Regulatory Alerts2020-05-25 | Carta Circular 4055Circular Letter No. 4055 — Establishes Procedures and Schedule for Formal Homologation Testing for Direct Participants in the Instant Payment System (SPI)
The Central Bank of Brazil issued Circular Letter No. 4055 to define the mandatory testing procedures and timeline required for institutions to obtain authorization as direct participants in the Instant Payment System (SPI) production environment. The regulation mandates that institutions complete nine specific technical tests, including connectivity, liquidity, and capacity checks, within specified windows between June and October 2020 to meet the October 16 deadline for system launch. Successful completion of these tests and submission of an aptitude declaration are prerequisites for direct participation in the SPI.
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