Pix: DPC acts to optimize the financial management of clients with the new means of instant payments

By Jefferson Gonçalves

The Central Bank of Brazil announced in February this year the creation of Pix , defined as a service that will allow cash transfers from one account to another in a few seconds, 24-hour, seven-days-of-week, including between accounts of different institutions.

Available in November, Pix promotes a revolution in the Brazilian payment system, bringing new business possibilities and greater dynamism to financial operations, in addition to reducing costs in the operations.

DPC has established a system integration with the banks of the financial management clients to ensure that, as soon as Pix is operational, the companies in its portfolio can rely on this solution that will bring so many benefits.

When will Pix be available?

The official registration to the new Central Bank Instant Payment System started on October 5.

From November 16, the solution will be available for general use.

Possible interactions

Instant payments can be used for the following transfer modalities*: Between individuals; Between people and companies, including e-commerce; Between companies, such as payments to suppliers, for example; For transfers involving government entities, such as payment of fees and taxes; Payments of salaries and social benefits, agreements, and services.

*According to the phases established by the Central Bank.

Companies will be able to use Pix to pay suppliers, employees’ salaries and, in a second moment yet to be released by the Central Bank, taxes, ensuring more agility to financial and tax management.

Pix benefits for companies

Pix releases users from their dependency on banking to receive funds, introducing Brazil to the network of instant 24-hour deals, even on weekends and holidays.

For those who pay, Pix is a faster, cheaper, and safer option, which brings a convenience of using only one QR code to start paying through a digital device, discarding the use of cards, cash, card machines, etc.

From the recipient's side, Pix has a lower acceptance cost than the other means, provides immediate availability of resources and simplifies the automation and reconciliation of payments. It will no longer be necessary to wait a few business days to receive for a bank payment slip. Within 10 seconds, a payment will be in the destination account.

The new option will also reduce costs and increase security compared to the currently available products, such as Electronic Transfer Available (Transferência Eletrônica Disponível - “TED”) and Credit Order Document (Documento de Ordem de Crédito - “DOC”).

The financial settlement of payments and receiving in a live processing will help to optimize cash flow. In the day to day, it may contribute to reduce the need for anticipation of receivables, for example.

Costs for companies

Legal entities may be charged for its use, according to the criteria established by each institution. However, many banks already announce that they will not charge the legal entities’ accounts for service fee. In general, costs will be significantly lower compared to the costs of using DOC or TED.

How to receive a Pix

It will be possible to receive a Pix in two ways:

• Through QR code (static or dynamic) generated and shared with the payer;
• From an account-registered Pix key.

As the Central Bank established, Pix keys are “nicknames” used to identify the account. It is a code to represent each user's account on Pix.

Legal entities may have 20 keys for each of their accounts.

By October 2, 921 institutions, including banks, fintech, and cooperatives, were already able to receive the registration of keys for Pix. See the list updated by the Central Bank here.

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How to be prepared for this transformation

At this point, the ideal is to talk to the banks that the company deals with to understand how it is preparing for this change, what types of services will be offered in this initial phase, and which systemic adaptations will be necessary to make the use of this new payment method feasible.

The companies' internal systems, such as ERPs, collection software, etc. must be adapted to the new possibilities of bank integrations by API (direct communication model between client and bank applications) or customizing payments to use QR codes and bank reconciliation processes.

DPC’s clients ready for the future of payments

For companies already assisted by the DPC's Financial Management Department or those already making remote use of our ERP, the systemic adaptation process will be immediately introduced, starting in November 2020. The department continues to work on the final adjustments of the systems and other tools that will enable the use of Pix.

DPC's support guarantees convenience and peace of mind to the clients, who will be able to benefit from the full potential of the new product, considering the application of the solution in their financial management strategies with consultative and close action with our specialists.