Brazil Payment Ecosystem
PIX, STR, and the Central Bank-led transformation that made Brazil a global payments benchmark.
2Systems
1Countries
226Articles
Key Initiatives2
PIX Cross-BorderEXPANDING
220M+ Daily transactions
International expansion starting with Argentina
Go deeper →DrexPILOT
BCB wholesale CBDC platform for tokenised assets
Core Infrastructure2
Brazil Payment Systems
PIX Instant Payment SystemPIX
PIX is Brazil's instant payment system operated by the Banco Central do Brasil, enabling 24/7/365 real-time transfers be...
Reference page →Sistema de Transferencia de ReservasSTR
The STR (Sistema de Transferencia de Reservas) is Brazil's Real-Time Gross Settlement system operated by the Banco Centr...
Reference page →Regulatory Landscape5
27dJun 30, 2026
Visa USDC settlement expansion
Visa expanding USDC stablecoin settlement on Solana and Ethereum to more markets. Enables 7-day settlement and near-instant cross-border merchant payouts.
27dJun 30, 2026
Mastercard Payment Passkeys rollout
Biometric authentication for online card payments using FIDO2 passkeys. Eliminates OTP/SMS-based SCA. Rolling out with issuers globally.
164dNov 14, 2026HIGH
SWIFT CBPR+ structured address mandate
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.
164dNov 14, 2026HIGH
SWIFT CBPR+ SRP case management mandate
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.
Cross-Border Connections3
PIX-Argentina
Cross-border instant payments, live Mar 2026.
PIX-Colombia
Under exploration.
Cross-border messaging for Brazilian banks.
Country Guides1
Latest Intelligence226
NewsJun 3, 2026
National Bank of Georgia Launches Modernized RTGS on ISO 20022 Platform
The previous platform had operated since 2009. The partnership between NBG and Montran on Georgia's settlement infrastructure spans more than 25 years.
AnalysisJun 1, 2026
Bankgirot File Communication Ends July 1 as Swedish Instant Payment Uptake Stalls
Sweden's first hard payment infrastructure cutoff arrives in thirty days, but instant payment adoption beyond Swish remains minimal on RIX-INST, with the Riksbank setting a March 2027 deadline for banks to demonstrate readiness.
RegulationJun 1, 2026
Peru's BCRP Overhauls LBTR Regulation with Cybersecurity Mandates and Bypass FIFO Mechanism
Circular 0011-2026-BCRP modernizes Peru's high-value payment system regulation, mandating hardware security modules, annual penetration testing, and a two-tier participant structure. The regulation takes full effect in June 2026 with compliance windows extending up to three years for data center requirements.
AnalysisJun 1, 2026
PIX Posts Second Month Above Seven Billion Transactions in April 2026
The average PIX transaction value was R$464 in April. TED processed 67.8 million transfers worth R$4.09 trillion in the same period, retaining the total value lead despite handling less than 1 percent of PIX's transaction count.
AnalysisMay 30, 2026
BCB Staffing Crisis Shadows PIX as System Records Eleven Disruptions in Five Months
Brazil's Central Bank president revealed the institution lost over 1,200 employees in a decade while PIX grew to process 231 million daily transactions, creating an operational mismatch that correlates with the system's worst reliability year on record.
Reference Documents5
Operating Rules
Federal Reserve Operating Circular No. 6 (Fedwire Funds)
Federal Reserve · vJanuary 2026 · Jan 5, 2026
Federal Reserve Operating Circular No. 8 (FedNow Service)
Federal Reserve · vApril 2026 · Apr 1, 2026
FedNow Service Operating Procedures
Federal Reserve · vVersion 3.2 (February 2026) · Feb 13, 2026
RTP System Operating Rules
The Clearing House · vEffective 01-01-2026 · Jan 1, 2026
RTP Participation Rules
The Clearing House · vEffective 07-21-2025 · Jul 21, 2025