Sistema de Transferencia de Reservas

STRACTIVE

Operator: Banco Central do Brasil (BCB)

Overseer: Banco Central do Brasil (BCB)

Legal basis: Law 10,214/2001 (Brazilian Payment System Law); BCB Circular 3,100/2002; National Monetary Council resolutions

Launched: Apr 22, 2002

474 STR participants (433 via RSFN, 41 via Internet)

Participants

Sep 22, 2026 · Banco Central do Brasil - Participantes do STR

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Executive Summary

The STR (Sistema de Transferencia de Reservas) is Brazil's Real-Time Gross Settlement system operated by the Banco Central do Brasil, serving as the core settlement infrastructure for large-value BRL payments and the ultimate settlement layer for Brazil's financial market. Launched in April 2002 as part of a comprehensive reform of the Brazilian payment system, the STR settles interbank transfers, government securities transactions, and net positions from other clearing systems in central bank money. It also provides the settlement backbone for PIX instant payments.

How It Works

Settlement Model

Real-Time Gross Settlement in central bank money (reserve accounts at the Banco Central do Brasil)

Message Standard

ISO 20022 (migrated from proprietary RSFN messaging). Messages transmitted via the Rede do Sistema Financeiro Nacional (RSFN).

Max Transaction

No upper limit

Clearing Mechanism

Direct RTGS — each transaction is settled individually on a gross basis in central bank money. No netting within STR itself, though it settles net positions from other systems.

Settlement Cycle

Continuous processing during operating hours (typically 6:30 AM to 6:30 PM BRT for standard operations). PIX settlement via the SPI (which connects to STR) operates 24/7/365.

Message Flow

The sending institution submits a transfer order through the RSFN network to the STR. BCB validates the message, checks the sender's reserve account balance, debits the sender, and credits the receiver's reserve account — all in real time. Confirmation is sent to both parties. For queued payments, a FIFO with priority and optimization algorithms manages liquidity.

Typical Use Cases

Large-value interbank transfers, settlement of government securities (SELIC system), net settlement of clearing houses (B3, CIP/SITRAF), monetary policy operations, PIX settlement backbone, foreign exchange settlement

Key Data

Participants

474 STR participants (433 via RSFN, 41 via Internet)

As of Sep 22, 2026 · Banco Central do Brasil - Participantes do STR

Participants & Access

Membership Requirements

Open to banks and select financial institutions authorized by BCB. Participants must maintain reserve accounts at the Banco Central do Brasil, connect to the RSFN network, and comply with BCB operational and security requirements.

Governance & Risk

Governance Model

Owned and operated by the Banco Central do Brasil under authority of Law 10,214/2001. BCB sets participation rules, operational procedures, and fee structures. The National Monetary Council provides overarching regulatory framework.

Concentration Risk

Low counterparty risk as settlement is in central bank money. Operational concentration on BCB infrastructure. Critical systemic importance as the ultimate settlement layer for the entire Brazilian payment system.

Resilience & Business Continuity

BCB operates primary and disaster recovery sites for the STR. The system's role as the settlement backbone for PIX (24/7 via SPI) has driven investment in round-the-clock operational capabilities. RSFN provides dedicated, secure network connectivity.

Dispute Resolution

Governed by BCB regulations and the Brazilian Payment System Law. Settlement in STR is final and irrevocable. Disputes are handled through BCB's regulatory framework.

Pricing

BCB charges fees for STR transactions based on transaction type and volume. Fee schedule is set by BCB.

Transaction fee: Data not publicly disclosed by operator

Source: Banco Central do Brasil

Peer Comparison

STR is comparable to Fedwire (US) and T2 (Europe) as a central bank-operated large-value RTGS system. A distinguishing feature is STR's role as the real-time settlement backbone for PIX instant payments via the SPI, making it one of the few RTGS systems supporting consumer-level instant payment settlement 24/7. STR's 2002 launch was part of a landmark reform that transformed Brazil's payment system from a deferred settlement model to real-time gross settlement.

T2 / TARGET

RTGS · Eurozone · ECB / Eurosystem

Fedwire

RTGS · United States · Federal Reserve

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Timeline

Stored date Sep 10, 2026; precision not reviewed

STR participant count decreased to 475 institutions (Sep 10, 2026; 434 via RSFN, 41 via Internet)

STR participant count changed from 476 institutions (Sep 4, 2026; 435 via RSFN, 41 via Internet) to 475 institutions (Sep 10, 2026; 434 via RSFN, 41 via Internet). Recorded by ClearingPost on 2026-09-13.