BRAZIL


Currency: Brazilian real (BRL)

RTGS: STR – Reserves Transfer System

Message format currently in use: TBD

ISO migration planned? Timeline: Official timeline not yet communicated

Governing body of the migration: Banco Central do Brazil (hereafter BCB)

Brazil BRL ISO migration

Migration?

A survey conducted by BCB on the needs, difficulties and perceptions of the market regarding the adoption of internationally accepted standards and procedures revealed considerable variation in standardization cultural level and knowledge among market participants. Based on this conclusion, BCB conducted along 2015 a series of actions to spread knowledge on the subject, among which: a meeting held in April, for presentation of the consolidated survey results; the International Standards of Communication seminar in May, which discussed Principle 22 and ISO 20022 standard; and participation in events promotedby the industry in which certain aspects of communication standards were discussed, such as the Congress and Exhibition of Information Technology of Financial Institutions in June, and the Anbima Workshop on Communication Standards in August.

In 2016, in addition to continuing efforts to increase the standardization culture, BCB will establish a schedule and a methodology for the development of studies about domestic FMIs’ business models adequacy to internationally accepted standards. In this respect, it is envisaged as a FMI forum activity, the creation of a thematic working group (with the industry participation), with the objective of assessing funds transfer models in Brazil (particularly TED model), having the ISO 20022 standard as benchmark.[1]

[1]https://www.bcb.gov.br/content/financialstability/paymentssystem_docs/Payments-System-Oversight-Report/Brazilian-Payments-System-Oversight-Report-2015.pdf