Central Bank of Brazil publishes rules enhancing Pix procedures (BCB Resolution No. 493)

On August 28, 2025, the Central Bank of Brazil (“BC”) published and approved BCB Resolution No. 493, – which amends BCB Resolution No. 1, of August 12, 2020,  establishing the Pix payment arrangement.

The new resolution strengthens the governance of the Pix Forum, reinforces the Special Return Mechanism (“MED”), and updates procedures related to Pix keys. These changes aim to improve both the legal and operational security of Brazil’s instant payment system.

Key highlights of the normative instruction:

1. Restructuring of the Pix Forum
   1. BCB Resolution No. 493 introduces new working groups within the Pix Forum, aiming to strengthen the governance and security of Brazil’s instant payment system. The newly established groups include:
      1. Business Working Group: Focused on discussing and proposing enhancements to business models within the scope of Pix.
      2. Standardization and Technical Requirements Working Group: Responsible for defining technical standards and operational requirements involving Pix transactions.
      3. Instant Payment Messages Working Group: Dedicated to standardizing and improving instant payment messaging.
      4. Pix Strategic Security Group (“GE-SEG”): In charge of developing guidelines for risk mitigation and fraud prevention.
   2. The Coordinator of the Pix Forum may establish new working groups with specific objectives and predefined deadlines, providing greater flexibility to address emerging demands.
   3. Upon request by the Coordinator of the Pix Forum, the GE-SEG will also be responsible for defining security rules and parameters, including technical and operational standards designed to protect users and participating institutions.
2. Enhancement of the MED
   1. BCB Resolution No. 493 strengthens the MED – originally created to enable the recovery of funds in cases of fraud or operational failure – by introducing new procedures:
      1. Clearer protocols for the blocking and return of funds in cases of suspected fraud;
      2. Immediate blocking of funds upon notification of an infraction, ensuring greater effectiveness in mitigating losses;
      3. The payer’s service provider must debit the funds and execute the return on its own behalf, providing greater autonomy and accountability to the institution involved; and
      4. The Operational Manual of the Directory of Transactional Account Identifiers (“DICT”) will specify deadlines, tracking mechanisms, and the possibility of multiple blocks or partial returns.
3. Changes to information linked to Pix keys
   1. BCB Resolution No. 493 expands and refines functionalities related to Pix keys, with a focus on transparency and user data protection:
      1. Participating institutions will now have greater flexibility and control over consulting and modifying data linked to Pix keys.
      2. Random key may only be modified at the initiative of the Pix participant (that is, the financial or payment institution), preventing improper manipulation by end users.
      3. A new functionality has been introduced to enable fund recovery in cases of operational error or legitimate payer dispute. This feature will be optional for transactional account providers and special settlement agents as of November 23, 2025, and mandatory as of February 02, 2026.

BCB Resolution No. 493/2025 seeks to enhance the governance and security of the Pix payment arrangement by restructuring technical groups, strengthening return mechanisms in fraud cases, and expanding functionalities linked to Pix keys. These measures aim to promote greater operational efficiency while ensuring full compliance with current legal and regulatory standards.

BCB Resolution No. 493/2025 entered into force on the date of its publication – August 28, 2025 – and is available on the BC’s official website.

Demarest’s Banking and Finance and Blockchain and Digital Assets teams are available to assist clients and partners with any necessary clarification.