Sistema de Transferencia de Reservas
STRACTIVEOperator: 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
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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 & 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.
Compare in detail →Regulatory Framework
74dSep 30, 2026
PSD3 / PSR expected adoption
Payment Services Directive 3 and Payment Services Regulation. Replaces PSD2. Expected to strengthen open banking, improve fraud liability, expand scope to crypto-assets, and mandate IBAN/name verification.
119dNov 14, 2026
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.
166dDec 31, 2026
FiDA (Financial Data Access) regulation
Extends data sharing beyond payments to insurance, pensions, investments, and lending. Part of the EU’s broader open finance strategy.
166dDec 31, 2026
Digital euro preparation phase
ECB preparation phase for digital euro with concrete pilot timeline disclosed March 2026. Regulation proposed June 2023, awaiting European Parliament and Council adoption. Pilot launch planned H2 2027 on TIPS infrastructure, with potential first issuance by 2029. Pontes DLT wholesale settlement launching Q3 2026.
Intelligence (4)
NewsJul 2, 2026
BCB Launches Duplicata Escritural to Digitize Brazil's R$11 Trillion Trade Receivables Market
Brazil's central bank activated the Duplicata Escritural ecosystem to digitize trade receivables registration, targeting an R$11 trillion market where 90% of invoices go unused as collateral. Mandatory adoption begins for large firms in June 2027 under a phased schedule extending through 2028, with assisted production starting this month.
AnalysisMar 23, 2026
Brazil's STR Processes 532 Million Transactions in 2024 as Payment Institutions Reshape Settlement Patterns
Brazil's central bank RTGS system expanded to 581 participants by early 2026, with payment institutions now comprising 44% of all account holders. Annual transaction count rose 39.8% to 532 million in 2024, reflecting a structural migration from private clearing infrastructure to central bank settlement.
NewsMar 20, 2026
Brazil's CADE Demands Apple Explain iPhone NFC Restrictions Blocking PIX Contactless Payments
Apple has been given until March 30, 2026 to respond to CADE's demands. The investigation centers on Apple's refusal to enable PIX por Aproximacao, the contactless tap-to-pay function of Brazil's instant payment system PIX, on iPhones. While the BCB rolled out the contactless PIX protocol and made it mandatory for
NewsMar 19, 2026
PIX Breaks All Records in 2025: 79.8 Billion Transactions Move R$ 35.36 Trillion
Brazil's central bank instant payment system processed nearly 80 billion transactions in 2025, moving R$ 35.36 trillion in value and growing 33.6% year-over-year, while new features including recurring payments and NFC contactless expanded the system's capabilities.