CASE STUDY transaction processing times to ensure Pix meets user expectations for instant payments . Traditional payment methods , such as express wire transfers , paper payment forms and credit cards , can take hours or days to process .
During proof of concept testing with the anticipated volume of 2,000 transactions per second , BCB successfully processed 99 % of its internal transactions within just four seconds using AMQ Streams and Ansible Automation Platform .
“ People can pay friends and businesses instantly and access funds as soon as they are available ,” said Fernandes . “ With Pix , money goes into their account instantly .”
Anticipated improvements in service costs
Pix will help retailers reduce acceptance costs associated with consumers making credit or debit card payments and offer immediate , reliable access to funds from purchases . As a result , processing fees typically paid by or passed on to consumers will also decrease .
This shift to digital transactions from paper-based payments – which currently comprises 47 % of financial transactions in Brazil , according to McKinsey – will also help BCB reduce operating costs .
“ Other countries , such as Sweden and Denmark , are already reducing cash transactions . Brazil is very large , so providing banknotes and coins to every city for these transactions requires a major logistics effort ,” said Fernandes . “ Over the longer term , we predict that encouraging this switch to digital payments will help us save significantly on transportation and logistics costs .”
Accelerated financial industry diversity and innovation
The launch of Pix will help smaller , less established payment providers compete in the Brazilian financial market to offer valuable customer services , as well as help services like Uber become more accessible .
BCB ’ s new infrastructure and architecture based on Red Hat technology will help the bank and its partners continue developing innovative digital services in a stable , high-performance cloud environment at the pace of demand .
“ This new technology will allow us to collaborate in a way we could not before , to build a new , instant financial experience ,” said Fernandes .
Gained expert insight and guidance to enhance technology adoption
Working with Red Hat ’ s technology experts before , during , and after deployment has helped BCB become familiar with new cloud and middleware technology and optimize its operation of AMQ streams , Ansible Automation Platform and Red Hat OpenShift with proven best practices .
In addition to collaborating with Red Hat Consulting to successfully deploy the technology foundation for Pix , BCB engaged Red Hat Training to help its staff gain the skills needed to use and manage the new Red Hat software environment .
The bank also engaged a Red Hat Technical Account Manager for on-going support and monitoring to proactively identify potential issues and troubleshoot any challenges .
“ The proposals Red Hat has provided have enhanced our new architecture with better availability ,” said Fernandes .
Expanding features to meet evolving user demand
BCB plans to continue working closely with Red Hat to enhance the availability , security and performance of Pix , as well as add new features to continue improving its user experience . For example , expanding contactless payment and e-commerce transaction features are planned for the next year .
ABOUT THE CENTRAL BANK OF BRAZIL
The Central Bank of Brazil ( BCB ) is a federal body linked to the Ministry of the Economy . Created in 1964 , its mission is to assure the stability of the Brazilian currency ’ s purchasing power and a solid and efficient financial system .
For its back-end systems , BCB plans to continue to optimize automation and orchestration using its Red Hat infrastructure capabilities .
“ We ’ re already seeing a return on the investment in the Pix platform ,” said Fernandes . “ Going forward , we believe that Brazilian society as a whole will benefit from the innovative solution we ’ ve introduced .” p
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