On August 28th, 2019, the Brazilian Central Bank ("BACEN") published Communiqué No 34,085, announcing developments on the fundamental bases for real-time payments system, which had been originally released by the BACEN through Communiqué No 32,927, on December 21st, 2018.
In this new communiqué, the BACEN indicated the need for the adoption of a central and unique address database as a key component of the real-time payment ecosystem structure. This central database will concentrate and store information needed for identifying the user accounts, in an intuitive and simplified fashion, allowing the payor to use information she already possesses on the payee for making the payment, such as mobile number, Brazilian individual (CPF) or corporate (CNPJ) tax ids or email address.
The BACEN will be responsible for the development, management and operation of this address database to ensure structural neutrality of the real-time payment ecosystem and enhance scale gains arising from its use.
The definition of the keys to identify the payees is an important step towards the implementation of the Brazilian real-time payment system. The adoption of user data largely used by the Brazilian population, for addressing payments, indicates that the use of the system will be convenient and frictionless and reinforces the alignment of the Brazilian real-time payment system with the best international practices. In addition, the centralization of the system with the BACEN will assure universal participation of financial and payment institutions and avoid duplicity of address keys, which is a feature necessary to ensure confidence in the system by the user, upon initiating a payment.
The developments announced reinforce the BACEN'S goal to implement an efficient, competitive, safe, inclusive and comprehensive ecosystem, and mainly, to develop products and solutions that deliver a solution for an efficient and low-cost user journey.
This new communiqué does not change the foundations and definitions provided by Communiqué No. 32,927 of 2018, which remain fully valid.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
