RegAlert2020-02-18 | Circular 3985Added
Circular No. 3985 — Establishes provisions regarding participation modalities and criteria in the instant payment arrangement and the Instant Payment System (SPI) and direct access criteria to the Transactional Account Identifiers Directory (DICT)
Circular No. 3985 establishes the modalities and criteria for participation in Brazil's instant payment arrangement and the Instant Payment System (SPI), as well as direct access rules for the Transactional Account Identifiers Directory (DICT). It mandates participation for financial institutions and payment institutions with over 500,000 active client accounts, defines direct and indirect participation modes, and prohibits certain entities from indirect participation or unauthorized payment institutions from direct participation. The circular also specifies that transactions between different participants must be settled via the SPI unless specific conditions allow for direct settlement between direct participants, and it enters into force on March 2, 2020.
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The Collegiate Board of the Central Bank of Brazil, in a session held on February 12, 2020, based on item IV of Article 10 of Law No. 4,595 of December 31, 1964, Article 10 of Law No. 10,214 of March 27, 2001, Articles 9, 10, 14, and 15 of Law No. 12,865 of October 9, 2013, Articles 9 and 11 of Resolution No. 2,882 of August 30, 2001, and considering the provisions of Article 7 of Law No. 12,865 of 2013 and Resolution 4,282 of November 4, 2013,
RESOLVES:
Article 1. This Circular establishes, for the purposes of their respective implementation processes, the provisions related to the modalities and criteria for participation in the instant payment arrangement and in the Instant Payment System (SPI) and the criteria for direct access to the Transactional Account Identifiers Directory (DICT).
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Lineage: In force
Show all related documents (8)
- Issued under
- Resolution CMN No. 4282 — Establishes Guidelines for Regulation, Surveillance, and Supervision of Payment Institutions and Payment Arrangements in the Brazilian Payments System2013Law No. 12,865, of October 9, 2013 — payment arrangements and payment institutions that are part of the Brazilian Payment System2013CMN Resolution No. 2882 — Regulates the payments system and the clearing and settlement service providers that integrate it2001Law No. 10,214, of March 27, 2001 – Operation of Clearing and Settlement Chambers and Service Providers in the Brazilian Payment System2001Law No. 4595 dated 1964-12-31not in RegAlert
- Basis for
- Circular Letter No. 4070 — Amends Circular Letter No. 4,056 of May 25, 2020, Establishing Procedures for Adherence to the Instant Payment Arrangement (PIX)2020Circular Letter No. 4055 — Establishes Procedures and Schedule for Formal Homologation Testing for Direct Participants in the Instant Payment System (SPI)2020
- Referred to by
- Circular Letter No. 4056 — Establishes Procedures for Adherence to the Instant Payment Arrangement (PIX) from Its Launch2020
Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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