Pix Evolution and Implementation
FUTURE
SUMMARY
PRESENTATION
IDEALIZATION
EVOLUTION
NUMBERS
2.3.3 Special Return Mechanism (MED)
With the purpose of expanding the user protection measures, the BCB has
established since November 2021 a structured process aimed at speeding
up the return of funds to the payer in case of operational failures or a well-
founded fraud suspicion.
The MED allows funds to be quickly blocked in the fraudster/scammer/criminal's
account, after a victim's claim, and to be returned to the payer account after
the analysis process is completed, when deemed appropriate. It can also be
triggered if there is an undue credit in consequence of an operational failure
in the payer institution' systems. The mechanism does not apply to cases of
typing errors (e.g.wrong payee's Pix alias), commercial disputes between
users and transactions with well-founded suspicion of fraud in which the
funds are destined to the account of a bona fide third party. In other words,
the MED is not a chargeback mechanism (reversal of payment), as is the case
with payment card arrangements. With the MED, institutions must follow
standardized procedures within the deadlines established by the BCB and
must use the infrastructure provided by the BCB to facilitate communication
between the parties, providing greater agility and efficiency to the process
and, thus, increasing the chances of the victim recovering the funds.
2.3.4 Anti-fraud and data protection rules and mechanisms
implemented in the DICT
It was created in the DICT the process for tagging Pix aliases and Tax
ID numbers suspects of committing frauds in order to quickly identify
accounts involved in fraud and also to prevent new scams from being
applied to Pix users: mandatory fraud notification applicable to all Pix
aliases and ID numbers involved in any fraudulent transaction. This
information is shared with all participating institutions whenever a Pix
alias is consulted and it should be one of the factors to be considered for
the purposes of authorizing or rejecting transactions;
definition of procedures for identifying and handling cases in which
excessive Pix aliases consultations occur and do not result either in
settlement or in an invalid Pix alias, with the aim of preventing data
scanning attacks; and
creation of specific consultations by participants to users' IDs, at any time
and for any purpose, in order to verify associated fraud notifications.
PIX INITIATION
INITIATION SERVICE
R$
INFOGRAPHIC 6
Pix flow via payment initiation service
Transactional
Payer
Payment initiation
service provider
account provider
ง
R$
Payee
Transactional
account provider
2.4 Initiation service: the link that connects Open
Finance and Pix
In October 2021, after the launching of Open Finance phase 3, which covers
the sharing of a payment transaction initiation service, Pix started to provide
a new way of initiating transactions, through institutions so-called payment
initiation service providers, that do not hold users' accounts nor the funds
received from the provision of the service. With Pix, institutions that act
BCB settlement system
(SPI)
solely for this purpose can provide the initiation service, so called "initiators",
or institutions that act as a transactional account provider and wish to also
provide this service. The main objectives for creating the initiation service
are to increase competition in the ecosystem, allowing institutions that are
traditionally outside the financial system to develop solutions that allow the
initiation of a Pix; and enable the development of innovative solutions that
reduce the frictions of starting a Pix and improve user experience, especially
in e-commerce.
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