As of October 2, a new standard for checks will be implemented with the aim of modernizing and making them more secure.
According to the Central Bank (BC), the body responsible for the measure, this is a way to make counterfeiting and fraud more difficult.
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According to the monetary authority, the main change is that financial institutions will be responsible for regulating the standard model of checks used by them.
Currently, this regulation is still being carried out by the BC itself, which defines the characteristics of the model adopted by all institutions.
Before implementing the changes, banks must communicate them to the Central Bank 30 days in advance. Despite this, it is expected that no significant changes occur, in order to avoid high adaptation costs.
Another innovation regarding the use of checks in Brazil is that it will now be allowed to use the corporate name on the pages of the checkbook. This measure had already been taken to other banking services, such as the use of Pix and other types of transfers.
To take advantage of this possibility, the user will only need to contact his bank, inform his desire to use his corporate name on the checks and follow the other procedures for the changes.
Another important change on this subject is related to the Compe Group, which was created to issue opinions on matters related to the check clearing service.
What is new is that the Central Bank will no longer be a permanent member, assuming the role of an observer in this council.
“The change in the role of the Central Bank will not imply any risk of discontinuing the activities of this group, allowing greater efficiency by delimiting the direct action of the autarchy in matters that fall within its competence”, explained the Central Bank in communicated.
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