Advertisements
The era of the Documento de Ordem de Crédito (DOC) in Brazilian banks is coming to an end. Accordingly, the Brazilian Federation of Banks (Febraban) announced that, as of January 15, 2024, at 10 p.m., member 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 the DOC, created in 1985 by the Central Bank, was an essential tool for financial transfers. However, with technological advances and the introduction of more efficient and economical methods, such as Pix, the DOC lost its relevance, leading to this historic decision.
Advertisements
See More: Official BPC calendar. Check it out
The decline of the DOC and the rise of Pix
The decision to end the DOC follows the trend of declining use of this type of transfer. Therefore, a Febraban survey revealed that, in the first half of 2023, DOC transactions accounted for only 0.05% of the total 37 billion banking operations carried out. In addition, Pix led the preference of Brazilians with 17.6 billion transactions. These figures reflect a clear change in consumer behavior, as they 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 has a series 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. The Special Credit Transfer (TEC), used mainly by companies to pay benefits, will also be discontinued.
Thus, the last day to send or schedule DOC and TEC is January 15, 2024, and the final processing of these transactions will take place on February 29, 2024. This transition represents a significant step toward a faster and more modern banking system, aligned with the needs and expectations of today's customers.
