> ## Documentation Index > Fetch the complete documentation index at: https://docs.lerian.studio/llms.txt > Use this file to discover all available pages before exploring further. # What is Pix? > What Pix is and how Brazil's instant payment system works — 24/7 settlement, Pix keys, QR Codes, SPI, DICT, and Direct or Indirect participant models. It enables instant transfers between individuals, businesses, and financial institutions. Pix operates **24/7**, including weekends and holidays. Transactions typically settle in **under 10 seconds**. Pix is low-cost, accessible, and secure across the financial system. # How Pix works *** Pix supports multiple initiation methods: * **Pix Keys:** CPF/CNPJ, phone number, email address, or EVP (random key) * **QR Codes:** Static (reusable) and dynamic (single-use, metadata-rich) * **Manual entry:** Full banking details (bank, agency, account) After confirmation, BACEN’s infrastructure settles the transaction between the institutions, and the receiving institution credits the recipient instantly. # Why Pix matters *** Pix combines speed, accessibility, and regulatory-grade security: * **Instant settlement**: Routed and cleared in seconds * **Always available**: 24/7 operation * **Low cost** or free for individuals * **Secure and auditable**: Every transaction has an E2E ID * **User-friendly**: Human-readable identifiers reduce friction and errors Pix is Brazil’s most widely adopted payment rail. People use it for everyday transfers, merchant payments, and service flows. # Pix modalities *** Pix supports several operational flows defined by BACEN: | Type | Description | | ------------------ | ------------------------------------------------------------ | | **Common Pix** | Standard transfer via key or full account details | | **Pix QR Code** | Static or dynamic EMV-based payment initiation | | **Pix Saque** | Cash withdrawal at authorized merchants | | **Pix Troco** | Payment + cash withdrawal in a single operation | | **Pix Cobrança** | Pix with due dates, penalties, discounts, and reconciliation | | **Pix Agendado** | Scheduled Pix | | **Pix Automático** | Recurring payments | These modalities cover both consumer and business use cases. # Pix infrastructure: SPI and DICT *** Pix relies on two core services operated by BACEN: ## SPI — Instant Payment System *** The SPI is Pix’s settlement engine. It handles: * Transaction routing between institutions * Real-time clearing * Final, irrevocable settlement Institutions connect to SPI through the **SPI Gateway**, which requires strong cryptography, mTLS, and regulated network connectivity. ## DICT — Directory of Transactional Account Identifiers *** DICT is the nationwide registry that stores **Pix keys**. It ensures: * Key uniqueness * Lookup of recipient information * Portability between institutions * Ownership validation * Fraud and dispute checks (linked to MED and infractions) Every Pix operation also includes a **unique End-to-End ID (E2E)** for reconciliation and dispute resolution across all participants. # Participants in the Pix ecosystem *** BACEN defines participation models based on how institutions connect to its infrastructure: ### Direct Participants Institutions that connect directly to SPI and DICT. They manage: * Their own Pix messaging and connectivity * Real-time liquidity * Full regulatory, operational, and security compliance This model provides maximum autonomy and control but requires significant infrastructure and governance maturity. ### Indirect Participants Institutions that access Pix through a direct participant (the “sponsor”). The sponsor handles: * Connectivity * Clearing * Settlement * Compliance with BACEN protocols This reduces operational complexity and speeds up time-to-market. ### A practical way to understand it | Scenario | Direct participation | Indirect participation | | ------------------ | -------------------------------------------------- | -------------------------------------------- | | **Transportation** | Owning an airplane and being a licensed pilot | Flying using a commercial airline | | **Food service** | Opening your own restaurant with all legal permits | Operating inside a licensed kitchen | | **Real estate** | Building an entire building | Renting an apartment in a completed building | In all cases, the goal is the same -- but the responsibility and complexity shift dramatically. End users see no difference between the two models. ### PSTI — Information Technology Service Provider A PSTI is a BACEN-regulated provider authorized to operate the infrastructure required for financial institutions to connect to the RSFN (National Financial System Network). Using a PSTI allows institutions to: * Connect to BACEN networks without building full infrastructure * Rely on certified, secure, and compliant systems * Maintain control of their ledger and business logic PSTIs ensure regulated communication, data protection, and high availability for Pix participation. # Requirements for participation *** To offer Pix, institutions must follow BACEN’s operational and security standards, which typically include: * mTLS authentication and ICP-Brasil certificates * Regulated connection to the RSFN (directly or via PSTI) * 24/7 availability and redundancy * Real-time monitoring and SLA adherence * Fraud prevention and dispute handling (MED) * Compliance with DICT and SPI message formats * Timely reporting, logging, and auditability * Following nightly limit rules and configurable customer limits These requirements ensure consistent, regulated behavior across the entire ecosystem. # In short *** * **SPI** handles settlement * **DICT** manages Pix keys * **Direct or indirect participants** connect through certified gateways * **PSTIs** provide regulated infrastructure * **Pix modalities** support everything from simple transfers to QR Code payments and invoicing * **BACEN regulations** ensure interoperability, security, and traceability Together, these components form Brazil’s instant-payment ecosystem — fast, compliant, and universally accessible. **Regulatory reference** For Pix rules, deadlines, and official requirements, always refer to the [official documentation](https://www.bcb.gov.br/estabilidadefinanceira/pix-normas) published by the **Central Bank of Brazil (BACEN)**. This page is a practical overview only. BACEN’s materials are the authoritative source for Pix regulations. They contain the most complete and current specifications. # Pix in the Lerian platform *** Lerian reaches Pix in two ways, and both settle through Midaz. **Lerian SPI** is Lerian's own messaging with BACEN's instant payment system. It connects your institution directly, with no connectivity partner in the path, and it covers the full SPI messaging contract — not only the Pix flows on this page. For the partner path, Lerian provides **Pix Switch** — a unified plugin that implements the complete Pix orchestration layer for financial institutions. Pix Switch handles the complexity described above: DICT management, transaction flows, QR Codes, MED, and refunds. Institutions configure their connectivity provider, and the plugin handles the rest. Key characteristics: * **One plugin, any provider** — A provider adapter layer abstracts the connectivity provider, so your integration stays the same regardless of how you connect to BACEN * **All participation models** — Whether your institution participates directly or indirectly, the API is identical * **Native ecosystem integration** — Works with Midaz (ledger), CRM, Fees Engine, and Access Manager Learn how Pix Switch works, what it provides, and how to get started. Explore the core Pix domains: DICT, Transactions, QR Codes, and MED. Browse the Pix endpoints: DICT, claims, transactions, QR Codes, and MED.