Automatic Pix: everything you need to know about the new feature

The popularity of Pix continues to grow, and it is increasingly common to hear the question “do you accept Pix?” in establishments, stores, and everyday transactions. Pix, which is efficient for transfers, stands out with a new function: Automatic Pix, making payments and quick transfers even easier.

Although it is a fantastic addition for individuals, it is crucial that companies and legal entities pay attention to regulatory norms, specific rules, and possible implications arising from its misuse.

In this article, we will explore Pix Automático in detail, covering its benefits, challenges, and the precautions necessary to ensure proper use. Enjoy reading!

What is Automatic Pix? 

Before diving into the implications, it is essential to understand what Pix Automático offers.

This new feature, which will be launched on October 28, 2024, seeks to further simplify financial transactions, enabling users to make and receive payments automatically, without the need for constant confirmations. Users will be able to use it to pay bills such as water, electricity, tuition, gyms, HOA fees, and courses.

Despite the existing “automatic debit,” many will choose Pix Automático, which is free and does not require a partnership with banks, unlike automatic debit, for example. Stone Age CEO Fernando Guimarães, believe that this new modality can become an absolute protagonist and be easily accepted by the population.  

For Companies and Legal Entities: be aware of regulatory standards. 

The implementation of Automatic Pix for companies presents specific challenges that require an in-depth understanding of the regulatory rules associated with this new feature. Therefore, it is necessary for companies to be fully aware of the current regulatory standards governing the use of Automatic Pix. This encompasses guidelines related to security, privacy, and compliance with financial laws. Ignorance or negligence of these standards can lead to substantial penalties, thereby harming the company's reputation. 

Within the general rules of Pix Automático, the specification of steps for prior authorization stands out; rules for the cancellation of authorizations; regulations on the rejection and settlement of transactions; features available to payer and receiver users; guidelines for refunds and accountability in cases of error; in addition to the establishment of daily limits for transactions related to the product, among other essential provisions. 

Implications of non-compliance 

The offering of this new feature to paying users will be mandatory for Pix participants. That is, participants who are not approved in the homologation tests and do not make Pix Automático available to their users at the service launch, starting October 28, 2024, will be subject to daily fines for the delay in the offering, up to a limit of 60 days. Central Bank it also amended other parts of the Pix Penalty Manual to cover the offering of the new service. 

Use Automatic Pix responsibly 

Automatic Pix offers undeniable benefits, but its implementation requires responsibility and compliance. Companies must follow regulations, invest in IT, ensure cybersecurity, and educate employees and customers on proper practices. Only then will we fully enjoy technological advancements without compromising financial integrity and security. 

A DOMVS iT accelerated the implementation of the regulatory standards of the Open Banking as one of the leading protagonists in the Latin American financial market, through the operation of agile squads. Due to this achievement – and many others –, we possess the essential expertise and know-how to guide you in developing the most effective strategy to comply with Pix Automático regulations. Therefore, trust our teams of specialists to help your company achieve full regulatory compliance.