Public Consultation No. 0077/2020 - Circular No. 3,885/201

The Central Bank opened Public Consultation No. 0077/2020, which proposes some amendments to Circular No. 3,885/2018, which deals with Payment Institutions.
The objectives of the amendments are (i) to regulate the payment transaction initiating institution and (ii) to establish new parameters for electronic money issuing institutions to request authorization to operate to the Bacen.

Among the main proposals are:

i. The regulation of the payment transaction initiation service, which is characterised by the initiation of a payment transaction ordered by the end-user with respect to deposit or payment accounts, which is commanded by an institution that does not hold the account;

ii. The inclusion of the company providing payment account initiation service as Payment Institution;

iii. The need to apply for prior operating authorization for new electronic money issuance transactions; and

iv. The establishment of deadlines for electronic money issuers, already active in the market, to file their authorization request with the Central Bank.

Interested parties may submit comments until 08.08.2020, through the link; e-mail [email protected]; or by mail to the Department of Financial System Regulation (Denor), located at SBS, Quadra 3, Bloco "B", 9th floor, Headquarters Building, Brasília (DF), Zip Code 70074-900.

For further information, the office's Payment team([email protected]) is at your disposal.