RIO DE JANEIRO, BRAZIL – The Central Bank has approved the creation of a special refund mechanism for Pix, which will be launched on November 16, when the Brazilian instant payment completes a year.
The creation of the mechanism will standardize the rules and procedures to enable the refund of amounts in cases where there is a founded suspicion of fraud or in situations where there is an operational error in systems of institutions involved in the transaction.
The refund can be initiated by the recipient user, either on his/her own initiative or at the paying user’s request.
Since Pix was launched, a refund feature has been available that allows the recipient user to refund all or part of the amounts in a transaction. However, there was no provision for the return to be initiated by the recipient’s relationship institution.
Therefore, in the event of fraud or operational error, the institutions involved currently need to establish bilateral operational procedures, in order to effect communications related to requests and receipts of refund requests, thereby complicating the process and increasing the time required for the case to be analyzed and finalized, reducing the efficiency of refunds.
The special return mechanism will expedite the process and enhance its efficiency, increasing users’ chances of recovering their money in fraud cases.
The institution returning the money using the special mechanism will need to notify the user when the money is debited from the account. In addition, the transaction will be included in the account statement.