Circular No. 3956 — Amends Circular No. 3,598 of June 6, 2012, regarding payment slips and associated fund transfer settlement

The Collegiate Board of the Central Bank of Brazil, in a session held on August 1, 2019, based on arts. 9 and 11, item VI, of Law No. 4,595 of December 31, 1964, 10 of Law No. 10,214 of March 27, 2001, 9 of Law No. 12,865 of October 9, 2013, 3, item VII, 4 and 11 of Resolution No. 2,882 of August 30, 2001,

R E S O L V E:

Art. 1º Circular No. 3,598 of June 6, 2012, shall enter into force with the following alterations:

"Art. 1º ......

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II - the offer of products and services, the proposal for a civil contract or the proposal for an association, previously brought to the knowledge of the payer, whose acceptance occurs through the payment of the corresponding obligation in collection; and

III - the deposit or appropriation of resources into a deposit account or a prepaid payment account.

Sole Paragraph. ......

I - beneficiary:

a) the creditor of the obligation in collection mentioned in item I of the main text;

b) the offerer of the products and services and the proponent of the contract or association mentioned in item II of the main text; and

c) the holder of the deposit account or the prepaid payment account benefiting from the deposit or appropriation mentioned in item III of the main text;

II - payer:

a) the debtor of the obligation in collection mentioned in item I of the main text;

b) the acceptor of the products and services, the proposal for a civil contract or the proposal for an association mentioned in item II of the main text; and

c) the holder of the deposit account or the prepaid payment account benefiting from the deposit or appropriation mentioned in item III of the main text;

III - receiving institution: the institution authorized to operate by the Central Bank of Brazil that:

a) receives funds from the payer, in accordance with the information contained in the payment slip; and

b) is a debtor to the destination institution in the settlement process of payment slip transactions; and

IV - destination institution: the institution authorized to operate by the Central Bank of Brazil that:

a) enables a beneficiary to use a payment slip or enters into a contract with a third party in accordance with art. 3º-A; and

b) is a creditor of the receiving institution and a debtor to the beneficiary in the settlement process of payment slip transactions." (NR)

"Art. 2º ......

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II - proposal slip: used to enable payment resulting from the eventual acceptance of the offer of products or services and the proposal for a civil contract or association; and

III - deposit and appropriation slip: intended for the deposit or appropriation of resources into deposit accounts or prepaid payment accounts.

Sole Paragraph. The risk management structure of destination institutions must provide for the adoption of procedures that ensure:

I - the proper use of the types of payment slips, including in the case of contract celebration referred to in art. 3º-A;

II - the integrity of the obligation in collection; and

III - the monitoring of information necessary to comply with legal and regulatory obligations, including in the case of contract celebration referred to in art. 3º-A." (NR)

"Art. 3º Institutions authorized to operate by the Central Bank of Brazil that offer deposit accounts or prepaid payment accounts to end-users may appear as destination institution and as receiving institution of a payment slip.

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

§ 2º In the collection slip, in the event of credit assignment related to an obligation involving the destination institution, this institution shall henceforth appear as the beneficiary of the instrument.

§ 3º Institutions authorized to operate by the Central Bank of Brazil that do not offer deposit accounts or prepaid payment accounts to end-users may participate as destination or receiving institutions in collection slips in which they appear as beneficiaries.

§ 4º The institutions referred to in the main text and § 3º of this article may pay the slips in which they appear as payers directly to the destination institutions, in accordance with art. 7º." (NR)

"Art. 3º-A The destination institution, in the case of entering into a contract with a third party to enable beneficiaries to use payment slips, must ensure that the third party:

I - meets the technical, operational, cybersecurity and reputation requirements required by regulation; and

II - carries out its activities in conformity with the risk policies established by the destination institution.

§ 1º The contract referred to in the main text must provide for the destination institution's access to the information necessary to identify the beneficiary enabled by the third party.

§ 2º Existing contracts that do not comply with the provisions of § 1º must be adjusted by January 1, 2020." (NR)

"Art. 4º ......

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§ 2º ......

I - name and registration number in the Individual Taxpayer Registry (CPF) or the National Registry of Legal Entities (CNPJ) of the payer;

II - identification of the destination institution and the third party referred to in art. 3º-A, when applicable;

III - name, address and registration number in the CPF or CNPJ of the beneficiary, including end-users enabled by third parties, in accordance with art. 3º-A;

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§ 3º The institution authorized to operate by the Central Bank of Brazil shall obtain the payer's consent for the presentation of payment slips electronically.

§ 4º The model referred to in the main text and the rules and standards for the electronic presentation of the instrument shall be agreed upon by the institutions in the manner of art. 5º of this Circular.

......" (NR)

"Art. 5º Destination and receiving institutions must agree among themselves, through their national representative associations, for observance by all participants in the payment slip payment arrangement, the standardization of the instrument, the operational procedures, the data transmission times, the rights and obligations, as well as other aspects necessary to comply with the provisions of the legislation and current regulation.

§ 1º Institutions that are not represented by the agreeing associations must accept the terms of the convention referred to in the main text to operate with payment slips.

§ 2º The content of the convention referred to in the main text, with the adjustments resulting from the provisions of this Circular, must be submitted for approval by the Central Bank of Brazil by November 1, 2019.

......" (NR)

"Art. 6º ......

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

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

III - in the relations between the destination institution and the third parties referred to in art. 3º-A, by the contract between the parties, including regarding the moment of credit in the third party's account and the definition of the information that must be provided to the destination institution to comply with its legal and regulatory obligations.

......" (NR)

"Art. 7º Interbank obligations arising from payment slip receipt transactions must be settled as follows:

I - payment slips with a value equal to or greater than the Reference Value (VR-Boleto): the values 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 institution to the destination institution, through the Reserve Transfer System (STR), using a specific message from the Catalog of Messages and Files of the National Financial System Network (RSFN); and

II - payment slips with a value lower than the VR-Boleto: the values received in payment may be settled with multilateral compensation through a clearing and settlement system authorized by the Central Bank of Brazil or in accordance with the settlement procedure provided for in item I of the main text, at the discretion of the receiving institution.

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§ 2º With respect to each credit transfer, the receiving institution may, considering the circumstances of each case, fail to observe, for the strictly necessary time, the deadline prescribed in § 1º of this article, to adopt the legal and regulatory measures related to the determination of indications of irregularity.

§ 3º In settlement by multilateral compensation, the communication of payments received, made by the receiving institution to the destination institution, and, when applicable, the communication of the respective return of payments, made by the destination institution to the receiving institution, must be carried out in accordance with the procedures and times defined in the regulation of the settlement system in which the linked obligations are to be settled." (NR)

"Art. 7º-A Institutions authorized to operate by the Central Bank of Brazil may participate directly in the settlement of obligations related to payment slips, if they participate in the clearing and settlement systems mentioned in art. 7º.

Sole Paragraph. The institutions referred to in the main text that do not participate in the aforementioned clearing and settlement systems may hire an institution to represent them in these systems." (NR)

"Art. 10. The Central Bank of Brazil shall adopt the necessary measures for the execution of the provisions of this Circular." (NR)

Art. 2º This Circular enters into force on the date of its publication.

Otávio Ribeiro Damaso
Director of Regulation