CMN Resolution No. 4649 — Prohibits Financial Institutions from Restricting Payment Institutions' Access to Products and Services

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes it public that the National Monetary Council, in a session held on March 28, 2018, based on Articles 4, items VI and VIII, of the aforementioned Law, and considering the provisions of Article 7, item III, of Law No. 12,865 of October 9, 2013,

R E S O L V E D:

Art. 1. It is prohibited for commercial banks, multiple banks with commercial portfolios, and savings banks to limit or prevent, in any way, the access of payment institutions and other institutions authorized to operate by the Central Bank of Brazil to the following products and services:

I - debits authorized by the holder of a deposit account or payment account maintained at the institutions mentioned in the caput, including debits commanded by the account holder through payment institutions or other institutions authorized to operate by the Central Bank of Brazil;

II - issuance of payment slips;

III - transfers between accounts within the same institution;

IV - Electronic Available Transfer (TED); and

V - Credit Document (DOC).

§ 1. The provisions of the caput apply to products and services regularly offered by the institution.

§ 2. The non-provision of an electronic means, alternative to in-person service, for formalizing the request, authorization, confirmation, and cancellation of the debit referred to in item I constitutes a limitation or impediment to access to products and services.

§ 3. The non-provision of the services referred to in items II, III, IV, and V to payment institutions and other authorized institutions that do not hold an account at the service-providing institution does not constitute a limitation or impediment.

Art. 2. The authorizations for account debits referred to in item I of Art. 1, commanded by the account holder through payment institutions or other institutions authorized by the Central Bank of Brazil, must observe the following requirements:

I - the financial institution holding the account to be debited must confirm with the customer, electronically, the received debit authorization, within a maximum period of one business day;

II - the institution holding the account to be debited must communicate to the institution sending the debit authorization the receipt of the authorization, the confirmation and acceptance of the debit order, as well as any cancellation requested by the customer, within a maximum period of two business days counted from the date of receipt of the confirmation;

III - the transmission of the debit authorization and the communication of receipt and acceptance of the order, as well as its cancellation, must be carried out electronically, with all information necessary for the realization of the debit and the transfer of funds; and

IV - in the case of authorization for debits related to successive payments, the authorization must be accepted, by the institution holding the account to be debited, on a permanent basis.

Art. 3. In the event of refusal or discontinuation of the provision of the services mentioned in Art. 1, the institution must keep available to the Central Bank of Brazil the documentation and respective justifications, based on legal and regulatory norms, for a period of five years.

Art. 4. The Central Bank of Brazil may adopt the necessary measures and operational requirements for compliance with the provisions of this Resolution.

Art. 5. This Resolution enters into force:

I - on July 2, 2018, regarding the provisions of Art. 1, items II, III, IV, and V;

II - on November 1, 2018, regarding the provisions of Art. 1, item I, and Art. 2;

III - on the date of its publication, regarding the remaining provisions.

Ilan Goldfajn
President of the Central Bank of Brazil