Thursday, June 18, 2020
Recently, the Central Bank of Brazil (BCB) announced its plan to launch the country’s first instant payments scheme, PIX, which is expected to be operational by November 2020. PIX will be mandatory for all larger banks in Brazil and will work as a central infrastructure with non-stop availability. The scheme will also be based on the ISO 20022 messaging standard, which features data-rich messaging and facilitates greater availability, speed, convenience and security. Ultimately, this open environment will be a major catalyst for innovation.