Following this announcement, the new rules will establish the operational procedure of Pix Automatic, as well as new requirements of value limits. Included in the plans of the financial institution is another set of publications, which will incorporate new technical manuals that are aimed to be published at the beginning of 2024.
The BCB 360 Resolution was developed in order to amend the Pix Regulation, which was annexed to the BCB 1 Resolution of August 2020. The Resolution BCB 362 was designed to amend the Pix Penalty Manual, which was annexed to the BCB 177 Resolution of December 2021. In addition, the bank also included the Normative Instructions 436 and 437.
According to the press release, the offer of Pix Automatic to paying customers and clients will be mandatory for any participant, as the ones that do not pass the homologation test and do not make Pix Automatic available to their users at the launch of the service are set to be fined per day of delay present in the offer. The limit is 60 days, and the launch of the solution is expected to go live on the 28th of October 2024. The Central Bank will also amend other parts of the Pix Penalty Manual in order to cover the offer of the new tool.
Pix Automatic will facilitate the recurring changes and will be used as a form of payment by a wide variety of businesses and companies of different sizes and sectors of the industry. Being developed in order to be flexible and configurable, the solution will be available in multiple sectors, such as public service concessionaires, collages, gyms, condominiums, schools, social clubs, streaming solutions, news portals, subscription clubs, health plans, and other companies that are in the financial industry.
For the paying customer, Pix Automatic is set to bring more convenience and provide frictionless recurring payment alternatives. These require prior authorisation, as the customer will allow periodic debits automatically, without the need to go through the process of authentication for each transaction. For the receiving client, Pix Automatic is expected to increase efficiency, reduce the costs of collection procedures, as well as reduce delinquency. The operation does not depend on bilateral agreements and uses the infrastructure that was already created for the operation and usage of Pix. At the same time, operating processes will be standardised by the monetary authority, which is set to facilitate implementation and increase the overall competition.
Included in the general rules for the operation of Pix Automatic is the specification of the working hours for prior authorisation, rules for the rejection and settlement of transactions, rules for the cancelation of the authorisation, as well as functionalities to be made available for the payment user and the receiving client. In addition, return rules and liability in case of error will also be included, as well as the daily limit for product-related transactions.
The Resolution will deal with rules related to the Schedules Pix, aiming to improve the provision of the tool. The main change will be set on the recurrent feature, which is currently optional, intending to become mandatory from October 2024.
Pix Automatic and Pix Scheduled recurring will differentiate but will be complementary. In Pix Automatic, the payment instructions will always be provided by the receiving client, who needs to be a legal entity with prior authorisation from the paying user. In the recurring Scheduled Pix, the payment instructions will be always offered by the paying client himself, who can be an individual or a legal entity, as the recipient. Adjustments were made as well, in order to standardise operational processes, such as the use of a secondary settlement channel, deadline for cancelling the transaction, definition of the time for sending payment orders, and more.
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