Resolution BCB No. 195 — Approves the Regulation of the Instant Payment System (SPI) and the Instant Payment Account (Conta PI)

RESOLUTION BCB NO. 195, OF MARCH 3, 2022

Approves the
Regulation of the Instant Payment System (SPI) and the Instant Payment Account (Conta PI).

The Collegiate Board of the Central Bank of Brazil, in a session held on March 3, 2022, based on art. 10, item IV, of Law No. 4.595, of December 31, 1964, on art. 10 of Law No. 10.214, of March 27, 2001, on arts. 7, 9, 10, 14 and 15 of Law No. 12.865, of October 9, 2013, on Resolution No. 4.282, of November 4, 2013, and on arts. 8 and 12 of CMN Resolution No. 4.952, of September 30, 2021,

R E S O L V E:

Art. 1. The attached Regulation is approved, which disciplines the operation of the Instant Payment System (SPI) and the Instant Payment Account (Conta PI).

Sole paragraph. The SPI is the centralized infrastructure for real-time gross settlement of instant payments that result in fund transfers between its participants holding an Instant Payment Account (Conta PI) at the Central Bank of Brazil.

Art. 2. The Department of Banking Operations and Payment Systems (Deban) and the Department of Information Technology (Deinf), within the scope of their areas of expertise, are authorized to adopt the necessary measures for the execution of the provisions of this Resolution.

Art. 3. The following are revoked:

I - Circular No. 3.441, of March 2, 2009;

II - Circular No. 3.628, of February 19, 2013;

III - Circular No. 4.027, of June 12, 2020;

IV - Resolution BCB No. 22, of October 8, 2020;

V - Resolution BCB No. 40, of November 13, 2020;

VI - Resolution BCB No. 104, of June 8, 2021; and

VII - Resolution BCB No. 166, of November 23, 2021.

Art. 4. This Resolution enters into force on April 1, 2022.

Bruno Serra
Fernandes
Monetary Policy Director

ATTACHED REGULATION TO RESOLUTION BCB NO. 195, OF MARCH 3, 2022

Regulates the operation of the Instant Payment System (SPI) and the Instant Payment Account (Conta PI) at the Central Bank of Brazil.

CHAPTER I
SCOPE OF APPLICATION

Art. 1. The provisions of this Regulation apply to direct participants and indirect participants of the Instant Payment System (SPI).

CHAPTER II
DEFINITIONS

Art. 2. For the purposes of this Regulation, the expressions and terms listed are defined as follows:

I - Instant Payment System (SPI): centralized infrastructure for real-time gross settlement of transactions carried out within the scope of the instant payment arrangement that result in fund transfers between its participants holding an Instant Payment Account (Conta PI) at the Central Bank of Brazil;

II - instant payment: electronic transfer of funds, in which the transmission and availability of funds to the receiving user occur in real time and whose service is available for 24 (twenty-four) hours a day and on all days of the year;

III - credit order: order for transfer of funds whose issuer is the institution holding the account maintained at the Central Bank of Brazil from which the resources subject to the transfer originate;

IV - instant payment order: credit order issued by an SPI participant within the scope of the instant payment arrangement established by the Central Bank of Brazil (Pix arrangement);

V - return of instant payment: credit order issued by an SPI participant, based on a command or with prior and express authorization from the final receiving user of the original instant payment, and used exclusively to return an instant payment previously settled;

VI - Instant Payment Account (Conta PI): account held by a direct participant of the SPI, maintained at the Central Bank of Brazil for the purpose of fund transfers within the SPI;

VII - SPI direct participant: institution authorized to operate by the Central Bank of Brazil, the National Treasury Secretariat (STN) or clearinghouses and settlement and clearing service providers, authorized to participate in the SPI, holders of a Conta PI and with direct connection to the system;

VIII - SPI indirect participant: institution that offers an instant payment service without having a direct connection to the SPI nor a Conta PI, and whose participation occurs through a direct participant, responsible for registering the indirect participant in the SPI and acting as its settler in the SPI for instant payments;

IX - settler in the SPI: direct participant of the SPI that provides instant payment settlement service, in its Conta PI, to an indirect participant of the SPI, which may act as an issuing settler or as a receiving settler of instant payments;

X - issuing participant: direct participant that submits the credit order to the SPI for settlement;

XI - receiving participant: direct participant to whose Conta PI the credit order is directed;

XII - acceptance: process of verifying the compliance of the credit order, for settlement purposes, with the requirements previously established in the SPI Regulation;

XIII - direct connection to the SPI: capacity to send messages to the system and receive them from it, connecting to the National Financial System Network (RSFN) directly or through an Information Technology Service Provider (PSTI);

XIV - National Financial System Network (RSFN): data communication structure, whose purpose is to support the traffic of information within the scope of the National Financial System (SFN) for authorized services, in accordance with current regulation;

XV - Information Technology Service Provider (PSTI): entity authorized to provide data processing services, for the purpose of access to the RSFN, to institutions authorized to operate by the Central Bank of Brazil, in accordance with current regulation;

XVI - availability index: index that expresses the degree of availability of the SPI to participants, calculated through the following formula:

id = (hf / hp) x 100, where:

a) id = availability index;

b) hf = number of hours of actual operation of the SPI, over the last 3 (three) months; and c) hp = number of hours in which the SPI should have been open for use by participants, over the last 3 (three) months;

XVII - idempotency: principle according to which operations can be repeated numerous times always obtaining the same result;

XVIII - Coordinated Universal Time (UTC): international time standard defined by the International Telecommunication Union.

CHAPTER III
THE SYSTEM

Section I Purpose

Art. 3. The purpose of the SPI is to enable fund transfers from SPI direct participants, through Conta PIs.

Sole paragraph. The obligations related to credit orders, within the SPI, are settled in real time, operation by operation, and registered through entries in the Conta PIs, in accordance with Chapters V and VI.

Section II Management and Operation

Art. 4. The SPI is managed and operated by the Central Bank of Brazil, through the Department of Banking Operations and Payment Systems (Deban).

Art. 5. The Central Bank of Brazil, in its capacity as manager and operator of the SPI:

I - executes the credit orders received in the terms in which they are formulated by the direct participants of the system, provided that the requirements and procedures provided for in this Regulation and in the technical manuals related to it are observed;

II - observes the requirements, including security requirements, applicable to situations of receiving and issuing messages;

III - ensures the continuous operation of the SPI, observing what is provided in art. 8 and the minimum availability index of 99.90% (ninety-nine and ninety hundredths percent), calculated according to the methodology established in art. 2, item XVI; and

IV - provides participants, in the forms defined in this Regulation, as applicable, information on:

a) the operation of the SPI, regarding the inclusion, alteration and exclusion of participants and any operational notices of interest to participants; and

b) the credit orders issued by them and the other entries registered in their Conta PIs.

Section III Structure and Connection

Art. 6. The SPI is a technological system connected to the RSFN, with redundancy of physical facilities, processing structures and communication.

Art. 7. The connection of direct participants to the SPI is made through the RSFN.

§ 1. SPI direct participants connect to the RSFN through the contracting of circuits from independent telecommunications operators that provide the network or, alternatively, through PSTIs authorized by the Central Bank of Brazil.

§ 2. The connection between an indirect participant and its settler in the SPI, for the purpose of settling instant payment orders, is contractually defined between them, observing the applicable legal and regulatory norms.

Art. 7-A. The Central Bank of Brazil makes available to SPI direct participants the SPI module of SPB-Web for consulting information and registering commands regarding operational parameters in the SPI and the management of the Conta PI under their ownership. (Included, effective from 12/01/2025, by Resolution BCB No. 524, of 11/18/2025.)

§ 1. The use of the SPI module of SPB-Web may only be carried out by an operator specially accredited by the institution for this purpose. (Included, effective from 12/01/2025, by Resolution BCB No. 524, of 11/18/2025.)

§ 2. The security requirements and the manner of use of the SPI module of SPB-Web are described in the Manual of the SPI module of SPB-Web, available on the website of the Central Bank of Brazil. (Included, effective from 12/01/2025, by Resolution BCB No. 524, of 11/18/2025.)

Section IV Days and Operating Hours

Art. 8. The SPI is available to participants, for the settlement of credit orders, 24 (twenty-four) hours a day and on all days of the year.

Sole paragraph. The Central Bank of Brazil may determine a different time than that provided in the main text for other functionalities of the system that do not involve fund transfers.

Art. 9. When extraordinary facts so justify, the Central Bank of Brazil may, effective for a specific period, determine the temporary suspension of services provided by the SPI, communicating the decision to participants in a timely manner.

Art. 10. The time observed by the equipment of the Central Bank of Brazil prevails, within the SPI, over any other possibly registered by direct and indirect participants for all purposes.

Sole paragraph. The times reported by the SPI and its participants follow the UTC format, unless otherwise provided by the Central Bank of Brazil.

Section V Monitoring of the SPI

Art. 11. The monitoring of the SPI is carried out by the Central Bank of Brazil, through Deban and the Department of Information Technology (Deinf).

Sole paragraph. The Central Bank of Brazil monitors the SPI, in uninterrupted shifts, 24 (twenty-four) hours a day and on all days of the year.

Art. 12. The determinations and instructions of the Central Bank of Brazil to direct participants, due to the monitoring referred to in art. 11, are considered valid and effective for all purposes regardless of the means by which they are transmitted, which may be the following:

I - recorded telephone communication;

II - message contained in the SFN Services Catalog;

III - institutional e-mail of the Central Bank of Brazil; or

IV - Electronic Mail System of the Central Bank (BC Correio).

CHAPTER IV
PARTICIPANTS

Section I Participation

Art. 13. Participation in the SPI is:

I - mandatory, for participants of the Pix arrangement, in accordance with the arrangement's regulation, for the purpose of settling instant payments; and

II - optional:

a) for clearinghouses and settlement and clearing service providers, with the sole purpose of settling private operations of liquidity provision within the SPI carried out between their participants; and

b) for the National Treasury Secretariat (STN), with the exclusive purpose of carrying out collections and payments related to its typical activities.

Art. 14. The SPI admits 2 (two) modalities of participation:

I - direct, characterized by the ownership of a Conta PI and direct connection of the participating institution to the SPI; and

II - indirect, in which the participating institution does not have a Conta PI and its participation occurs through a direct participant of the SPI, responsible for registering the indirect participant in the SPI and acting as its settler in the SPI for instant payments.

§ 1. Participation in the indirect modality is prohibited to commercial banks, multiple banks with commercial portfolios, savings banks, clearinghouses and settlement and clearing service providers and the STN.

§ 2. Participation in the direct modality is prohibited to payment institutions that do not have authorization to operate granted by the Central Bank of Brazil.

§ 3. It is prohibited to the STN and to clearinghouses and settlement and clearing service providers to act as settler in the SPI for indirect participants.

§ 4. Each indirect participant must be associated with a single direct participant settler in the SPI, and the association may be altered in accordance with art. 16, §§ 5 to 10.

Section II Representation

Art. 15. Each direct participant of the SPI must register and keep updated the following information:

I - 1 (one) statutory director or holder of an equivalent administrative position, who, according to the bylaws or articles of association, is responsible for compliance with the norms related to the SPI and the Conta PI or, in the case of the STN, 1 (one) competent public agent;

II - from 1 (one) to 3 (three) telephone numbers for contact with those responsible for the management of the Conta PI under the institution's ownership, for bilateral communications related to irregularities or operational emergencies;

III - 1 (one) institutional e-mail address for receiving SPI bulletins; and

IV - 1 (one) keyword to be used to verify the authenticity of the contacts referred to in item II.

§ 1. The registration referred to in the main text must be carried out by the direct participant through a specific message of the SFN Services Catalog, filling in the information requested in the message according to the formats defined therein.

§ 2. The sending of a new registration message, in the manner described in § 1, may be done at any time and completely replaces the previously registered information.

§ 3. The director or holder of an equivalent administrative position referred to in item I of the main text must be registered in the Information System on Entities of Interest of the Central Bank (Unicad).

§ 4. The contact telephones referred to in item II must be available for communication 24 (twenty-four) hours a day and on all days of the year.

§ 5. It is the sole responsibility of the direct participant for the accuracy of the information provided, as well as for the maintenance and timely updating of the registration of its responsible parties.

Section III Rights of Participants

Art. 16. Observing the procedures provided for in this Regulation and in the norms governing the RSFN, the rights of the SPI direct participant are:

I - to issue and receive instant payments:

a) for the benefit of its clients or clients of indirect participants for whom it acts as settler in the SPI;

b) for the benefit of agencies, funds or similar entities linked to public administration whose account or sub-account is operated by it;

c) related to its own obligations and rights, provided that the other party to the transaction is not another payment institution or another financial institution; and

d) related to the typical activities of the STN;

II - to receive timely information on:

a) the processing of the credit orders issued by it;

b) the credit orders directed to it;

c) relevant events related to the management of the Conta PI under its ownership or to the operation of the SPI by the Central Bank of Brazil; and

d) the inclusion, alteration or exclusion of direct and indirect participants;

III - to receive, upon prior request, information on:

a) the balance of the Conta PI under its ownership, which may refer to the moment of the last update of this information by the SPI or, alternatively, to the moment of the last update of the balance on a previous date, as specified in the request;

b) the details of a specific entry in its Conta PI; and

c) the list of entries in its Conta PI in the maximum interval of 24 (twenty-four) hours;

IV - to register indirect participants for whom it acts as settler in the SPI;

V - to terminate the provision of settlement service to indirect participants registered by it, in which situation the indirect participant ceases to participate in the SPI until it is registered by a new direct participant that acts as its settler in the SPI.

§ 1. The orders, information and records submitted to the SPI, or provided by it, will travel on the RSFN, through specific messages defined in the SFN Services Catalog.

§ 1-A. Without prejudice to the provisions of § 1, the SPI direct participant may, through access to the SPI module of SPB-Web, referred to in art. 7-A of this regulation: (Included, effective from 12/01/2025, by Resolution BCB No. 524, of 11/18/2025.)

I - obtain information on the current balance of the Conta PI under its ownership, referring to the moment of the last update of this information by the SPI; and (Included, effective from 12/01/2025, by Resolution BCB No. 524, of 11/18/2025.)

I - obtain information on the current balance of the Conta PI under its ownership, referring to the moment of the last update of this information by the SPI; (Wording given, effective from 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

II - submit commands regarding operational parameters in the SPI and the management of its Conta PI. (Included, effective from 12/01/2025, by Resolution BCB No. 524, of 11/18/2025.)

II - submit commands regarding operational parameters in the SPI and the management of its Conta PI; and (Wording given, effective from 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

III - request and obtain the list of entries in its Conta PI. (Included, effective from 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

§ 2. The balance referred to in item “a” of item III of the main text will discriminate the following information:

I - blocked portion: sum of the amounts of credit orders being processed by the SPI, for which the blocking referred to in art. 36 occurred, but which have not yet been settled or rejected in accordance with arts. 37, 38 and 42; and

II - available portion: total balance maintained in the Conta PI minus the blocked portion referred to in item I.

§ 3. The entries referred to in items “b” and “c” of item III of the main text encompass instant payments in which the participant appeared as issuer, including those settled and those rejected by business rules, as well as those in which the participant appeared as receiver, in addition to the entries registered in its Conta PI resulting from the liquidity provision operations referred to in Chapter VII.

§ 4. The information referred to in item III of the main text will be available for consultation for a maximum period of 5 (five) years.

§ 5. Upon effecting the registration request sent by the direct participant, referred to in item IV of the main text, the SPI registers the indirect participant in the system and links its Identifier Code in the Brazilian Payment System (ISPB) to the ISPB of the settler in the SPI.

§ 6. In the situation described in § 5, if another direct participant attempts to register an indirect participant that is already linked to a settler in the SPI, the system will identify the duplication and suspend the new registration request until the previous settler in the SPI terminates the relationship.

§ 7. While the new registration request remains suspended, the indirect participant will continue to be linked to the previous settler in the SPI.

§ 8. The suspended registration will expire within a period of 24 (twenty-four) hours, if the relationship is not terminated by the previous settler in the SPI, in which situation the indirect participant will continue to be linked to this settler.

§ 9. In the case of § 8, the settler in the SPI must promptly inform the Central Bank of Brazil of the reasons that led it not to terminate its relationship with the indirect participant.

§ 10. The provisions of § 6 do not apply to cases where the current direct participant has access to the Conta PI suspended, in accordance with Section V of Chapter V, or has the Conta PI terminated, in accordance with Section VI of Chapter V, situations in which the new registration request will be immediately effected.

Section IV Duties of Participants

Art. 17. Direct and indirect participants of the SPI have the duty to:

I - observe the provisions of this Regulation, insofar as they apply to them;

II - ensure the security and confidentiality of the credit orders issued and received, ensuring that only persons authorized by them have access to the equipment and systems responsible for issuing, receiving and storing related information, adopting for this purpose the necessary control and security procedures;

III - refuse, in the case provided for in art. 16, item I, item “a”, the receipt of an instant payment order, before its settlement, in cases where the beneficiary is not its client, has restrictions on receiving or, in the case of return of instant payment, the information is incompatible with the original instant payment subject to the return;

IV - prepare its systems to observe the principle of idempotency, defined in art. 2, item XVII, in relation to messages and operations submitted to the SPI, or provided by it, so that they treat any duplicate requests by repeating the previous response; and

IV - prepare its systems to observe the principle of idempotency, defined in art. 2, caput, item XVII, with respect to messages and operations submitted to the SPI, or provided by it, so that they handle any duplicate requests by repeating the previous response; (Amended, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

V - observe the other regulations and technical standards issued by the Central Bank of Brazil, to the extent applicable.

V - observe the other regulations and technical standards issued by the Central Bank of Brazil, to the extent applicable; and (Amended, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

VI - permanently maintain systems capable of processing, according to the maximum times established in the Pix Times Manual, credit orders issued and received by its clients. (Included, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

Art. 18. The direct participant of the SPI must also:

I - inform the Central Bank of Brazil, immediately, of any irregularity observed by it in the functioning of the SPI;

II - remain connected to the SPI, in conditions to issue and receive instant payment orders, 24 (twenty-four) hours a day and on all days of the year;

III - promote the adequate management of its PI Account, maintaining financial resources necessary to support the settlement of credit orders, including those of indirect participants for whom it acts as a clearing agent, 24 (twenty-four) hours a day and on all days of the year;

III - promote the adequate management of its PI Account, twenty-four hours a day and on all days of the year, adopting, at a minimum, the following measures: (Amended, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

a) the maintenance of financial resources necessary to support the settlement of credit orders, including those of indirect participants for whom it acts as a clearing agent; (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

b) the adoption of its own mechanisms to identify, in real time and based on historical and behavioral patterns, atypical or potentially fraudulent movements in its PI Account, evaluating deviations from expected parameters and interrupting the processing of transactions in case of suspicion of compromise of its systems; (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

c) the monitoring of communications regarding atypical movements and reaching of minimum balance in the PI Account issued by the Central Bank of Brazil; and (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

c) the monitoring of communications regarding atypical movements, reaching of minimum balance, reaching of minimum operational balance, and automatic blocking of the PI Account issued by the Central Bank of Brazil; and (Amended, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

d) without prejudice to the actions it adopts in its own computing environment, the timely activation, in the SPI module of SPB-Web, referred to in art. 7-A of this regulation, of the manual blocking or manual unblocking of the issuance of instant payment orders from its PI Account, as applicable, when the evaluation of the scenario made by the institution justifies it; (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

IV - pay timely the fees due by it in the form of Chapter VIII;

V - maintain, through those responsible for the management of the PI Account, referred to in art. 15, the SPI monitoring team at the Central Bank of Brazil constantly informed about:

a) occurrences that directly or indirectly affect its financial or operational capacity to settle operations in the SPI;

b) any relevant fact of which it has knowledge with the potential to affect the normal functioning of the SPI; and

c) whenever requested, for the purpose of managing risks to the regular functioning of the SPI, its operational activities or related to its cash flow, including those related to the provision of liquidity for the PI Account;

VI - if clearing agent in the SPI:

a) be responsible for certifying the technological and operational capacity of the indirect participants for whom it provides instant payment clearing services;

b) adopt measures necessary to ensure that the indirect participants for whom it provides instant payment clearing services act in observance of the provisions of this Regulation;

c) confirm the termination of the relationship with the indirect participant or inform the Central Bank of Brazil of the reasons that led to the non-confirmation within the deadline and conditions provided for in art. 16, §§ 6th to 9th; and

d) terminate the relationship with the indirect participant in case of its suspension or exclusion from the Pix arrangement.

VII - configure, in the SPI module of SPB-Web, referred to in art. 7-A of this regulation: (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

a) the minimum balance value in its PI Account, for the purpose of sending communication of reaching minimum balance; and (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

a) the minimum balance value in its PI Account, for the purpose of sending communication of reaching minimum balance; (Amended, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

b) the intensity level for the issuance of communications regarding atypical movements in the PI Account by the Central Bank of Brazil. (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

b) the intensity level for the issuance of communications regarding atypical movements in the PI Account by the Central Bank of Brazil; (Amended, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

c) the minimum operational balance limit of the PI Account, for the purpose of verifying the available balance in the PI Account and the automatic blocking of the PI Account, referred to, respectively, in arts. 36 and 26-A of this Regulation; and (Included, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

d) the activation or deactivation of the option for automatic blocking of the PI Account, referred to in art. 26-A of this Regulation. (Included, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

§ 1st The sending by the clearing agent in the SPI of a message registering the indirect participant, referred to in art. 16, item IV, constitutes the certification of the technological and operational capacity of the indirect participant, referred to in item VI, subsection “a”, of the caput.

§ 2nd The participants of the SPI are responsible for the accuracy of the data reported in the commands and orders issued by them to the system.

§ 3rd The information provided by the direct participants of the SPI within the scope of the monitoring carried out by the Central Bank of Brazil, by any of the communication means referred to in art. 12, shall be considered valid and effective for all purposes.

§ 4th From the blocking referred to in item III, subsection “d”, of the caput, instant payment orders submitted by the participant to the SPI and not yet settled will be rejected by the system. (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

§ 4th From the manual blocking or automatic blocking referred to in item III, subsection “d”, of the caput and art. 26-A, instant payment orders submitted by the participant to the SPI and not yet settled will be rejected by the system. (Amended, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

§ 5th The blocking referred to in item III, subsection “d”, of the caput, does not inhibit: (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

§ 5th The manual blocking or automatic blocking referred to in item III, subsection “d”, of the caput and art. 26-A does not inhibit: (Amended, effective 3/30/2026, by Resolution BCB No. 554, of 3/24/2026.)

I - the receipt of payments intended to credit the participant's PI Account; (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

II - the financial movements related to the mechanisms for providing liquidity in the PI Account, provided for in art. 44, caput, items I to III, of this regulation; and (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

III - the inquiries to the balances and postings of the PI Account. (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

§ 6th The manual unblocking command performed by the participant in the SPI module of SPB-Web, referred to in item III, subsection “d”, of the caput, does not produce effects on the PI Account of a participant affected by the suspensions provided for in arts. 25, 26, and 27 of this regulation. (Included, effective 12/1/2025, by Resolution BCB No. 524, of 11/18/2025.)

CHAPTER V
OF THE INSTANT PAYMENT ACCOUNT

Section I
Purpose

Art. 19. The PI Account is intended for the recording, in national currency:

I - of the balance maintained at the Central Bank of Brazil for the purpose of settling operations within the scope of the SPI;

II - of the fund transfers corresponding to the settlement of instant payment orders submitted for processing by the SPI, in the terms of art. 3rd; and

III - of the fund transfers corresponding to the settlement of the liquidity provision mechanisms for the PI Account referred to in arts. 44 and 45.

Section II
Ownership

Art. 20. The following may be holders of a PI Account:

I - institutions authorized to operate by the Central Bank of Brazil that participate in the SPI in the direct mode, in the terms of arts. 13 and 14;

II - clearinghouses and payment service providers authorized by the Central Bank of Brazil to provide private liquidity intermediation services, in the terms of arts. 13 and 14; and

III - the STN, in the case where it opts to participate in the SPI, in the terms of arts. 13 and 14.

Sole paragraph. Only 1 (one) PI Account per SPI participant is admitted.

Section III
Opening

Art. 21. The opening of the PI Account is authorized by the Central Bank of Brazil, observing the procedures established by Deban, and is subject to proof, including through tests carried out in the form of current regulation, of the technological and operational capacity of the applicant to access the SPI.

§ 1st The request must be signed by a statutory director or by an occupant of an equivalent administrative position of the requesting institution.

§ 2nd The request to open the PI Account by the STN must be signed by the competent public agent.

§ 3rd The PI Account will be opened on the date and time agreed with the Central Bank of Brazil, through Deban.

Section IV
Movements and Remuneration

Art. 22. Movements in the PI Account promote changes in the balances of the accounts involved, for all purposes, exclusively at the moment when the settlement is performed.

§ 1st The PI Account must always present a balance greater than or equal to 0 (zero).

§ 2nd The debit movement of the PI Account is commanded exclusively by the account holder.

Art. 23. The portion of the daily balance of the PI Account, up to the limit defined in art. 24 of this Regulation, recorded in the closing of the regular operating schedule of participants in the Reserve Transfer System (STR), before the start of the additional window for contributions to the PI Account, referred to in the regulation of that system, will receive remuneration calculated based on the Selic Rate, by using the following formula:

R = S x [(1 + Selic)^(1/252) – 1], where:

I - R = remuneration to be credited, expressed with 2 (two) decimal places, with mathematical rounding;

II - S = balance subject to remuneration; and

III - Selic = annual Selic Rate, in unit format, expressed with 4 (four) decimal places, referring to the date of the balance to be remunerated.

§ 1st The remuneration referred to in the caput is credited to the PI Account on the next business day until 16:30 (sixteen hours and thirty minutes).

§ 2nd The partial results of multiplication, division, and exponentiation used in the algebraic expression for the calculation of remuneration must contain 8 (eight) decimal places, with mathematical rounding.

§ 3rd The remuneration referred to in the caput applies exclusively to the balance of the PI Account held by institutions authorized to operate by the Central Bank of Brazil, referred to in art. 20, item I, of this Regulation.

Art. 23. (Revoked by Resolution BCB No. 213, of 3/30/2022.)

Art. 23-A. The portion of the daily balance of the PI Account, up to the limit defined in art. 24-A of this Regulation, recorded in the closing of the regular operating schedule of participants in the Reserve Transfer System (STR), before the start of the additional window for contributions to the PI Account, referred to in the regulation of that system, will receive remuneration calculated based on the Selic Rate, by using the following formula: (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

R = S x [(1 + Selic)^(1/252) – 1], where: (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

I - R = remuneration to be credited, expressed with 2 (two) decimal places, with mathematical rounding; (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

II - S = balance subject to remuneration; and (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

III - Selic = annual Selic Rate, in unit format, expressed with 4 (four) decimal places, referring to the date of the balance to be remunerated. (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

§ 1st The remuneration referred to in the caput is credited to the PI Account on the next business day until 16:30 (sixteen hours and thirty minutes). (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

§ 2nd The partial results of multiplication, division, and exponentiation used in the algebraic expression for the calculation of remuneration must contain 8 (eight) decimal places, with mathematical rounding. (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

§ 3rd The remuneration referred to in the caput applies exclusively to the balance of the PI Account held by institutions authorized to operate by the Central Bank of Brazil, referred to in art. 20, item I, of this Regulation. (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

Art.
24. The portion of the daily balance of the PI Account subject to the remuneration referred to in art. 23 is limited to the higher value between R$250,000,000.00 (two hundred and fifty million reais) and:

I - the value equivalent to 25% (twenty-five percent) of the liquid resources corresponding to the balances of electronic currencies maintained in payment accounts allocated at the Central Bank of Brazil to comply with the application requirement referred to in art. 22 of Resolution BCB No. 80, of March 25, 2021; or

II - the value assessed in the terms of item I added to 10% (ten percent) of the daily arithmetic mean of the Value Subject to Collection (VSR), calculated in the calculation period relative to the movement period containing the date of the balance, in the case of a participant subject to collection, according to current regulation on the rules of mandatory collection on sight resources.

§ 1st The value of the average VSR used in the calculation of item II considers the information from statements provided by institutions until the closing of the regular operating schedule in the STR, on the date of the position of the portion of the balance to be remunerated.

§ 2nd Subsequent changes to the data defined in § 1st regarding daily data for the calculation period for the assessment of VSR are not considered for the purpose of assessing the limit referred to in this article and do not generate adjustment postings on calculated and paid remuneration.

Art. 24. (Revoked by Resolution BCB No. 213, of 3/30/2022.)

Art. 24-A. The portion of the daily balance of the PI Account subject to the remuneration referred to in art. 23-A is limited to the higher value between R$250,000,000.00 (two hundred and fifty million reais) and:(Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

Art. 24-A. The portion of the balance existing in the PI Account subject to remuneration, referred to in art. 23-A, is limited to whichever is greater: (Amended, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

I - the value equivalent to 25% (twenty-five percent) of the liquid resources corresponding to the balances of electronic currencies maintained in payment accounts allocated at the Central Bank of Brazil to comply with the application requirement referred to in art. 22 of Resolution BCB No. 80, of March 25, 2021; or (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

I - R$600,000,000.00 (six hundred million reais), existing in the PI Account; or (Amended, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

II - the value assessed in the terms of item I added to 10% (ten percent) of the daily arithmetic mean of the Value Subject to Collection (VSR), calculated in the calculation period relative to the movement period containing the date of the balance, in the case of a participant subject to collection, according to current regulation on the rules of mandatory collection on sight resources. (Included, effective 8/15/2022, by Resolution BCB No. 235, of 7/27/2022.)

II - the sum, in reais, of the following values: (Amended, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

a) 50% (fifty percent) of the liquid resources corresponding to the balances of electronic currencies allocated at the Central Bank of Brazil, in cash and in federal public bonds, to comply with the application requirement referred to in art. 22 of Resolution BCB No. 80, of March 25, 2021; and (Included, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

b) 20% (twenty percent) of the daily arithmetic mean of the Value Subject to Collection – VSR, calculated in the calculation period relative to the movement period containing the date of the balance, in the case of a participant subject to collection, according to current regulation on the rules of mandatory collection on sight resources. (Included, effective 10/7/2024, by Resolution BCB No. 412, of 9/19/2024.)

§ 1º The value of the average VSR used in the calculation of item II considers the information from statements provided by institutions until the closing of the regular operations grid in the STR, on the date of the position of the portion of the balance to be remunerated. (Amended, effective from 7/10/2024, by Resolution BCB No. 412, of 19/9/2024.)

§ 2º Subsequent changes to the daily data relative to the calculation period for determining the VSR, after the moment defined in § 1º, are not considered for the purposes of determining the limit referred to in this article and do not generate adjustment entries on remunerations calculated and paid. (Included, effective from 15/8/2022, by Resolution BCB No. 235, of 27/7/2022.)

Section V - Suspension

Art. 25. The Central Bank of Brazil may, at any time, suspend access to the PI Account whose holder is, even through an indirect participant:

I - operating in disagreement with the regulations governing the SPI; or

II - putting at risk the reliability and regular functioning of the SPI, the Brazilian Payments System (SPB), or its participants.

§ 1º The suspension of access to the PI Account implies the immediate blocking of the holder's access to the SPI, regardless of prior notification or manifestation, including for the purposes of issuing and receiving credit orders.

§ 2º Indirect participants who use the suspended PI Account will be unable to send and receive instant payment orders while the suspension of access to the PI Account lasts or until they are registered by a new direct participant acting as their clearing agent in the SPI.

§ 3º At its discretionary evaluation of the circumstances that led to the suspension of access to the PI Account, the Central Bank of Brazil may release the receipt of credit orders addressed to the holder of the suspended PI Account.

§ 4º After the suspension referred to in the caput is effected, the Central Bank of Brazil will institute an administrative process, in which due process and full defense are guaranteed, aiming at the reactivation of access to the PI Account, if it is possible to regularize the situation that led to the suspension, or at the closure of the PI Account, in accordance with item II of Art. 28.

§ 5º The suspension of access to the PI Account will maintain its effectiveness until a final decision is issued by the Central Bank of Brazil in the corresponding administrative process.

Art. 26. The Central Bank of Brazil will suspend the access of the direct participant of the SPI for the purposes of settling instant payment orders in the event of its suspension within the Pix arrangement.

Art. 26-A. The Central Bank of Brazil may temporarily interrupt the access of the direct participant of the SPI for the purposes of settling instant payment orders, through automatic blocking of the PI Account, when cumulatively: (Included, effective from 30/3/2026, by Resolution BCB No. 554, of 24/3/2026.)

I - the rejection of an order occurs, the processing of which would imply a reduction of the PI Account balance to a value lower than the minimum operational balance limit configured by the participant, in accordance with Art. 18, caput, item VII, item "c"; and (Included, effective from 30/3/2026, by Resolution BCB No. 554, of 24/3/2026.)

II - the option for automatic blocking of the PI Account, configured by the participant in accordance with Art. 18, caput, item VII, item "d", is activated. (Included, effective from 30/3/2026, by Resolution BCB No. 554, of 24/3/2026.)

Sole Paragraph. The blocking of the PI Account, referred to in the caput, will maintain its effectiveness until the participant commands the manual unblocking of its PI Account in the SPI module of the SPB-Web, made available by the Central Bank of Brazil, in accordance with Art. 18, caput, item III, item "d", of these Regulations. (Included, effective from 30/3/2026, by Resolution BCB No. 554, of 24/3/2026.)

Art. 27. The decree of intervention or the regime of temporary special administration, referred to respectively in Law No. 6.024, of March 13, 1974, and Decree-Law No. 2.321, of February 25, 1987, suspends access to the PI Account owned by the institution covered by the corresponding act.

Sole Paragraph. The suspension indicated in the caput will maintain its effectiveness until the receiver or the board of directors, as the case may be, informs the Central Bank of Brazil, in the capacity of manager of the SPI, that the institution is able to use, safely, the technological system for access to the PI Account.

Section VI - Closure

Art. 28. PI Accounts will be closed:

I - in the occurrence of ordinary liquidation, extrajudicial liquidation, civil insolvency, bankruptcy, cancellation of the authorization for operation of the holder, or, whenever applicable, change of social object of its holder to an activity incompatible with its participation in the SPI;

II - in the event that the holder is putting at risk the reliability and regular functioning of the SPI, the SPB, or its participants;

III - at the request of the holder of the PI Account, through correspondence signed by a representative statutorily authorized, with a minimum advance notice of 10 (ten) business days from the date for closure; and

IV - in the event of closure of participation in the Pix arrangement, in accordance with the regulation in force.

§ 1º The Central Bank of Brazil, prior to the closure referred to in item II of the caput, must institute an administrative process, in which due process and full defense are guaranteed.

§ 2º In the situations referred to in items II and III, if participation in the Pix arrangement is maintained, the institution must be able to participate in the SPI in the indirect modality.

Art. 29. The effective closure of the PI Account occurs:

I - on the date of publication of the act authorizing the closure by the Central Bank of Brazil, in the cases of ordinary liquidation, cancellation of operation authorization, and change of social object to an activity incompatible with its participation in the SPI, at a time established by the Central Bank of Brazil;

II - on the date of closure of participation in the Pix arrangement, at a time established by the Central Bank of Brazil, in the situation referred to in Art. 28, item IV;

III - on the date of publication of the corresponding act of decree by the Central Bank of Brazil, in the case of extrajudicial liquidation;

IV - on the date of notification to the Central Bank of Brazil of the decree of civil insolvency or bankruptcy by the competent judicial authority;

V - on the date of publication of the decision to close the PI Account referred to in Art. 28, item II; or

VI - on the date and time agreed with the Central Bank of Brazil, in the situation referred to in Art. 28, item III.

Sole Paragraph. Once the account is closed, any remaining resources will be transferred to the bank checking account indicated for this purpose by the participating institution.

Art. 30. The closure of the PI Account held by the direct participant implies its immediate exclusion from the SPI, except for the possibility of indirect participation, in accordance with § 2º of Art. 28.

Sole Paragraph. Indirect participants who used the closed PI Account cease to participate in the SPI until they are registered by a new direct participant acting as their clearing agent in the SPI.

CHAPTER VI
OF CREDIT ORDERS

Section I - Type and Value

Art. 31. Credit orders are settled by the SPI, exclusively.

Art. 32. In the SPI, credit orders of any value may be issued.

Section II - Issuance

Art. 33. The credit order must always be issued:

I - in national currency;

II - for immediate settlement; and

III - involving transfer between PI Accounts of different direct participants in the case of an instant payment order.

Art. 34. In the issuance of credit orders, direct participants of the SPI must always observe:

I - the procedures provided for in the SFN Network Manual, the SFN Security Manual, and the Communication Interfaces Manual;

II - the formats, standards, and specifications contained in the SFN Services Catalog; and

III - the maximum time limit for validation, reported by the issuer of the instant payment order, referring to the difference between the time of sending the order to the SPI and the time of receipt of the payer user's request, for orders defined as priority, in accordance with the SFN Services Catalog.

Sole Paragraph. Credit orders issued in disagreement with the provisions of this article will be rejected by the SPI.

Art. 35. The successful send code informed by the SPI communication interface confirms the system's receipt of the message containing the order and indicates that the message was recorded in the SPI and will be processed.

§ 1º In addition to the code referred to in the caput, the communication interface informs a message storage protocol in the SPI, which uniquely identifies the message received by the system.

§ 2º The processing of the message referred to in the caput is conditioned on the observance of other regulatory provisions.

Section III - Prior Fund Blocking

Art. 36. Upon processing the received instant payment order, the SPI will block the corresponding amount in the PI Account of the issuing participant.

§ 1º The blocking referred to in the caput is conditioned on the existence of available balance of resources in the PI Account of the issuing participant and aims to ensure the existence of funds necessary to settle the instant payment order.

§ 2º The acceptance of the instant payment order by the SPI occurs at the moment when the resources are blocked in the PI Account of the issuing participant.

§ 3º The verification of the sufficiency of available balance in the PI Account of the issuing participant may not observe the chronology of the receipt of instant payment orders.

§ 4º The insufficiency of available balance in the PI Account of the issuing participant or the reaching of the minimum operational balance limit of the PI Account configured by the participant, at the moment of the blocking referred to in the caput, implies immediate and definitive rejection of the order. (Amended, effective from 30/3/2026, by Resolution BCB No. 554, of 24/3/2026.)

Section IV - Confirmation of Receiving Capacity

Art. 37. Prior to the settlement of the instant payment order, the SPI forwards the order to the receiving participant so that the direct or indirect participant who holds the account of the end user receiving the instant payment order verifies the user and account data and confirms to the SPI the capacity to receive the order.

Sole Paragraph. The time necessary for the confirmation referred to in the caput is included in the maximum time limit referred to in Art. 42.

Section V - Settlement

Art. 38. Instant payment orders that have not expired and have confirmation of receiving capacity in accordance with Art. 37 will be submitted to immediate settlement.

Sole Paragraph. The effective settlement in the PI Account of the issuing participant may not observe the chronology of the receipt of orders.

Art. 39. The settlement of an instant payment order affects the amount previously blocked in the PI Account of the issuing participant, referred to in Art. 36.

Art. 40. Once carried out, the settlement of the credit order is irrevocable and unconditional.

§ 1º The credit order is considered settled at the moment when the balances of the PI Accounts involved are altered in the records at the Central Bank of Brazil.

§ 2º The moment referred to in § 1º is recorded by the SPI in observance of the UTC time zone.

Art. 41. The credit order issued in observance of the regulation and sent to the SPI is presumed always legitimate and is submitted to settlement in accordance with these Regulations.

Art. 42. The maximum time limit for settlement of an instant payment order in the SPI, counted from the receipt of the instant payment order by the SPI, in accordance with Art. 35, and until the moment of its effective settlement by the system, referred to in Art. 40, § 1º, conditions its settlement and its reaching implies immediate rejection of that order by the SPI.

§ 1º From the time referred to in the caput, the time for validation effectively used by the issuer of the instant payment order, referred to in Art. 34, item III, is deducted, for instant payment orders defined as priority, in accordance with the SFN Services Catalog.

§ 2º From the definition of the maximum time limits regarding Pix transactions, as provided in the Pix arrangement regulation, the following maximum time limits, referring to orders processed in the SPI, will be defined by normative instruction issued by Deban:

I - the maximum time limit for validation, referred to in Art. 34, item III, with a view to avoiding the receipt of orders in the SPI with insufficient time for the settlement process;

II - the maximum time limit for settlement, referred to in the caput, with a view to ensuring that the time limits for Pix transactions are guaranteed and that the conditions for providing infrastructure services are fully met.

Art. 43. The date that the SPI considers for the purposes of its accounting corresponds to:

I - the current calendar date, if the settlement was effected on a day considered useful for the purposes of operations practiced in the financial market; or

II - the calendar date of the subsequent useful day, if the settlement was effected on a day considered non-useful for the purposes of operations practiced in the financial market.

Sole Paragraph. The date referred to in the caput has as reference the calendar of the Brasília time zone, being recorded by the SPI at the moment of the effective settlement of the order, in accordance with Art. 40, § 1º, and informed to the issuing participant and the receiving participant with each settlement.

CHAPTER VII
OF LIQUIDITY PROVISION

Art. 44. The following constitute mechanisms for liquidity provision in PI Accounts:

I - movements requested to the STR, regulated by Resolution BCB No. 105, of June 9, 2021, involving contributions and withdrawals between a PI Account and a Bank Reserves Account, a Settlement Account, or an Electronic Currency Correspondent Account, maintained at the Central Bank of Brazil, defined in own regulation;

II - movements requested to the STR by the STN, involving contributions and withdrawals between the PI Account of its ownership and the other subaccounts that compose the National Treasury Single Account;

III - a rediscount line, instituted and disciplined in own regulation, under the auspices of Resolution BCB No. 175, of December 15, 2021, exclusively granted to financial institutions that are direct participants of the SPI, requested through the Special Settlement and Custody System (Selic); and

IV - operations related to private liquidity provision mechanisms settled through clearing houses or clearing and settlement service providers authorized by the Central Bank of Brazil to provide the respective service to SPI participants.

§ 1º The movements related to the mechanisms for liquidity provision referred to in items I, II, and III are subject to the hours, rules, and operational procedures provided for in the regulations of the STR and Selic.

§ 2º The contracting of the operations referred to in item IV must provide for a centralized model of transfer of resources in the PI Account of ownership of the clearing house or clearing and settlement service provider.

§ 3º The entries resulting from the contracting of the operations of the liquidity mechanisms are recorded in the PI Accounts of the direct participants of the SPI.

§ 4º The financial movements related to the mechanisms for liquidity provision referred to in item IV must observe the rules, procedures, and conditions set forth in the regulations of the respective systems involved.

Art. 45. The movements referred to in Art. 44, item I, must be carried out:

I - between a PI Account of own ownership and an Electronic Currency Correspondent Account of own ownership of the same institution that is a participant of the SPI;

II - between a PI Account of own ownership and a Bank Reserves Account or Settlement Account of own ownership of the same institution that is a participant of the SPI and of the STR; or

III - between a PI Account of ownership of an institution that is a participant of the SPI, but not a participant of the STR, and a Bank Reserves Account or Settlement Account of ownership of a participant of the STR that provides settlement service, in that system, to a participant of the SPI.

§ 1º The debit movement of the account originating the resources, in all cases, is commanded exclusively by the institution that is the owner of that account.

§ 2º Debit in a PI Account for credit in a Bank Reserves Account or Settlement Account of ownership different from that indicated in item III of the caput is admitted, exclusively for the purposes of returning resources received unduly in a PI Account.

§ 3º The institution not participating in the STR, for the purposes of debit movements in accounts of its ownership referred to in items I and III of the caput, must request from the Central Bank of Brazil, through Deban, the release of access to the STR-Web application, regulated by Resolution BCB No. 105, of 2021.

§ 4º The institution referred to in § 3º is not subject to the fees of the STR-Web.

CHAPTER VIII
OF TARIFFS

Art. 46. The use of the SPI subjects the direct participant of the SPI to the payment of tariffs, defined by the Central Bank of Brazil, through Deban and Deinf, observed the policy established in these Regulations and the policy for the reimbursement of costs in the Central Bank Information System (Sisbacen).

Sole Paragraph. The tariffs are established with a view to reimbursing the costs of the set of systems and information technology resources of the Central Bank of Brazil necessary for the operation of the SPI.

Art. 47. The tariffs are charged:

I - to the receiving participant, based on the settlement of instant payment orders, in accordance with Art. 40, § 1º; and

II - to the requesting participant, based on the size of the results of the queries of entries in the PI Account, referred to in Art. 16, caput, item III, item "c", and § 1º-A, item III, of these Regulations. (Amended, effective from 30/3/2026, by Resolution BCB No. 554, of 24/3/2026.)

Art. 48. The calculation, charging, and payment of the amounts due occur within the scope of the cost reimbursement of Sisbacen, in accordance with the regulation in force.

Sole Paragraph. The STN, as well as the other direct participants, will be inserted in the calculation and apportionment processes of the cost reimbursement, but will be exempt from the payment of tariffs.