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BTG Pactual is one of the largest investment banks in Latin America. It operates as a direct participant in Brazil’s Pix ecosystem. Through its Banking as a Service (BaaS) infrastructure, BTG connects indirect participants to BACEN’s SPI and DICT. SPI is the Instant Payment System. DICT is the directory of transactional account identifiers.

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BTG’s role in the Pix ecosystem

As the direct participant, BTG handles the layers that require regulatory licensing and direct BACEN integration:
  • SPI connectivity: Sends and receives Pix payment and refund messages through BACEN’s real-time settlement infrastructure
  • DICT access: Manages Pix key lookups, registrations, and claim resolutions at the BACEN directory level
  • Settlement and liquidity: Processes financial settlement between institutions through BACEN’s infrastructure
  • Regulatory compliance: Maintains the certifications, audits, and operational requirements BACEN mandates for direct participants
  • Webhook notifications: Delivers real-time event callbacks for transaction status changes, key events, and dispute updates
  • mTLS security: Provides certificate-based authentication for secure webhook communication
Your institution retains full control of its ledger, customer data, business rules, and operational infrastructure. BTG provides connectivity, not account management.
Beyond standard transfers and DICT operations, the plugin supports the advanced Pix flows BACEN requires:
  • MED 2.0 Funds Recovery: Track fraudulent fund movements across accounts and request coordinated refunds
  • Distributed partial refunds: Return one refund debited from several internal accounts in a single operation
  • Intra-PSP (P2P) transfers: Settle internal transfers without BTG and report them to BACEN through TRCK002
  • Unblock: Recover refunds or transfers stuck in PROCESSING

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Why BTG

BTG brings specific advantages as a direct participant for Pix operations:
  • Production infrastructure: BTG already operates at scale in the Pix ecosystem
  • Built-in BTG integration: The plugin includes support for BTG’s APIs, authentication, and event model. You do not build custom middleware
  • Faster launch: BTG absorbs the regulatory and infrastructure complexity, so your institution launches Pix sooner
  • Simplified onboarding: BTG provides credentials directly when your institution signs up for indirect BACEN integration. You do not need a separate certification process

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Next steps