The Central Bank of Brazil has commenced a new round in the testing process of the upcoming national instant payments platform Pix.
In this testing phase, the central bank will test the technology behind the clearing infrastructure.
It will simulate fund transfers in this testing round which will be joined by financial and payment institutions.
The participating institutions will test their settlement flows using fictitious data.
The primary focus in this phase will be on transaction flows between the participants and scenarios of failure around the settlement capabilities of the platform.
Expected to go live in November this year, Pix will enable Brazilians to make financial transactions round-the-clock and make real-time payments even on weekends.
The next step in the development of the instant payments platform will conduct mandatory tests for all participating institutions in June.
Through the national instant payments platform, Brazil’s central bank aims to provide citizens an easier, cheaper and more inclusive alternative to current transaction models.
Announcing the launch of Pix in February, the central bank’s president Roberto Campos Neto said that the introduction of Pix is “one of the most important initiatives of the year” for the institution and is part of a series of upcoming innovations this year through to 2021.