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Itaú Made R$1 Million Duplicate Transfers Using PIX, Sues Banks to Recover Funds

RIO DE JANEIRO, BRAZIL - A dispute among Brazil's largest banks could be the first judicial "trial by fire" of PIX, the Central Bank's (BC) new instant payment system.

Case documents, released by the Cointelegraph website, show that in November 2020, shortly after the payment system was launched, Itaú Bank had a severe flaw in its integration with the Central Bank system and made duplicate transfers to accounts in several banks.

Among the financial institutions sued by Itaú and which, according to the bank, received the undue amounts, are Banco do Brasil, Bradesco, Sicred, Bancoob, Nubank, Original and Inter . . .

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