This month, Pix started to become a reality for Brazilians, with the beginning of registrations to use the new system of instant payments, which will be operational from 16 November.
During the pandemic that hit the world since the beginning of this year, financial transactions carried out through digital platforms have jumped in growth, anticipating years of investment and financial education for the population, in the use of such tools.
The operationalization of Pix is added to the Open Banking project, also planned for this year, in the planning of the Central Bank to promote greater transparency to the financial market and agility in the flow of payments, continuing the process of dismantling closed and rigid structures that existed in the our economy.
In this context, the foreign exchange market will also experience its own revolution. The foreign currency purchase and sale transactions will be carried out on the spot, no longer needing to wait for the confirmation of the transfer of the reais, since Pix will produce immediate confirmation at the time of the transaction, either by debit or credit.
In international remittances, not only will the financial settlement take place on the spot, but the transfer of the amounts may occur minutes after settlement, as the entire production chain of this operation will be impacted by simply changing the proposed financial flow. Currently, at best, the payment order will follow within 48 hours.
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When evaluating the changes brought by Pix, however, we cannot pay attention only to the detail of the financial settlement, but its impacts on the processes that will be felt and, probably, will make life easier for everyone.
The Central Bank has already signaled studies for Pix to replace the current Swift – a service of the World Interbank Financial Telecommunications Society – in international transactions, within a proposal for the internationalization of the new system, and it may even become something like an “international card”.
All of these transformations are in line with a worldwide trend of digitization of currencies. Earlier this week, the president of the European Central Bank (ECB), Christine Lagarde, said that the issue of a digital currency is being studied “seriously”. And here, the creation of the Central Bank Digital Currency (CBDC) is also in the plans.
Financial institutions must already be prepared to take on the challenge proposed by the Central Bank to Brazilian society, which will bring unlimited gains to everyone’s daily lives, bringing transparency, agility and security to financial operations.
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