O central bank (BC) announced this Tuesday (8) the approval of a new feature that will complement the system of instant payment of the institution, the PIX. Called 'Special Return Mechanism', the feature comes to standardize rules and procedures that enable the return of amounts by the payment service provider (PSP).

A resolution that implements the functioning of the resource was approved by the collegiate board last Wednesday, June 2nd, but the new rules will only take effect on November 16th of this year, when the system will complete one year in operation.

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Image shows the logo of the Central Bank of Brazil, Bacen
Central Bank announces feature for return of transactions via PIX. Credit: Jo Galvao/Shutterstock

With the new arrangement, returns can be made on their own initiative, or at the request of the paying user's PSP. The procedure can also be performed in cases of suspected fraud or operational failure by the Financial Institution.

Since its launch in November 2020, the PIX already has a refund mechanism. However, there was no obligation for the bank receiving the transaction to recover the balance, which made the process more difficult and took longer to complete due to the necessary communication between the financial institutions.

Also with the new rule, financial institutions are required to notify the user about the debit of the account value, as well as display the information in the statement of transactions.

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The Director of Financial System Organization and Central Bank Resolution, João Manoel Pinho de Mello, pointed out that “the establishment of a special standardized return procedure within the scope of the arrangement will imply, therefore, in increasing even more security for users of the PIX, which will have more possibility of recovering traded funds from an evident fraud”.

According to Mello, the Central Bank hopes that the new feature will reduce the time needed to complete a return via PIX and that the operating costs of these cases will also be reduced.

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