Among the various regulations issued in December, as is traditional, the Central Bank of Brazil ("BCB"), through Resolution BCB No. 443/2024, announced the new regulatory framework for the boleto payment arrangement, which will come into effect on February 3, 2025, and aims to improve and modernize the rules governing this payment instrument.
Currently, it is among the five most used payment methods in the country, behind only Pix and credit, debit, and prepaid cards. This demonstrates that, despite the emergence of new payment technologies in recent years, the boleto continues to be widely used by the population, reinforcing its relevance in the country's payment system.
In this context, the need for the regulator to establish more modern rules adapted to current demands, with the aim of continuously improving the user experience and expanding the versatility of this payment method, is understood.
Below, we highlight the main points brought by the BCB in this new regulation:
Boleto Payment with Pix
One of the main innovations introduced by the new regulation is the possibility of paying the boleto through another payment arrangement authorized or operated by the BCB, such as Pix. Thus, in addition to the traditional barcode, the boleto may contain a specific QR Code to facilitate payment via Pix.
With this measure, the BCB seeks to integrate the speed, convenience, and widespread acceptance of Pix into the boleto's user experience. It is worth noting that the boleto has already undergone recent modernizations, such as the possibility of interbank settlement on the same day of payment (D+0). With this innovation, boletos paid by 1:30 PM allow the beneficiary to receive the funds on the same day, depending on the contract signed with their institution. Now, with Pix, the funds can be received instantly, further increasing the efficiency of this payment instrument.
Some institutions already offer the possibility of paying boletos using Pix experimentally, as recognized by the BCB itself. However, in the coming months, with the new regulation taking effect, this innovation is expected to be widely available by institutions.
It is important to highlight the need for integration between the system where boletos are usually registered and settled (Sistema de Liquidação Diferida das Transferências Interbancárias de Ordens de Crédito - SILOC, operated by Nuclea, formerly CIP) and the Pix settlement system (Sistema de Pagamentos Instantâneos - SPI) to ensure that, as payment occurs via Pix, the boleto is recorded as paid in Nuclea's centralized billing database, thus avoiding the risk of the boleto being paid twice by the user.
Creation of Dynamic Payment Slip
The regulation also introduced the dynamic payment slip, which adds to the existing modalities (common payment slip, proposal payment slip, and deposit and contribution payment slip).
This new modality is characterized by: (i) being linked to a financial asset subject to bookkeeping, registration, or central deposit in systems authorized by the BCB; and (ii) allowing the change of the recipient institution and the beneficiary, who would become the holder of the rights related to the linked financial asset, in case of negotiation, reflecting the dynamic circulation of assets.
Thus, the change of recipient institution and beneficiary will be made directly in these systems.
Additionally, to avoid the risk of diversion of guarantees linked to tradable financial assets and ensure the possibility of their control or tracking, the issuance of the dynamic payment slip will be the only allowed modality of payment slip for beneficiaries who have a contractual relationship with bookkeepers, registrars, or central depositaries for the purpose of bookkeeping, registration, or deposit of financial assets representing debts in collection for which the original creditors are the beneficiaries themselves.
In practice, when a financial asset (such as an electronic invoice) is negotiated with third parties by the original creditor, it will be possible to change the beneficiary and the recipient institution of the payment slip linked to that asset. This provides security to the debtor, who will make the payment to the legitimate creditor, and to the new beneficiary, who will not need to issue new payment slips to ensure the receipt of the funds.
It is important to assess how this change will impact the user experience at the time of payment, especially in light of the increase in boleto fraud cases in the country. If the user identifies a different beneficiary at the time of payment without prior notice of the change, there is a risk that they will refuse to make the payment out of fear of fraud.
However, we understand that this innovation is very useful for both payers and beneficiaries of payment slips, and it will also bring numerous positive externalities to the Brazilian credit market. Credit Rights Investment Funds (FIDCs), for example, whose main activity is the efficient management of a receivables portfolio, will be positively affected by the change. Securitizers as well.
Dynamic payment slips are expected to reduce manual errors and increase agility in operational cession processes. Additionally, this technology promotes greater security, as the data must be updated in an integrated and synchronous manner with the data in financial asset control systems, making fraud more difficult. Another significant advantage is the improvement in the experience of assignors and payers, who will have clearer and more updated information, facilitating payments and contributing to a reduction in delinquency, an essential factor for the financial health and performance of FIDCs and other securitization operations.
According to the regulation, the types of financial assets that can be linked to dynamic payment slips will be disclosed through a normative instruction by the BCB, providing regulatory flexibility to the financial market's own dynamics.
Therefore, it is necessary to await the issuance of such a normative act by the regulator, which should take a few months, considering that the bookkeeping or registration systems responsible for providing digital support to the assets linked to the payment slip are still being implemented.
Governance Structure of the Payment Slip Arrangement Convention
To strengthen the governance of the convention among participating institutions in the payment slip arrangement, the BCB determined the creation of a specific structure for the management of the arrangement convention, whose signatories today are the Brazilian Association of Banks (ABBC), the Brazilian Association of International Banks (ABBI), the Brazilian Association of Credit Card and Service Companies (ABECS), and the Brazilian Federation of Banks (FEBRABAN).
According to the new regulatory framework of the arrangement, such a structure must be constituted to: (i) ensure full representativeness and plurality of participating institutions, ensuring free choice of representative associations; (ii) promote non-discriminatory access and treatment for participating entities and the necessary services and infrastructures for the arrangement's operation; (iii) mitigate conflicts of interest among participants; and (iv) adopt a pricing and cost reimbursement model based on equality, transparency, and economic justification.
These measures aim to improve the governance of the payment slip arrangement, promoting greater involvement of institutions with different profiles, increasing the representativeness of its signatories, and more effectively capturing the diverse interests of the institutions within the payment market.
For more information about this regulation and its impacts, contact the Banking & Finance team at FAS Advogados in cooperation with CMS.
