It took, but the central bank is advancing in the development of a new system of instant payments: it should replace the current methods of bank transfer with a faster, cheaper technology that works 24 hours a day.
Two of the most common ways of transferring funds between bank accounts are TED (Available Electronic Transfer) and DOC (Credit Order Document). The DOC allows sending up to R $ 4,999.99 and arrives at the destination on the next business day. TED has no limit and is sent to the recipient in a few minutes. Both, however, only work on working days, from 6:30 am to 5:00 pm.
As the Agency Brazil, the Central Bank will be responsible for developing and managing the technology, to “maximize gains in scale and network effects typical of the payment industry”.
And how will it work? The fundamental requirements were published in December 2018. The infrastructure will be centralized and “it will be available 24 hours a day, seven days a week and every day of the year”. The transfer process, on the other hand, can be carried out entirely by cell phone, with the help of a “unique identification code”, such as a QR Code.
“For the recipient, the decrease in the number of intermediaries means lower acceptance costs compared to other payment instruments. The merchant will only need to have a unique identification code to allow their customers to read this code through their smartphones. This code will contain all the information necessary for the resources to be transferred instantly ”, says the BC.
According to the Central Bank, the new model is “conducive to the appearance of fintechs that develop innovative solutions to facilitate payment transactions, both for payers and recipients”. For the BC, these fintechs “offer added services to the basic payment service, such as offering insurance, credit, investments, reconciliation, tax payments, etc.”