The Brazilian Payments System (SPB) is the set of so-called financial system infrastructures, essential to the functioning of the national economy, ensuring the safe, efficient, and agile movement of financial resources in Brazil. As we will see below, the SPB is not the result of the isolated actions of a single financial system agent, but rather the complex and coordinated interaction of different actors, including the Central Bank of Brazil, traditional banks, and, more recently, fintechs. In this article, we will explore the role of each of these participants, highlighting how their functions and responsibilities complement each other to keep the SPB fully operational, developing, and modernizing.
First, we have the Central Bank of Brazil (BCB), which is the primary regulatory and supervisory authority of the Brazilian Payment System. Its role goes far beyond overseeing the system's operations: in recent years, the BCB has been responsible for structuring, operating, and modernizing payment methods, while ensuring the system's security, efficiency, and stability. Since 2002, with the creation of the Reserve Transfer System (STR), the Central Bank has significantly reduced systemic risk in transactions by requiring all financial settlements to be made with available funds.
More recently, in 2020, the BCB implemented the Instant Payment System (SPI) and launched Pix, a system that allows real-time transfers, 24/7, at very low costs for users. Pix quickly established itself as a milestone in the digitalization of payments in Brazil. In addition to structuring these systems, the Central Bank also establishes prudential, security, and governance standards for all SPB participants, fostering innovation through regulations that open up space for fintechs and encourage financial inclusion, such as the implementation of Open Finance.
Traditional banks are also companies operating in the SPB, These institutions have historically played a fundamental role in the ecosystem, handling a large portion of financial transactions and acting as intermediaries in payment settlement and clearing processes. These institutions have extensive technological infrastructure, service networks, and direct integration with systems directly controlled by the Central Bank, such as the STR and SPI. Traditionally, they are responsible for executing payments, receiving deposits, offering custody services, and ensuring the liquidity necessary for the system to function. Furthermore, traditional banks play a crucial role in preventing and combating fraud and money laundering.
It's worth noting, however, that given the growing technological innovation and regulatory liberalization in the payments sector, these banks have faced challenges in adapting quickly to these changes, paving the way for the growth of new market players, such as fintechs. These companies, characterized by their intensive use of technology to offer financial services traditionally offered by traditional banks, have proven to be important agents of innovation, promoting greater competitiveness, accessibility, and cost reduction in the payments market.
The entry of fintechs into the SPB was strongly driven by a specific and favorable regulation promoted by the Central Bank of Brazil – Law No. 12,865/2013, which opened space for the operation of so-called payment institutions within the SPB, enabled fintechs to operate independently, and offer services such as digital wallets, payment accounts, card issuance and operation, in addition to credit.
The Central Bank detailed the operating requirements for these institutions through Circular No. 3,682/2013, later revoked by BCB Resolution No. 150/21, which consolidated the criteria for providing payment services within the SPB, including governance criteria, internal controls, and requirements commensurate with the size and complexity of each fintech. These standards ensure that, despite their rapid innovation and dynamism, fintechs maintain the appropriate standards of solidity, security, and transparency typical of entities operating within the SPB.
In addition to regulatory requirements, fintechs must comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/FT) legislation, as per Law No. 9,613/1998, and comply with the General Data Protection Law (LGPD – Law No. 13,709/2018), which protects users' personal data, a crucial factor for trust in the digital environment. The Central Bank also requires these institutions to adopt robust cybersecurity policies, including constant monitoring, vulnerability testing, and rapid incident response protocols, in accordance with international best practices.
Another fundamental advancement was Open Finance, promoted by the BCB, which establishes the sharing of financial data via secure APIs, opening space for fintechs to access information previously restricted to large banks, favoring personalized and lower-cost services.
These elements—from robust regulation (via Resolution 150/2021), to new payment market infrastructures, security structures, Pix, and Open Finance—have placed fintechs within the SPB as recognized and integrated players. These companies combine cutting-edge technology with financial services, contributing to financial inclusion and the dynamization of the Brazilian payments market, within a regulated environment that ensures the system's robustness, transparency, and stability.