Banco do Brasil allows PIX transfers from other banks

Wednesday 7 September 2022 13:48 CET | News

Banco do Brasil has added a payment initiation service to its app, to give customers the possibility to transfer their funds via PIX from accounts of other financial institutions to BB, according to Broadcast


Banco do Brasil added a payment initiation service to allow customers to transfer funds via PIX from accounts of other financial institutions to BB.


Now, it is already possible to make transfers from 18 banks, including the largest ones, to Banco do Brasil (BB) and the expectation is for a gradual expansion. Payment initiation is a tool of the third phase of Open Finance, launched in October 2021, and BB was the first large bank authorised by the Central Bank to operate in this way.

This feature seeks to bring convenience to customers, since it was designed to allow transfers from other banks without having to open the application of the institution in question and finalise payments in ecommerce without leaving the store page. Until now, Brazil’s central bank only made this feature available for PIX operations. However, the plan is to consider other forms of payments soon.

Alongside the launch of this service, BB reportedly becomes a pioneer in offering the facility to customers, as opposed to other large financial institutions in the country. Although it obtained authorisation to operate as a payment initiator in April 2022, the service was not fully operational until the start of September due to the challenge of connecting with other banks, something that was addressed by Open Finance participants.

Banco do Brasil expectations from Open Finance

BB hopes that the new offering will facilitate the use of its financial management solution, called Minhas Finanças Multibancos; it allows customers who shared data with BB via Open Finance to consult the statements of their other accounts. Minhas Finanças Multibancos reportedly manages BRL 8 billion (over USD 1.5 million) in consolidated balances.

BB’s president stated: ‘Open Finance's integrated structure will allow customers to choose the banking app they like the most in the future and centralise the management of their finances there. [..] we will continue to work to be a platform that will centralise the client's financial management,’ according to Broadcast.

To make transactions via payment initiation, BB doesn’t need the prior consent of the customer to access their bank details from other financial institutions. The payment initiation process becomes authorised during the payment journey, through customer authentication and confirmation. Broadcast concluded by citing the president of Banco do Brasil, who stated: ‘this is the first use of PIX by Open Finance that we are offering to BB customers. Other payment solutions for BB products and receipts for companies will follow.’

In December 2021, the Central Bank has released the schedule of the fourth phase of Open Banking in Brazil. 

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Keywords: PIX, payment initiation, PISP, Open Banking, Open Finance
Categories: Banking & Fintech
Companies: Banco do Brasil
Countries: Brazil
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Banking & Fintech

Banco do Brasil

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