[vitorgrs]

It was not. TED had to talk with banks, only the final settlement went thought Central Bank.

With Pix, banks don't talk with each other. They are basically using Central Bank API to send and receive money.

before it was Bank Z ---> Bank Y

With Pix it's Bank X ---> SPI/BC ---> Bank B

[reese_john]

I don’t even understand what you mean by “banks had to talk to each other” and why you are referring to TED in the past tense when it’s still the largest settlement method by BRL amount

[vitorgrs]

Because TED is not the only way to send money now...? It's basically legacy, although yes, still used. Very rare you'll see Person to person/business using TED. Basically business to person...

And yes, literally banks had to "talk" with each other. Which is why it was paid and slower in first place and didn't worked 24/7.

[reese_john]

I suggest you go read the SFN messaging manuals from BCB if you truly want to understand how interbank communication works. It is very well documented.

You clearly don’t know what you are talking about since you are conflating the STR (transfer reserve system) with TED (one of the many settlement methods in STR)

[vitorgrs]

Obviously there's several other ways to send money. I'm talking about the popular ones... The others are niche-systems.

And yes, in TED only the final settlement were done by BCB.

[gaigalas]

Ultimately, this is all irrelevant.

The goal with Pix was not to increase the total amount of value tranfered, but the amount of small micro-transactions, increasing fluidity and bypassing unecessary bureacratic processes.

TED still wins by raw value, but that amount is irrelevant. It is what is left after the small-fry micro-transactions were liberated from complicated, archaic systems. Those small-fry transactions provided a lot of fluidity to the market, which is the realm in which Visa and Mastercard were supposed to act (incresing consumption) but were unable to compete due to their own legacy devices. They really need to catch up with the competition: those systems and their culture are ancient relics.