BCB Resolution No. 237 — Financial Movements for Electronic Currency Accounts and Payment Institution Participation in the STR

BCB RESOLUTION NO. 237, OF AUGUST 24, 2022

Provides for the financial movements related to the maintenance, at the Central Bank of Brazil, of cash resources corresponding to the value of electronic currencies maintained in payment accounts and the participation of payment institutions in the Reserve Transfer System (STR).

The Collegiate Board of the Central Bank of Brazil, in a session held on August 24, 2022, based on arts. 14 and 15 of Law No. 12,865, of October 9, 2013, and arts. 8 and 12 of CMN Resolution No. 4,952, of September 30, 2021, and having in view the provisions of arts. 22 of BCB Resolution No. 80, of March 25, 2021, and 5 of BCB Resolution No. 150, of October 6, 2021,

R E S O L V E:

CHAPTER I
Of the Account
Corresponding to Electronic Currency

Art. 1 The specific account referred to in art. 22 of BCB Resolution No. 80, of March 25, 2021, held at the Central Bank of Brazil, hereinafter referred to as Electronic Currency Correspondent Account (CCME), is owned by payment institutions, financial institutions, and other institutions authorized to operate by the Central Bank of Brazil, when they are issuers of electronic currency (IEME), and is intended exclusively for the maintenance of cash resources corresponding to the value of electronic currencies maintained in a prepaid payment account managed by them.

Art. 2 The transfers to debit or credit of the CCME are carried out through the messages of the Group of Services Related to Electronic Currency Payments (SME Services Group) and the messages of the Group of Services for Liquidity in Instant Payment Accounts (LPI Services Group), of the Catalog of Services of the National Financial System, observing the operating schedules of the Reserve Transfer System (STR).

Sole paragraph. The transfer to debit of the CCME is commanded by the IEME holder of the respective account.

Art. 3 The returns of erroneous transfers involving the CCME must be commanded by the institutions within sixty minutes after the respective credit.

Sole paragraph. The return must occur in a single command and correspond to the total value originally received.

Art. 4 The transfer messages of resources from the SME Services Group are available for sending during operation under the Internet Contingency and Telephone Contingency regimes referred to in the Regulation annexed to BCB Resolution No. 105, of June 9, 2021.

Art. 4-A The daily balance of the CCME owned by payment institutions, recorded at the closing of the regular operating schedule of the STR, before the start of the additional window for contributions to Instant Payment Account (PI Account), as provided in the regulation of that system, will receive remuneration calculated based on the Selic Rate through the use of the following formula:

R = S x [(1 + Selic)^(1/252) – 1], where:

I - R = remuneration to be credited, expressed with 2 (two) decimal places, with mathematical rounding;

II - S = balance subject to remuneration; and

III - Selic = Annual Selic Rate, in unit format, expressed with 4 (four) decimal places, referring to the date of the balance to be remunerated.

§ 1 The remuneration referred to in the main text will be credited to the CCME on the next business day until 16:30 (sixteen hours and thirty minutes).

§ 2 The partial results of multiplication, division, and exponentiation used in the algebraic expression for the calculation of remuneration must contain 8 (eight) decimal places, with mathematical rounding.

§ 3 The remuneration referred to in the main text applies exclusively to the balance of the CCME owned by payment institutions authorized to operate by the Central Bank of Brazil.

CHAPTER II
Of Participation in the STR

Art. 5 Payment institutions, members of the Brazilian Payments System (SPB), that opt for holding a Settlement Account at the Central Bank of Brazil, are participants of the STR, and are subject to the rules that govern the operation of this system, according to the Regulation annexed to BCB Resolution No. 105, of 2021.

Art. 6 The CCME of an IEME that is the holder of a Settlement Account or Bank Reserves Account may only be operated under its command:

I - to debit for credit in the Settlement Account, the Bank Reserves Account, or the Instant Payment Account (PI Account) owned by it; and

II - to credit from debit in the Settlement Account, the Bank Reserves Account, or the PI Account owned by it.

CHAPTER III
Of IEMEs not
Participants in the STR

Art. 7 The IEME not holder of a Bank Reserves Account or Settlement Account must request from the Department of Banking Operations and Payment Systems (Deban) the release of access to the STR-Web application, according to the Regulation annexed to BCB Resolution No. 105, of 2021, for the purpose of operating and managing the CCME owned by it.

§ 1 The IEME not holder of a Bank Reserves Account or Settlement Account is not subject to the fees for making STR-Web available and for normal operation in the STR.

§ 2 The institution must inform Deban and keep updated in this department the registration of the director responsible for compliance with the rules regarding the payment account and, of at least two, responsible for the management of the CCME owned by it.

Art. 8 The CCME of an IEME not holder of a Bank Reserves Account or Settlement Account may be operated:

I - to debit, under the command of the IEME, exclusively for credit in a PI Account or in a bank checking account, both owned by it, except when there is a need to return resources received erroneously, in which case the credit occurs in the account of the originator of the transfer;

II - to credit, from debit:

a) in a bank checking account owned by the IEME, under the command of the bank where the said account is held; or

b) in a PI Account owned by it under its own command.

Art. 9 The IEME not holder of a Bank Reserves Account or Settlement Account that is unable to use STR-Web may use the Telephone Contingency service to request transfers to debit or credit involving the CCME owned by it.

§ 1 In the use of the service referred to in the main text, the following is observed:

I - the operation under the contingency regime, as well as its closure, depend on a request by the institution, through a representative registered with the Central Bank of Brazil for this purpose;

II - the institution that does not request the closure of the operation under the contingency regime until the STR closes will return to normal operating conditions;

III - during the period of operation under the contingency regime, access to STR-Web by the institution will be blocked;

IV - the institution must inform the Central Bank of Brazil of all data necessary to fill out the message, under its sole and exclusive responsibility;

V - the orders and instructions emanating from the Division of Management and Monitoring of Fund Transfer Systems of the BCB (Gemon) or received by it from institutions, via telephone, are recorded and considered firm and valid for all purposes.

§ 2 Electronic currency issuers must credential at Deban, for requests regarding the Telephone Contingency operation regime, at least three representatives.

Art. 10. The use of Telephone Contingency, referred to in art. 9 of this Resolution, subjects the non-participant electronic currency issuer to the payment of a fee in the amount of R$250.00 (two hundred and fifty reais) for each message request.

§ 1 The amount corresponding to the due fee must be paid by the first business day of each subsequent month following the use of the service.

§ 2 The institutions mentioned in the main text must inform Deban, in the manner established by it, of the financial institution holder of a Bank Reserves Account with which it has an agreement for the purpose of collecting and paying the said fee.

§ 3 The value of the fee not paid by the due date will be updated by the Selic Rate, in accordance with current legislation.

§ 4 The institution may request a review of the charged amount, for which it must present a reasoned request directly to Deban.

§ 5 In the event of a review of the charged amount higher or lower, the respective difference will be returned or charged with update by the Selic Rate, in accordance with current legislation.

Art. 11. Circular No. 3,704, of April 24, 2014, is hereby revoked.

Art. 12. This Resolution enters into force on September 1, 2022.

Bruno Serra Fernandes
Monetary Policy Director