Understanding PIX Payments

The Central Bank of Brazil announced the Instant Payment System (SPI), based on the ISO 20022 standard, with data elements specific to Brazil.

The JD Edwards EnterpriseOne system supports PIX as a form of payment. Companies must adopt PIX, the Brazilian IP scheme that enables its users — people, companies, and governmental entities to send or receive payment transfers in a few seconds at any time, including non-business hours, will be adopted as form of payment within companies.

Brazil Central Bank’s objectives for using the PIX payments are:

To increase the speed at which payments or transfers are made and received.
To enhance competitiveness and market efficiency.
To lower costs.
To increase security.
To improve the customer experience.
To promote financial inclusion.