RIO DE JANEIRO, BRAZIL - Financial institutions with over 500,000 active accounts will be required to offer an instant payment system to their clients, which will be introduced in November. The decision was announced in a circular letter issued yesterday, February 18th, by the Central Bank (CB).
This requirement includes cash deposit accounts, savings deposit accounts and prepaid payment accounts of financial institutions. The circular letter further stipulates that institutions must offer clients all the initiation and payment receipt functionalities of the new tool.
In its testing stage, the instant payment system will allow money transfers in only 10 seconds . . .