The Brazilian Payments System (SPB) is a complex structure comprised of rules, institutions, and systems that enable the movement of funds between people (individuals and companies) in Brazil. Coordinated and regulated by the Central Bank of Brazil (BCB), the SPB ensures that financial transactions, from the simplest, such as transfers via TED, DOC, and Pix and payments with credit or debit cards, to the most complex, such as billion-dollar settlements between banks, occur securely, quickly, and reliably. This structure involves not only the various participants in the financial system—such as banks, fintechs, credit unions, and payment institutions—but also the so-called financial market infrastructures, which are the specialized technological systems responsible for processing, clearing, and settling these transactions. These infrastructures ensure the integrity of operations and the stability of payment flows in the country, playing a fundamental role in the efficiency and soundness of the national financial system. 

Although its origins predate the current regulatory framework, Law No. 10.214/2001 is considered the regulatory framework for the SPB. It legally defined the SPB as the set of entities, systems, and procedures responsible for the transfer of funds and financial assets through payment clearing and settlement. This law also established the BCB's roles and responsibilities within the SPB, granting it the authority to authorize, regulate, and supervise financial market infrastructures, aiming for the system's stability, integrity, and efficiency. 

Among the infrastructures regulated and supervised by the Central Bank of Brazil, the Reserve Transfer System (STR) stands out, a real-time settlement system operated by the BCB, created on April 22, 2002. The implementation of the STR was crucial to reducing systemic risk, as it required sufficient balances in bank reserve accounts to settle payment orders, such as TEDs, DOCs, and boleto payments. This eliminated implicit intraday credit and prevented the Central Bank from acting as an involuntary guarantor of interbank transactions, providing greater predictability and security to the system. 

The modernization of the Brazilian Payments System (SPB) has been driven by regulatory and technological advances. Law No. 12,865/2013 expanded the system's scope by establishing the legal framework for payment institutions, such as those operating prepaid cards, digital wallets, and payment accounts. This allowed non-banking entities, such as fintechs, to operate in payment systems, promoting greater competitiveness and financial inclusion.   

This favorable regulatory environment also enabled the launch of Pix in 2020. To implement it, the Central Bank developed a new infrastructure in the financial market: the Instant Payments System (SPI), which allows payment orders to be settled in real time, 24 hours a day, seven days a week. Pix, in turn, further strengthened the fintech ecosystem by reducing transaction costs, facilitating the entry of new players into the payments market, and expanding public access to digital financial services.  

The Brazilian Payment System is therefore seen as one of the pillars of the stability and efficiency of the national financial system. Over the past few decades, it has established itself as a robust and dynamic infrastructure, capable of keeping pace with the sector's technological and regulatory transformations. With the incorporation of new institutions, the development of innovative mechanisms such as Pix, and the advancement of Open Finance, the SPB continues to play a strategic role in promoting competition, financial inclusion, and the digitalization of the Brazilian economy. Its continuous improvement reflects the Central Bank's commitment to the security, efficiency, and modernization of the financial system, consolidating the SPB as an essential foundation for the sustainable advancement of the country's digital economy.