The Brazilian banking system, for SAP people
Who sets the rules, which systems move the money, and how Pix is settled in seconds. The background you need before configuring payments in SAP.
The regulator
BCB, the Central Bank of Brazil
Banco Central do Brasil · also called BACEN or BC
The BCB is a federal authority with formal autonomy since Complementary Law 179 of 2021: a special-status agency not linked to any ministry, with directors serving fixed terms. Its main goal is a stable currency; it also looks after a sound financial system, smoother economic cycles and full employment.
It regulates and supervises the financial system. No institution can operate in Brazil without its authorization, and all of them are subject to its inspections, which is why people call it the “bank of banks”. Banks are free to design their products, but must follow its rules on how they operate, which protects the public from abuse.
For SAP projects, the BCB matters in three places: the PTAX exchange rate, the rules behind bank files and boletos, and Pix, which it created and runs.
The plumbing
SPB, the Brazilian Payment System
The SPB works like a web: the BCB, the financial institutions and the clearing and settlement systems that move money between them, for companies and people. Without it there would be no Pix. Settlement, by the SPB and by the SPI, means transferring value between accounts so that money circulates safely.
STR
Run by the BCB
Real-time gross settlement between banks, including many TEDs.
SPI
Run by the BCB
The instant payment system behind Pix, open 24 hours a day, every day.
CIP
Owned by the banks
SILOC clears boletos; SITRAF settles TEDs between banks.
B3
The exchange
Custody and settlement of securities. It absorbed CETIP in 2017.
Compe
Run by Banco do Brasil
Cheque clearing, now a small and shrinking flow.
Payment statistics the BCB publishes
The BCB publishes data on the retail payment instruments used in Brazil, collected from these sources.
| Instrument | Source | Updated |
|---|---|---|
| Pix | SPI and document 1201 | Monthly |
| TED | CIP-SITRAF and STR | Monthly |
| Boletos | CIP-SILOC | Monthly |
| DOC and TEC | CIP-SILOC · history only, both ended in 2024 | Monthly |
| Cheques | Compe | Monthly |
| Credit, debit and prepaid cards | Documents 6308 and 6334 | Quarterly |
| Utility payments, cash withdrawals, intrabank transfers, direct debit | Document 6209 | Every six months |
Instant payments
SPI, DICT and who takes part in Pix
Sistema de Pagamentos Instantâneos
SPI · Instant Payment System
The single, central infrastructure that settles instant payments between institutions in Brazil, run by the BCB since November 2020. It settles in real time, one transaction at a time (gross settlement), and once settled a payment can’t be undone.
Payments are settled in special accounts that direct participants keep at the BCB, the Instant Payment Accounts (Contas PI). To keep the system sound, they can never go negative: no overdraft.
Diretório de Identificadores de Contas Transacionais
DICT · the Pix key directory
A database that links each Pix key to the account behind it, and a security layer too. When you pay to an e-mail key, the DICT tells the system which bank, branch and account that e-mail belongs to, so you only need the key, never the account details. The same works for a CPF, CNPJ, phone number or random key.
Instituição de Pagamento
IP · Payment institution
A company that offers payment services only, such as accounts, cards and transfers, without lending like a bank. It moves money safely without customers needing a bank relationship.
Provedor de Serviços de Pagamento
PSP · Payment service provider
The umbrella term for every institution that offers Pix to its customers: banks, payment institutions and cooperatives.