Central Bank of Brazil wants to replace DOC & TED by instant payment system
The Central Bank has announced that it will be responsible for developing the database and system administration. The idea is to replace transactions with cash in kind or through bank transfers (TED – Electronic Transfer available – and DOC – Credit order document) and debts for transactions between people.
According to the Central Bank, instant payments will be made in a few seconds and work for 24h every day of the week. Currently, the transfer payments are made by bank channels and the amounts arrive at the recipient on the same day, provided that the transfer is made on weekdays, at the time set by the banks from 6:30 to 17h.
The cost of the transfer is defined by the banks for each operation or has the value included in a service pack. With the instant payment system, the expectation of the Central bank is that there is a reduction in these costs for customers.
The Central Bank has said there will also be cost savings for companies receiving transfers, and that the merchant will need to have only a unique identification code to allow its customers to read this code through their smartphones. This code will contain all the information necessary for the resources to be transferred instantaneously.