RIO DE JANEIRO, BRAZIL - The development of the instant payment system is progressing. This week, the Central Bank (BC) announced that it will be responsible for developing the database and system administration.
The idea is to replace transactions with cash or through bank transfers and debits of transactions between people.
According to the Central Bank, instant payments will be made in a few seconds and will be available for 24 hours every day of the week.
The decision to develop the system will allow banks and fintechs to continue defining their business models for instant payment.
Currently, transfer payments are . . .