Post by asadul5585 on Feb 22, 2024 6:56:01 GMT
The payment arrangement is a set of rules and procedures that determine how a payment transaction should happen. These rules are defined by Payment Arrangement Institutions (IAPs), companies that are appointed by the Central Bank (Bacen) through its regulations. In 2013, Bacen instituted the payment arrangements law with the purpose of making financial transactions more practical, secure and accessible to the public. The best-known examples of IAPs are card brands, such as Mastercard and Visa, and Pix. The rules stipulated by each of these examples dictate how transactions carried out using a credit and debit card from a given brand, in addition to instant transactions, in the case of Pix, will be processed and connected with the other agents involved in a financial transaction. In this article, you will better understand what the payment arrangement is, what it is for and some examples of this feature.
Good reading! What is a payment arrangement? According to Law 12,865 , a payment arrangement is a set of rules and procedures that dictate the provision of a certain payment service to the public and that is generally accepted by more than one recipient. The rules affect all types of cards, value transfers and remittances, whether in national or foreign currency, making Kuwait Mobile Number List all payment transactions safe and standardized and protecting everyone involved in a buying and selling process. In other words, a payment arrangement establishes a set of rules so that all parties involved in a financial transaction (card issuer, acquirer, establishment and customer) are connected quickly and securely. E-book achieving zero default Examples of Payment Arrangements The main examples of arrangements are card brands, such as Mastercard, Visa and Elo, all legal entities that determine how the payment service that involves them should be used, that is, Payment Arrangement Institutes appointed by Bacen.
Another example to understand what a payment arrangement is and what it is for is Pix , the Central Bank's Instant Payment System, created in 2020, also considered an IAP. After all, before even offering the service, financial institutions had to meet some requirements and the user had to follow some rules to use the tool, right? This procedure exists to ensure that the transfer is carried out correctly and that the data of those involved in the financial transaction are preserved without compromising the integrity and security of payment market agents. Who are the agents involved in a payment arrangement? In addition to the Payment Arrangement Establisher, the legal entity responsible for establishing and supervising the arrangement, more payment market agents may be involved or affected by this set of rules.
Good reading! What is a payment arrangement? According to Law 12,865 , a payment arrangement is a set of rules and procedures that dictate the provision of a certain payment service to the public and that is generally accepted by more than one recipient. The rules affect all types of cards, value transfers and remittances, whether in national or foreign currency, making Kuwait Mobile Number List all payment transactions safe and standardized and protecting everyone involved in a buying and selling process. In other words, a payment arrangement establishes a set of rules so that all parties involved in a financial transaction (card issuer, acquirer, establishment and customer) are connected quickly and securely. E-book achieving zero default Examples of Payment Arrangements The main examples of arrangements are card brands, such as Mastercard, Visa and Elo, all legal entities that determine how the payment service that involves them should be used, that is, Payment Arrangement Institutes appointed by Bacen.
Another example to understand what a payment arrangement is and what it is for is Pix , the Central Bank's Instant Payment System, created in 2020, also considered an IAP. After all, before even offering the service, financial institutions had to meet some requirements and the user had to follow some rules to use the tool, right? This procedure exists to ensure that the transfer is carried out correctly and that the data of those involved in the financial transaction are preserved without compromising the integrity and security of payment market agents. Who are the agents involved in a payment arrangement? In addition to the Payment Arrangement Establisher, the legal entity responsible for establishing and supervising the arrangement, more payment market agents may be involved or affected by this set of rules.