Brazilian Payments System

Brazilian Payments System (Sistema de Pagamentos Brasileiros) (SPB) is managed by the Central Bank of Brazil (BCB) and is composed of the entities, systems and procedures related to the processing and settlement of funds transfer operations, of operations with foreign currency or with financial assets and securities, collectively called Financial Market Infrastructure (MFI) operating entities. Besides FMIs, payment arrangements and institutions are also part of the SPB.

The main component of the SPB is the Reserve Transfer System (STR). The BCB assigns two identifiers to the financial institutions integrating the STR: the "Brazilian Payments System Identifier" (ISPB) and the "Code-Number" which substitutes the former "COMPE code" of the Check Clearing Centralizer (e.g. 001 for Banco do Brasil). Its basic function is to allow the transfer of financial resources, the processing and settlement of payments for physical and legal persons and between governments. Every economic transaction which involves the use of a check, credit card, or available electronic transfer (TED), for example, involves the SPB.

Goal

The basic purpose of the payment system is to transfer funds between banks in order to enable the processing and settlement of payments by individuals, businesses, the government, the Central Bank, and financial institutions. These transfers are made through debits and credits in the Bank Reserve Accounts that the banks have with the Central Bank.

References

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