meta_id 3356049

On July 27, 2026, the Central Bank of Brazil (BCB) issued Normative Instruction BCB No. 766, publishing version 8.5 of the Operational Manual for the Directory of Identifiers of Transaction Accounts (Diretório de Identificadores de Contas Transacionais, or DICT), which forms part of the Pix Regulation. The update introduces several significant modifications to Pix operations, including enhanced rules and functionalities related to the Special Refund Mechanism (Mecanismo Especial de Devolução, or MED) and the introduction of a new Funds Recovery Flow (Fluxo de Recuperação de Valores). Key changes include: the addition of transaction depth information within fraud notifications; expansion of the dispute period for refund transactions to 80 days; clarification regarding CNPJ key formatting to an alphanumeric standard; and automatic cancellation of linked fraud notifications when a parent notification is rejected during funds recovery processes. The manual also specifies that account monitoring is no longer required following partial refunds or rejection of refund requests marked as fraud. Additionally, the DICT will automatically finalize funds recovery processes if the refund stage is not initiated by the recovering participant within permitted timeframes. The instruction revokes Normative Instruction BCB No. 752 (July 1, 2026) and takes effect in two phases: sections 10.1 and 20.1.5 become effective August 10, 2026, while sections 20.1.1, 20.1.9, 20.2, and the revocation take effect September 1, 2026. The complete operational manual is available on the BCB website at https://www.bcb.gov.br/content/estabilidadefinanceira/pix/Regulamento_Pix/X_ManualOperacionaldoDICT.pdf. Payment service providers and Pix participants must implement these changes according to the specified effective dates.