Brazil’s Central Bank (Banco Central do Brasil/BCB) has released new regulations for the country’s Instant Payment System (Sistema de Pagamentos Instantâneos/SPI) and Instant Payment Accounts (Conta PI).
The SPI is a centralized infrastructure for real-time gross settlement of instant payments that result in transfer of funds between participants holding an IP Account at the Central Bank.
BCB Resolution No. 195, of 3/3/2022, which will enter into force on April 1st, will regulate functioning of the SPI and Instant Payment Accounts.