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The era of the Credit Order Document (DOC) in Brazilian banks is coming to an end. Therefore, the Brazilian Federation of Banks (Febraban) announced that, as of January 15, 2024, at 10 pm, associated institutions will no longer offer the issuance and scheduling service for individuals and legal entities.
This change marks the end of an era in Brazil’s banking history, where DOC, created in 1985 by the Central Bank, was an essential tool for financial transfers. However, with technological advancement and the introduction of more efficient and cost-effective methods, such as Pix, DOC lost its relevance, leading to this historic decision.
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The decline of DOC and the rise of Pix
The decision to end the DOC follows the downward trend in the use of this type of transfer. Therefore, a survey by Febraban revealed that, in the first half of 2023, transactions via DOC represented only 0.05% of the total 37 billion banking transactions carried out. In addition, Pix led the preference of Brazilians with 17.6 billion transactions. These numbers reflect a clear change in consumer behavior, who now opt for faster and more practical alternatives for their financial transactions.
The impact of the end of the payment method
The end of DOC brings a number of implications for the banking sector and its customers. With a limit of R$$ 4,999.99 per transaction, DOC was an option for smaller transfers, processed the day after the transfer order. Special Credit Transfer (TEC), used mainly by companies for benefit payments, will also be discontinued.
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Therefore, the last day to send or schedule DOC and TEC is January 15, 2024, and the final processing of these operations will take place on February 29, 2024. This transition represents a significant step towards a more agile and modern banking system, aligned with the needs and expectations of today's customers.
