New PIX rules will start to take effect and will impact all users

The new financial transaction model PIX will undergo a series of changes that were announced by the Central Bank (BC). In addition to PIX, other means of payment must also undergo changes such as TED and DOC. The objective according to BC is to bring more security in financial operations.

Among the changes we will have the reduction in the transfer limit via PIX at night, the minimum period of 24 hours to request an increase in the transfer, among other changes that we will tell you below.

PIX

PIX quickly became popular as it allows financial transactions 24 hours a day every day, including weekends and holidays. However, the facility ended up creating room for the increase in the number of scams practiced through digital payments. Thus, the Central Bank was forced to increase its protection and define more rules and requirements for the platform.

The changes do not yet have a set date to take effect. “We imagine that in a few weeks they will be effective because the financial institutions, payment institutions, participating cooperatives must have time to prepare to implement the measures”, said the director of Financial System Organization and Central Bank Resolution, João Manoel Pinho de Mello.

new changes

• Maximum limit of R$ 1 thousand for financial transactions between individuals from 8:00 pm to 6:00 am;

• Users who want to make a transfer over R$ 1 thousand must place the order on the bank’s digital channel, where the minimum period will be 24 hours and the maximum period of 48 hours for granting the increase;

• Users may leave a lower ceiling for financial transactions that take place at night;

• For transactions above R$ 1 thousand during the night, it will be necessary to register specific accounts;

• New minimum period of 24 hours to carry out the prior registration of accounts in digital channels;

• Overnight users can have transactions held for 30 minutes during the day and 1 hour at night for risk analysis.

Night time limit

The new definition established the limit of R$1,000.00 for transactions between individuals, Micro and Small Individual Enterprises from 8 pm to 6 am. The new limit includes transfers between accounts of the same bank, PIX, prepaid payment cards, and the debit used in TED transfer and settlement transactions.

“An intervention like this protects people’s assets, does not reduce the usability of means of payment and discourages some crimes such as lightning kidnapping if the result of the crime is only R$1,000”, declared director João Manoel Pinho de Mello.

According to the director, currently, 90% of transactions carried out through Pix in this established time have an amount equal to or less than R$ 500, therefore, the established limit will have little impact on the usability of the payment system.

Customers will still have the right to choose and manage their limits on Pix. They may choose not to transfer via Pix at certain times and may have different daytime and nighttime limits.

Limit changes

There will also be a new minimum period of 24 hours, which can be understood as up to 48 hours, for the user’s request for the increase of limits carried out by digital channel to be validated and carried out. This change will serve both for PIX, as for TED, DOC, intrabank transfers, bank slip and credit card.

“Customers will be able to reduce or increase their limits with immediate effect in the case of a reduction, but with responses within 24 hours or 48 hours after the request in the case of an increase”, stated João Manoel Pinho.

account registration

Users can also pre-register to receive Pix accounts above the set limit, allowing them to keep other transaction restrictions at a low level. Accounts pre-registered on digital channels will have a minimum period of 24 hours to come into effect, avoiding immediate registration in risky situations.

fraud reduction

In order to combat the number of frauds, it will be mandatory for financial institutions that adhered to the PIX, which include in the Transactional Account Identifier Directory (DICT) the information of accounts that have evidence of fraud in the use of the PIX and other payment transactions and banking services. The mechanism already exists, however, until then, the same occurred on an optional basis.