Regulatory Alerts2020-06-12 | Circular 4027Circular No. 4027 — Establishes the Instant Payment System (SPI) and the Instant Payment Account (Conta PI) and approves their regulations
The Central Bank of Brazil issued Circular No. 4027 to establish the Instant Payment System (SPI) and the Instant Payment Account (Conta PI), setting the operational framework for real-time fund transfers. The regulation defines the roles of direct and indirect participants, mandates 24/7 system availability with a 99.90% uptime requirement, and establishes strict security, liquidity, and monitoring obligations for all entities involved. The system was scheduled to begin operations in November 2020, with full functionality achieved by mid-November, replacing previous regulatory articles.
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