Circular No. 3598 — Establishes the Payment Slip and Its Species, and Provides for Its Issuance, Presentation, and Settlement System for Associated Fund Transfers

The Collegiate Board of the Central Bank of Brazil, in a session held on May 31, 2012, based on arts. 9 and 11, item VI, of Law No. 4.595, of December 31, 1964, art. 10 of Law No. 10.214, of March 27, 2001, arts. 3, item VII, 4, and 11 of Resolution No. 2.882, of August 30, 2001, and Resolution No. 3.380, of June 29, 2006,

R E S O L V E S:

Art. 1. The payment slip is the standardized instrument, through which information is presented on:

I - the debt in collection, in a manner that makes its payment feasible;

II - the offer of products and services, in a manner that makes the acceptance of the offer and the payment of the obligation resulting from this manifestation of will feasible.

Sole Paragraph. For the purposes of this Circular, it is considered:

I - beneficiary: the creditor of the debt in collection or the offerer of products and services;

II - payer: the debtor of the debt in collection or the recipient of the offer of products and services;

III - receiving financial institution: the financial institution that receives funds from the payer or from someone acting on their behalf, in accordance with the information contained in the instrument;

IV - destination financial institution: the financial institution contracted by the beneficiary to, as an agent:

a) issue and present the payment slip to the payer, if the beneficiary does not opt to do so directly; and

b) receive the resources resulting from the payment made by the payer and credit them to the beneficiary's account.

Art. 2. The payment slip may consist of one of the following species:

I - collection slip: used for the collection and payment of debts arising from obligations of any nature;

II - offer slip: used for the offer of products and services, for their acceptance, and for the payment of the obligation resulting from this manifestation of will.

Sole Paragraph. For the purposes of compliance with Resolution No. 3.380, of June 29, 2006, financial institutions must include, in their internal control systems, the adoption and verification of procedures that ensure:

I - the proper use of each of the species of payment slip, even in cases where the beneficiary issues and presents it directly to the payer;

II - the integrity of the debt in collection.

Art. 3. All financial institutions participating in the Reserve Transfer System (STR) may appear as receiving or destination institutions.

§ 1. If the payment is made directly to the destination financial institution, this institution will also appear as the receiving financial institution.

§ 2. In the collection slip, if there is an assignment of credit related to the obligation associated with the destination financial institution, this institution will then appear as the beneficiary of the instrument.

§ 3. Except for credit cooperatives, financial institutions holding a Settlement Account at the Central Bank of Brazil may only act as receiving or destination institution for collection slips in which they appear as beneficiaries.

Art. 4. The payment slip must be issued according to a pre-established model and may be presented to the payer by physical or electronic means.

§ 1. The payment slip must contain, at a minimum, the following information:

I - the name of the payer;

II - the identification of the destination financial institution;

III - the name, address, and registration number on the Individual Taxpayer Registry (CPF) or National Legal Entity Registry (CNPJ) of the beneficiary;

IV - the payment amount and the due date;

V - the discount conditions that may be provided in the underlying obligation in case of early payment.

§ 2. The presentation of the payment slip by electronic means depends on prior expression of agreement by the payer.

§ 3. The model referred to in the caput, as well as rules and standards for the electronic presentation of the instrument, must be agreed upon by financial institutions in the manner of art. 5 of this Circular.

§ 4. The offer slip model must have a layout and wording that ensures the payer:

I - clearly, precisely, and objectively identify that:

a) the slip represents the offer of a product or service;

b) the payment of the slip is optional and that non-payment will not cause protests, judicial or extrajudicial collections, or the inclusion of the payer's name in credit restriction registries;

c) the payment of the slip signifies the acceptance of the offer and that the due date means, for all legal purposes, the final term of the period for accepting the offer; and

II - the possibility of obtaining prior knowledge of all information related to the offered product or service and the content of the contract governing the rights and obligations between the payer and the beneficiary, if applicable.

Art. 5. Financial institutions issuing payment slips must agree among themselves, through their national representative associations, for uniform observation by all their members, the standardization of the instrument, operational procedures, data transmission hours, rights and obligations, and other aspects they deem necessary for compliance with current legislation and regulation.

§ 1. Financial institutions not represented by the agreeing associations must accept the terms of the convention referred to in this article to operate with payment slips.

§ 2. The content of the convention referred to in this article must be submitted to the approval of the Central Bank of Brazil within 60 (sixty) calendar days from the date of publication of this Circular.

§ 3. The act approving the convention will contain the initial term for the mandatory observance of its provisions.

§ 4. While the convention referred to in the caput is not approved:

I - the last convention approved by the Central Bank of Brazil remains valid;

II - the payment slip must be issued and presented according to model CADOC 24044-4; and

III - in cases of offer slips for products and services, text with explicit mention of all information referred to in § 4 of art. 4 of this Circular must be added to the free field of the slip.

Art. 6. The rights and obligations related to the payment slip are governed, insofar as applicable:

I - in the relations between the beneficiary and the destination financial institution, by contract between the parties, including regarding the moment of credit in the beneficiary's account;

II - in the relations between the receiving financial institution and the destination financial institution, by this Circular and, insofar as it does not conflict with it, by the convention referred to in art. 5 of this Circular and by the regulation of the system through which the resulting interbank obligations are settled.

Art. 7. Interbank obligations arising from the relations between the receiving financial institution and the destination financial institution must be settled according to the following system:

I - payment slips with a value equal to or greater than the Reference Value (VR-Boleto): the amounts received in payment and the corresponding information must be transferred on the same day of their receipt, one by one or in aggregated values, directly by the receiving financial institution to the destination financial institution, through the STR, using a specific message from the Catalog of Messages and Files of the National Financial System Network (RSFN);

II - payment slips with a value lower than the VR-Boleto: the amounts received in payment may be settled with multilateral compensation through a compensation and settlement system authorized by the Central Bank of Brazil or according to the settlement system of item I of this article, at the discretion of the receiving financial institution.

§ 1. In the settlement system of item I, the corresponding credit transfer must be sent to the STR for immediate settlement, at most one hour after the moment the payer commands the payment.

§ 2. Regarding each credit transfer, the receiving financial institution may, based on the circumstances of each case, fail to observe, for the strictly necessary time, the deadline prescribed by § 1 of this article, with the objective of adopting the legal and regulatory measures related to the assessment of indications of irregularity.

§ 3. In the settlement system with multilateral compensation, the communication of payments received, made by the receiving financial institution to the destination financial institution, and, when applicable, the communication of the respective return of payments, made by the collecting financial institution to the receiving financial institution, must be carried out in the manner of procedures and hours defined in the regulation of the settlement system in which the linked obligations are to be settled.

Art. 8. Discrepancy adjustments and the return of resources by the destination financial institution to the receiving financial institution, if applicable, must be carried out through the system used in the settlement of the original interbank obligation, by the business day following the corresponding settlement, observing the procedures and hours defined in the regulation of the compensation and settlement system through which the credit transfer was settled.

Sole Paragraph. The transfers referred to in the caput of this article, when carried out through the STR, must occur by 12:00 on the business day following the settlement of the original interbank obligation, using a specific message from the Catalog of Messages and Files of the RSFN.

Art. 9. The VR-Boleto is fixed at R$250,000.00 (two hundred and fifty thousand reais).

Art. 10. The Department of Banking Operations and Payment Systems (Deban) will adopt the necessary measures for the execution of the provisions of this Circular.

Art. 11. Arts. 1 to 6 and 10 of this Circular enter into force on the date of its publication, and Arts. 7 to 9 will enter into force on April 22, 2013.

Art. 12. Arts. 1 and 2 of Circular No. 3.255, of August 31, 2004, are revoked on the date of entry into force of this Circular, and, on April 22, 2013, Arts. 3 to 14 of Circular No. 3.255, of 2004, are revoked.

Aldo Luiz Mendes
Director of Monetary Policy