Normative Instruction BCB No. 243 — Procedures for Direct Participation in the Instant Payment System (SPI), Instant Payment Account (PI Account) Opening, and Maximum Time Limits for Validation and Settlement

NORMATIVE INSTRUCTION BCB NO. 243, OF MARCH 16, 2022

Discloses procedures to be observed for direct participation in the Instant Payment System (SPI), for the opening of the Instant Payment Account (PI Account), and defines the maximum time limits for validation and for settlement of payment orders, as provided in the Regulation attached to BCB Resolution No. 195, of March 3, 2022.

The Head of the Department of Banking Operations and Payment Systems (Deban), using the powers conferred by Art. 23, item I, letter “a”, and by Art. 111, item V, of the Internal Regulations of the Central Bank of Brazil, attached to Ordinance No. 84.287, of February 27, 2015, and taking into account the provisions of the Regulation attached to BCB Resolution No. 195, of March 3, 2022,

R E S O L V E S:

Art. 1. This Normative Instruction defines the procedures for direct participation in the Instant Payment System (SPI) and opening of the Instant Payment Account (PI Account) by institutions authorized to operate by the Central Bank of Brazil, and defines the maximum time limits for validation and for settlement of instant payment orders.

Art. 2. The process for requesting direct participation in the SPI and opening of the PI Account follows the procedures established in this Normative Instruction, including regarding the proof of the applicant's technological and operational capacity to access the system.

CHAPTER I
PROCEDURES FOR PARTICIPATION AND ACCOUNT OPENING

Section I
Participation Request

Art. 3. The request for direct participation in the SPI must follow the procedures described in the Pix arrangement adherence process and the instructions contained in the Roadmap for direct participation in the SPI and opening of the PI Account, hereinafter referred to as the Roadmap, available on the Central Bank of Brazil's website.

Art. 4. The request for direct participation in the SPI must be submitted when initiating the Pix arrangement adherence process with the Department of Competition and Financial Market Structure (Decem).

Sole paragraph. Access by the applicant to the Central Bank of Brazil's Information System (Sisbacen) and to the Central Bank of Brazil's Electronic Mail System (BC Correio) are necessary conditions to initiate the direct participation process in the SPI.

Art. 5. Upon receiving the request forwarded by Decem, provided the regulatory requirements are met, Deban will notify the applicant of the start of the process.

Section II
Tests to Prove Operational and Technological Capacity

Art. 6. The tests to prove operational and technological capacity comprise the process of sending and receiving the messages listed in the Roadmap.

Art. 7. From the confirmation of the start of the process by Deban, the applicant must conclude the proof tests within 5 (five) months.

Art. 7. From the confirmation of the start of the process by Deban, the applicant must conclude the proof tests and forward to Deban the declaration of fitness to operate in the SPI production environment, according to the model presented in the Roadmap, within 5 (five) months. (Amended, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

§ 1. The deadline referred to in the caput may be extended only once, before its expiration, for 2 (two) months, upon request by the applicant, according to the model presented in the Roadmap.

§ 2. Failure to comply with the deadline referred to in this article implies loss of validity of the request and closure of the process.

§ 3. The extension of the deadline referred to in § 1 will be automatic, if the extension of the deadline to conclude the homologation stage of the Pix arrangement adherence process is granted, according to Decem's regulations. (Added, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

§ 4. The closure of the Pix arrangement adherence process implies closure of the process for requesting direct participation in the SPI and opening of the PI Account. (Added, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

Art. 8. Before executing the proof tests, the applicant must request its connection to the National Financial System Network (RSFN) according to current regulations.

Art. 9. Successful completion of the proof tests and approval of the applicant's adherence to the Pix arrangement are necessary conditions for including the applicant in the SPI Production environment.

Art. 10. The applicant must keep the complete documentation of the execution of the proof tests for potential analysis by the Central Bank of Brazil for a period of 5 (five) years.

Art. 11. Deban may, at its sole discretion, determine the repetition of the tests referred to in Art. 6.

Art. 11-A. The applicant must ensure the registration of the director or executive officer responsible for SPI-related matters in the Information System on Entities of Interest of the Central Bank (Unicad), in compliance with current regulations. (Added, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

Art. 10. After completing the tests, the applicant must forward to Deban the declaration of fitness to operate in the SPI production environment, according to the model presented in the Roadmap.

Art. 12. (Revoked, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

Section III
Opening of the PI Account and Start of Operations

Art. 13. From the notification of approval in the proof tests issued by Deban, the applicant has 3 (three) months to start operations.

Sole paragraph. Failure to comply with the deadline referred to in the caput implies loss of validity of the request and closure of the process.

Art. 14. The applicant must ensure the registration of the director or executive officer responsible for SPI-related matters in the Information System on Entities of Interest of the Central Bank (Unicad), in compliance with current regulations.

Art. 14. (Revoked, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

Art. 15. The applicant must inform Deban, at least 3 (three) business days in advance, of the scheduled date for the start of operations in the SPI production environment.

Art. 15. Upon receipt of the notification referred to in Art. 13 of this Normative Instruction, the applicant must inform Decem, at least 3 (three) business days in advance, of the scheduled date and time for the start of operations in the SPI production environment. (Amended, effective 3/1/2023, by Normative Instruction BCB No. 350, of 2/15/2023.)

§ 1. The applicant must, by the business day prior to the scheduled date for the start of operations in the SPI production environment:

I - send the digital certificates, according to the specifications contained in the “SFN Network Manual”, “Communication Interfaces Manual”, “SFN Security Manual”, and “Pix Security Manual”, available on the Central Bank of Brazil's website; and

II - test connectivity (send a PIBR.001 message and successfully receive the SPI's PIBR.002).

II - test connectivity in the Primary Message Transmission Channel, as defined in the Communication Interfaces Manual (send a PIBR.001 message and successfully receive the SPI's PIBR.002). (Amended, effective 1/2/2024, by Normative Instruction BCB No. 439, of 12/15/2023.)

(Paragraph 1 added, effective 6/1/2023, by Normative Instruction BCB No. 382, of 5/16/2023.)

§ 2. Failure to comply with the deadline referred to in § 1 implies cancellation of the procedure to start operations in the SPI production environment and the need to inform of a new scheduled date and time for the start of operations. (Added, effective 6/1/2023, by Normative Instruction BCB No. 382, of 5/16/2023.)

Art. 16. Upon opening the PI Account, other participants will be notified of the applicant's registration in the SPI production environment through a message contained in the SFN Services Catalog.

Art. 17. The updated list of all SPI participants and their respective participation status can be consulted on the Central Bank of Brazil's website.

Section IV Procedures for Changing SPI Participation Modality from Indirect to Direct

(Section IV added, effective 6/1/2023, by Normative Instruction BCB No. 382, of 5/16/2023.)

Art. 17-A. The process for changing the applicant's SPI participation modality from indirect to direct is equivalent to the process for requesting direct participation in the SPI and opening of the PI Account.

§ 1. The request to change the modality must be formalized with Decem, according to procedures established by that department.

§ 2. The applicant must follow the other procedures established in Chapter I, Sections I to III, of this Normative Instruction.

Art. 17-B. In the process of changing the applicant to a direct participant in the SPI, the unlinking of the SPI liquidator from the indirect participant will be performed by Deban, without sending the REDA.031 message by the liquidator.

Section V
Procedures for Changing SPI Participation Modality from Direct to Indirect

(Section V added, effective 6/1/2023, by Normative Instruction BCB No. 382, of 5/16/2023.)

Art. 17-C. The process for changing the SPI participation modality from direct to indirect is equivalent to a process for closing the PI Account at the holder's request, maintaining participation in the Pix arrangement.

Art. 17-D. The applicant must request the closure of the PI Account to Deban through a letter signed by a legally authorized representative, at least 10 (ten) business days before the closure date.

Sole paragraph. In the letter referred to in the caput, the applicant must inform the intended date and time for the closure of the PI Account, as well as the intended date and time for the change to indirect participant in the SPI, noting that the date for the change must be at least 1 (one) business day after the closure of the PI Account.

Art. 17-E. The registration of the indirect participant in the SPI will be performed by sending the REDA.014 message by the liquidator after the completion of the change procedure referred to in the sole paragraph of Art. 17-D.

CHAPTER II
MAXIMUM TIME LIMITS FOR VALIDATION AND SETTLEMENT OF INSTANT PAYMENT ORDERS

Art. 18. The maximum time limit for validation, as provided in Art. 34, item III, of the SPI Regulation, attached to BCB Resolution No. 195, of March 3, 2022, is 34 (thirty-four) seconds.

Art. 19. The maximum time limit for settlement, as provided in Art. 42, caput, of the SPI Regulation, attached to BCB Resolution No. 195, of 2022, is 40 (forty) seconds.

Art. 19. The maximum time limit for settlement, as provided in Art. 42, caput, of the SPI Regulation, attached to BCB Resolution No. 195, of 2022, is: (Amended, effective 10/29/2023, by Normative Instruction BCB No. 370, of 4/10/2023.)

I - 40 (forty) seconds for orders posted in the Primary Message Transmission Channel, as defined in the Communication Interfaces Manual; and (Added, effective 10/29/2023, by Normative Instruction BCB No. 370, of 4/10/2023.)

II - 45 (forty-five) minutes for orders posted in the Secondary Message Transmission Channel, as defined in the Communication Interfaces Manual. (Added, effective 10/29/2023, by Normative Instruction BCB No. 370, of 4/10/2023.)

CHAPTER III
FINAL PROVISIONS

Art. 20. Orders, instructions, and information issued by Deban to the applicant via telephone are recorded and considered binding and valid for all purposes.

Art.
20-A The first telephone number for contact with those responsible for managing the PI Account owned by the institution, as provided in Art. 15, item II, of the Regulation attached to BCB Resolution No. 195, of March 3, 2022, may be shared by the Central Bank of Brazil with other direct participants in the SPI. (Added, effective 10/14/2024, by Normative Instruction BCB No. 529, of 10/4/2024.)

Art. 21. The following are revoked:

I - Circular Letter No. 3.325, of July 2, 2008;

II - Circular Letter No. 3.963, of July 26, 2019;

III - Normative Instruction No. 5, of August 19, 2020;

IV - Normative Instruction No. 17, of September 18, 2020;

V - Normative Instruction No. 47, of November 24, 2020; and

VI - Normative Instruction No. 48, of November 24, 2020.

Art. 22. This Normative Instruction BCB enters into force on April 1, 2022.

Rogério Antônio Lucca

NOTE

It is understood that the requirement to prepare a Regulatory Impact Analysis (AIR) does not apply to this Normative Instruction, as it aims to consolidate existing regulations without substantive changes, in accordance with the provisions of Art. 3, § 2, item VI, of Decree No. 10.411, of June 30, 2020.

Rogério Antonio Lucca
Head of the Department of Banking Operations and Payment Systems