BPP is evaluating new and exciting opportunities after successfully completing its connectivity with PIX
The Brazilian Payments Institution was one of the first ones completing the Central Bank of Brazil (BACEN) test.
BPP, as a leader in innovation in the payments industry, has been vigorously participating in the forums organized by BACEN in preparation for the launch of PIX. PIX is a new payment platform that will enable on-line, real-time, digital payments.
PIX is being developed in stages. The first one consisted in BACEN allowing a few selected participants to perform a connectivity test within an established timeframe. BPP is one of these initial few that after a careful preparation was able to implement its connectivity with PIX, successfully completing the test.
BPP will participate in each of the next stages as per defined by BACEN towards the project’s completion date, which is expected to be in November of 2020.
In order to maintain its leadership position, BPP is constantly confronting challenges with innovation. In the case of PIX, BPP is reorganizing its technology and current infrastructure to attend to the requirements of the project. “We are preparing ourselves to comply with the new format developed by BACEN for payments and money transfers, which will provide agility and an overall cost reduction, allowing a larger number of people to have access to a safer, faster and cheaper service”, states José de Carvalho Júnior, Director of Products at BPP.
Interbank transfer services via TED or DOC can cost up to R$18.00 ( approximately USD 4.00). BPP offers the services at around R$ 4.00 (less than USD 1.00). BACEN’s plan is for PIX to be offered within any bank’s mobile app, or other participant’s app. People sending money will just need to provide the recipient’s mobile number, e-mail or CPF (Brazilians Tax ID), at an even lower cost or even for free. QR Code payments are also being considered to be part of the new system.
Additionally, PIX will be available 24/7, all year around including weekends and holidays. Funds availability using PIX will be between 2 to 10 seconds after payments instructions are sent.
At BPP we believe PIX’s arrival will contribute towards the democratization of financial services and providing convenience to all Brazilian citizens. BPP shares the same mission: offering innovative tools offering our customers to transfer and make payments between our accounts instantly and at any time, at no costs and in a secure way.
BPP is a Fintech specialized in electronic payments. It was known as Brasil Pré-Pagos until 2018 when it took the name of BPP following the modernization trends in the payments industry. Leader in the issuance of Visa prepaid cards, with more than 10 years of experience of developing multi-currency payment products and solutions for consumers as well as corporate clients. Focusing on technology, innovation, machine learning, and process automation, BPP is a Payments Institution, regulated by the Central Bank of Brazil (BACEN) is owner of the code 301 of the Brazilian Payment System. bpp.com.br
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