Pix begins testing in restricted operation from Tuesday through the 15th; see how it will work

Personal information is protected by bank secrecy and Pix will use the security measures already adopted by financial institutions in TEDs and DOCs. In the event of an error in a transaction, the current rules apply. If the wrong quantity is sent, it will be necessary to negotiate with the recipient for the quantity to be returned.

The Central Bank will provide the Pix infrastructure, a centralized database with data from the recipients’ accounts. In this way, participants in the payment system will be able to take advantage of the unique infrastructure to speed up the transfer and payment process.

What will work in the testing phase?

Customers who were chosen for the restricted operation will be able to use Pix for all the functions that will be available on November 16, such as instant payments and transfers, in addition to scheduled payments and via QR Code.

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Who can participate?

The Central Bank stipulated that financial institutions can include between 1% and 5% of their client base in the restricted operation. This sample should represent the total number of corporate and individual clients, in addition to age group and geographic location.

The choice of who will participate was made by the financial institutions, which should have already notified the selected clients.

If all goes well, from day 9, institutions will be able to gradually increase the number of people who can use Pix still in the test phase.

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Only those who registered Pix keys can take the test?

No, people who have not registered the keys will also be able to participate in the tests. This will depend on the choice of financial institutions. Registering the key is not necessary to participate in Pix, but it is an facilitator, as it streamlines the entire transfer and payment process.

What institutions enter the testing phase?

The 762 institutions that have already been authorized by the Central Bank to operate with Pix will participate in this test phase. Among them, the five largest banks, Banco do Brasil, Caixa, Itaú, Bradesco and Santander.

Fintechs, such as Banco Inter and Nubank, will also participate, as well as cooperative systems, such as Bancoob and Sicredi.

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What will the opening hours be?

Unlike when it is fully operational, the hours will be restricted. During most days, a person participating in the restricted operation will be able to perform a Pix from 9 am to 10 pm for anyone else who has a registered key, even if they are not participating in this trial phase.

The exception is Thursdays and Fridays. On Thursdays the opening hours will be from 9 to 24 hours and on Fridays from 24 to 22 hours. This different rule will help institutions perform tests in an environment as close to the real thing as possible, with transactions available 24 hours a day.

Why is this period necessary?

According to the Central Bank, this period is necessary for financial institutions to make final adjustments to their systems based on real situations. Potential issues are expected and Pix won’t be running 24 hours a day just so institutions have time to correct them.