Pix Seeks EU Linkup to Boost Cross-Border Payments
Brazil's Pix is looking to expand its instant payment system into Europe. Discussions are underway between Brazil's central bank and the European Central Bank about linking Pix with the ECB's TARGET Instant Payment Settlement (TIPS) network.
The two platforms have started exploratory work, and by September, they will complete legal, security, technical, and operational assessments. A pilot program is planned for June 2028, assuming the connection goes ahead.
Brazil's central bank has mobilized nine departments to define the governance framework and assess the compatibility of the two systems. If successful, Brazilians would be able to settle payments in Europe using funds held in their domestic accounts.
This expansion marks Pix's first major cross-border move, but Brazil has been laying groundwork for international use through the Bank for International Settlements' Project Nexus. The central bank is working with over 60 other central banks on this initiative.