Podcast: inside Brazil’s new instant payment system
New system seeks to boost financial inclusion with coverage of accounts and mandatory participation
The Central Bank of Brazil’s new instant payment system will be mandatory for all large financial institutions licensed by the central bank, according to Breno Lobo, senior adviser to the department of banking and payment operations.
Speaking on Central Banking’s new Tech Talk podcast, Lobo explains the system (Pix) is different from others – including Europe’s single euro payments area – as banks are not able to elect to participate.
“Any financial institution which has over 500,000
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