Brazil Payment Ecosystem

Resolução BCB nº 587 of 18 September 2026 amends the Pix Regulation with provisions that take effect on 1 February 2027. They create hybrid billing: a due-dated Pix Cobrança charge can also be made payable through the boleto payment arrangement, at the option of the payee's provider, which must be the institution that issues the boleto. The payee's provider must reject a Pix when the hybrid charge has already been paid by boleto or the dynamic boleto has been linked to a financial asset; when a hybrid charge's Pix Cobrança is settled after the obligation was already paid by boleto, it must return the full amount to the payer from its own funds within 24 hours of settlement. Participants must also publicise the Special Return Mechanism (MED), with a focus on vulnerable users, in their advertising and customer-service channels, and a participant that marks a founded suspicion of fraud must inform the user of the marking.

Swift set 12 June 2027 as the implementation date for its deferred Standards Release 2026 (update of 21 September 2026). The release covers all MT messages except Category 1, ISO 20022 securities and funds messages, tracker messages and exceptions and investigations messages. Swift deferred all payments changes: it is consulting on the timing of the structured address requirement and will give an update by December at the latest, and the other payments changes planned for November will be phased separately.

Resolução BCB nº 587 of 18 September 2026 amends the Pix Regulation to allow Pix Automático transactions to be initiated from salary accounts (contas-salário). The provisions take effect on 1 July 2027.

SWIFT mandates structured postal addresses in all CBPR+ ISO 20022 messages. Unstructured address fields will no longer be accepted for cross-border payments. Financial institutions must ensure all counterparty address data is structured. Industry reports suggest ~44% of banks are behind schedule for Nov 2026 deadlines.

SWIFT mandates adoption of the Status Reporting Process (SRP) for case management in CBPR+ ISO 20022 messages. All participants must support standardized exception and investigation handling via camt messages. Also in Nov 2026: MT101 discontinuation. Full end of MT/MX coexistence targeted for Nov 2028.