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After the creation of a Brazilian instantaneous payment method earlier this year (“PIX”), on November 16, 2020, the Central Bank of Brazil (“BCB”) officially launched its new digital transfer and payment platform. The purpose of PIX is to make it easier for customers to transact in the digital banking environment.
This payment method (pursuant to which funds are transferred between accounts in a matter of seconds) is intended to allow for a fast and safe transfer of funds at any time of day. A PIX transfer can be made from a number of different types of accounts, including current/checking accounts, savings accounts, or prepaid payment accounts.