Attention: Change in the PIX rules

The Central Bank of Brazil (Banco Central do Brasil/Bacen) has published Resolution 293, of February 15, 2023, presenting adaptation criteria and a transition regime for situations affected by provisions in art. 90-A of BCB Resolution 269/2022.

Regarding adaptation, the Central Bank established that “Pix participants who, on December 1, 2022, had a current contractual relationship with third parties according to the provisions of item I of art. 90-A must adapt their Pix-related operations in order to ensure adherence to this Resolution.” The Participant must communicate the need for adaptation to the third party.

The third party that wishes to maintain the provision of the service to end users must:

  1. a) Adapt contracts signed prior to December 1, 2022;
  2. b) Hire a responsible participant to render their participation in Pix feasible; and
  3. c) Submit a request to adhere to Pix by May 31, 2023. Once the above requirements have been met, the third party will be exceptionally allowed to continue providing services to end users during the course of their Pix membership process.

    The transition regime does not apply in the following cases:

I – where the third party acted as an issuer of electronic money in a situation that required prior authorization from the Central Bank; and

II – where the third party does not hold a transactional account, the initiation of Pix transactions through the transactional account provided by the participant.

In these cases, the participant must proceed with the immediate cessation of services that offer access to Pix, communicating this to end users.

The Resolution can be read https://lnkd.in/dRb-mNxn

The BTLAW Payments team is at your disposal if you have any questions.