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On Friday (21), the Central Bank defined the implementation of the instant pay system, thus paving the way for the country to make uninterrupted resource transfers, including out of hours. opening of banks.
For the Brazilian market specialists, the system, which will have a structure and a settlement of the centralized operations within the CB itself, will create a faster and cheaper alternative than the TED and the DOC, services used for the transfers between people and involving individuals and businesses.
For comparison purposes, a transfer made today through banking channels costs the customer between R $ 2.30 and R 143.25 per transaction. The value reaches the recipient the same day as it takes place between 6:30 and 17:00 the so-called business days. And that ends in a period of 15 to 30 minutes.
With instant payment, the price of the transaction drops to 100 cents, the operation is completed in seconds and can be performed 24/7.
Therefore, the The new model is expected to have a significant impact on both banks and the payment system, as instant payments are considered potential substitutes for purchases now paid with credit and debit cards.
British Columbia will always consult with market players to develop specific rules on how the system will be accessible and operational, the municipality said in a statement.
The idea is that the model allows the participation not only of authorized banks to operate by the monetary authority, but also electronic financial service platforms, called fintechs.
"The system will offer a dynamic of open participation to various types of payment service providers, fostering the development of innovations and services that meet the needs of end-users in a competitive environment," says the text of the British Columbia. Market agents can use bank reserves and government bonds for liquidity of transactions.
What the country was discussing with the market to make the system work depends on interoperability between the institutions concerned, both for universality and for the security of anti-fraud operations.
Therefore, the trend is that the model will still need several months to operate globally.
"My hope is that the instant payment system will work in Brazil from 2020," João Pedro Paro Neto, president of Mastercard for Brazil and the Southern Cone, told Reuters.
This decision is in line with other markets where instant payment has rapidly gained popularity. In China and India, it is estimated that only WeChat and Alipay technology companies are spending more than $ 3 trillion a year.
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