documents and financial statements to the BCB.
- The submission of customer information to the National Financial System Customer Registry (CCS).
- The submission of information related to daily accounting balances and credit transactions.
In addition, from January 1, 2026, all Pix participants will be required to meet a minimum share capital and net equity of R$5m ($0.9m).
The BCB’s goal with these new measures is to enhance the safety, inclusivity and transparency of the Pix service, while increasing its supervisory capacity over financial institutions.
“These measures aim to make regulatory requirements compatible with the level of operational demands required to offer instant payments to customers, in addition to making the supervisory activity carried out by the BCB more effective,” the central bank said in a news statement.
“In this way, the BCB seeks to ensure that the service continues to be provided in a safe, inclusive and transparent manner for the population.”
Protecting customers
The announcement is the latest in a series of moves by the BCB to increase protection of consumers that use the success story payment method.
Earlier this month, new rules for registering devices to carry out Pix transactions became actionable, as part of the central bank's attempts to reduce fraud.
One aspect of the new requirement is that users who wish to use a device that has not yet been registered to carry out Pix transactions will have to register it with the institution where they have an account.
Otherwise, users’ individual transactions are limited to R$200, up to a limit of R$1,000 per day.
In addition, two-factor authentication is required to ensure secure registration.
