Skip to content

Establishing a PIX-enabled payment facilitator in Brazil: the process

Opening a payment facilitation company in Brazil that operates with PIX involves several steps and compliance with specific regulatory requirements. Here is a general overview of the process:

 

  1. Business Plan and Legal Structure:

   - Define your business plan, including the scope of payment services you intend to offer and your target market.

   - Choose an appropriate legal structure for your company, such as a limited liability company (LLC) or a corporation.

  1. Company Registration:

   Register your company with the Brazilian government authorities, such as the Federal Revenue Service (Receita Federal) and the Board of Trade (Junta Comercial), and obtain the necessary permits and licenses.

  1. Financial Institution Authorization:

 In Brazil, operating as a payment facilitation company typically requires obtaining authorization from the Central Bank of Brazil (Banco Central do Brasil) to operate as a Payment Institution (Instituição de Pagamento). You will need to meet specific regulatory requirements to obtain this authorization.

  1. Compliance and Regulatory Requirements:

   - Ensure your company complies with anti-money laundering (AML) and know-your-customer (KYC) regulations.

   - Develop and implement robust security measures and data protection practices to safeguard customer information and transactions.

   - Establish processes for reporting and managing suspicious transactions and adhering to financial regulations.

  1. Technology and Infrastructure:

  Develop or partner with a technology provider to create a secure and compliant payment platform capable of processing PIX transactions.

  1. Banking Relationships:

   - Establish relationships with banks or financial institutions that will allow you to access the PIX system and settle transactions.

  1. PIX Connectivity:

Connect to the PIX system, which may require integration with the Brazilian Payment System (SPB) and adherence to the technical specifications provided by the Central Bank.

  1. Testing and Certification:

   - Conduct extensive testing to ensure your payment platform functions correctly with PIX.

   -Seek certification from the Central Bank or relevant authorities to verify that your system meets regulatory and technical requirements.

  1. Customer Onboarding:

Develop customer onboarding processes, including KYC procedures, to verify the identity of your customers and comply with regulations.

  1. Marketing and Customer Acquisition:

Create a marketing strategy to attract customers to your payment facilitation platform.

  1. Risk Management:

Implement risk management practices to monitor transactions for fraud and compliance issues.

  1. Compliance Reporting:

Establish processes for reporting transactions to regulatory authorities as required by law.

  1. Customer Support:

Provide customer support for inquiries, disputes, and problem resolution.

  1. Continuous Compliance and Security Audits:

Regularly review and update your compliance and security measures to stay aligned with evolving regulatory requirements and industry best practices.

  1. Financial Sustainability:

    Ensure your business model is financially sustainable and profitable, considering revenue streams, transaction fees, and operational costs.
  1. Ongoing Compliance and Reporting:

    Continue to adhere to financial regulations and report transaction data as required by regulatory authorities.

 

Please note that the specifics of opening a payment facilitation company in Brazil may change over time due to evolving regulations and market conditions. Therefore, it's essential to consult with legal and regulatory experts with knowledge of the current requirements to navigate the process successfully.