The Central Bank (BC) published this Monday (10) new rules for managing risks in payment arrangementswhich are the sets of rules and procedures that govern the provision of certain payment services to the public, including credit and debit cards.
Approved after a public consultation held in 2024, the measures, informed the BC, aim to increase security, transparency and efficiency in the functioning of the Brazilian Payment System (SPB).
The standards are contained in the BCB Resolution No. 522which changes the 2021 rules that regulated the topic.
According to the BC, the changes “ensure greater clarity regarding the responsibilities of each participant and reinforce protection for the user receiving payments”. To the rules take effect immediately, but card brands will have 180 days to adjust their regulations and request formal authorization for adaptation.
Responsibility of flags
The BC made it clear that brands, such as Visa, Mastercard and Elo, are now directly responsible for guaranteeing payment of transactions to receiving users, even if failures occur in the system’s protection mechanisms. If there are problems at any participating institution, such as a card issuer (banks, fintechs and others) or acquirer (machines), the brand must use its own resources to ensure the transfer of the amounts.
The resolution also establishes that the brands, considered the “institutors” of payment arrangements, cannot delegate to the acquirers the responsibility for managing the risks of the sub-accreditors, nor allow the requirement of guarantees between participants in the arrangement. Furthermore, it is prohibited for acquirers or sub-accreditors to discriminate against card issuers, reinforcing the principle known as honor all cards.
Chargeback
THE new regulatory framework also changes the chargeback process, the reversal of a transaction contested by the cardholder. The rule limits participants’ financial liability to 180 days after authorization of the transaction. After this period, if the rules of the arrangement allow, the responsibility becomes entirely the responsibility of the flag.
Despite granting freedom to brands to choose their risk management mechanisms, the BC highlighted that this choice does not exempt them from final responsibility for the settlement of all transactions.
Transparency and control
Another relevant point is the increased requirement for transparency in the implementation and sizing criteria of transfer mechanisms and financial risk management. The objective is to make clear the role of each institution — brands, banks, acquirers and sub-accreditors — in the event of a failure in the payment flow.
The new rules also reinforce centralized monitoring of operations, obliging all sub-accreditors to fully participate in centralized settlement and clearing systems, which should reduce vulnerabilities in operations.
Fraud prevention
The BC reported that the resolution brings specific commands to improve the management of fraud and scam risks, in addition to measures to prevent money laundering, terrorist financing and the proliferation of weapons of mass destruction. The measures also align payment arrangements procedures with the control standards required by the National Financial System (SFN).
Deadlines and suitability
Although the new rules are already in force, institutions will have up to 180 days to file requests for authorization of adjustments to payment arrangement regulations and to implement the required operational changes.
“The current regulations remain valid until the changes are authorized,” the BC said in a note.
The monetary authority also highlighted that the set of measures brings greater robustness to the sector’s regulatory framework and strengthens consumer and business confidence in electronic payment operations.
