Brazil to launch instant payments platform

Central Bank of Brazil

The Central Bank of Brazil is set to launch an instant payments platform in November 2020, it announced on February 19.

The instant payment scheme, or Pix, is designed to provide a constant year-round capability to immediately transfer funds. All financial and payments institutions licensed by the central bank that have more than 500,000 active costumer accounts are required to register on Pix.

Companies as well as individuals will be able to pay federal taxes through Pix once the scheme

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