BC approves figure of initiator of payment transaction with minimum capital of R $ 1 million


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BRASÍLIA (Reuters) – The Central Bank announced on Thursday that it approved the constitution of a new type of payment institution, called the payment transaction initiator, in which the agent in question does not participate in the financial flow.

To obtain the endorsement of the monetary authority, the interested institution must pay and maintain a minimum capital of R $ 1 million.

According to the BC, the service offered by this type of institution consists of “initiating a payment transaction ordered by the end user, in relation to a deposit or payment account, commanded by an institution that does not hold the account”.

In a note, the municipality defended that the new institution will allow the expansion of the scope of open banking and informed that, due to the low risk associated with the payment initiation activity, the institution that provides services exclusively in this modality will have an authorization process for its own operation and faster.

The BC also said that any institution initiating a payment transaction will be able to command a Pix transaction – instant payment system that will start operating in November – in any institution holding a deposit or payment account.

According to the BC, this means that the institution will be able to be a direct participant, but will still have to comply with the rules of the Pix arrangement.

Asked whether Whatsapp would be considered a payment transaction initiator in its request to operate in Brazil, the Central Bank replied that “each situation must be assessed specifically”.

The BC suspended the service announced by Whatsapp, Facebook Pay, on June 23.

Electronic money issuers

In a resolution this Thursday, the BC also instituted the requirement that, starting in March 2021, payment institutions that issue electronic money should be previously authorized by the BC to function.

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