This solution is new in Brazil and can be accessed through the BB Application. Customers will need to have the institution's app, from which the debit will be enabled, and their access passwords active to confirm the operation, all in a single journey. In addition, it manages receipts and contacts, customises due dates, interest, and discounts, tracks the status of payments and, if necessary, returns amounts in a simplified way.
BB Pay, a solution by the Central Bank of Brazil, facilitates the payment and receipt journey for its customers and related companies by integrating the payment transaction initiation structure (ITP) into the ecosystem of Open Finance and the BB Consórcios checkout system. It was developed to be a complete and accessible solution, diversifying payment methods for users who need to pay and expanding billing options by Pix and credit cards.
Some other BB Pay’s components include, according to the central bank:
As per BB’s officials, this feature aims to reinforce the bank's digital transformation and it is designed to be a complete application that provides customers with a positive experience. Moreover, the possibility of paying the instalment via Open Finance, expanded the consortium's functionalities, focusing on prioritising security in self-service.
Central Bank of Brazil is renowned for its expertise in Open Finance and Artificial Intelligence. It offers personalised interest rates in credit operations for corporate clients, including the agribusiness sector. Additionally, this consortium payment app is a result of several previous developments.
In September 2022, the central bank 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, making it possible to process transfers from 18 banks. This Payment initiation is a tool of the third phase of Open Finance, launched in October 2021, and BB was authorised by the Central Bank to operate in this way.
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