PIX x Zelle: see the differences between payment systems in Brazil and the USA

PHI (understand below)
But after all, what is the difference between the two systems? See below:
PIX x Zelle
Reproduction/GloboNews
Public x private
PIX is a public instant payments system. The tool was developed and launched by the Central Bank of Brazil in 2020. The BC is also responsible for regulation and the technological infrastructure necessary for the system to function.
Zelle - whose pronunciation is "Zell" - was launched in 2017 and is a private initiative of the United States banking system.
The system was created by Early Warning Services, a financial technology company controlled by large banks in the United States, such as Bank of America, Capital One, JPMorgan Chase, PNC Bank, Truist, U.S. Bank and Wells Fargo.
Limited integration
Although the Central Bank studies allowing direct transfers from PIX to accounts abroad, the Brazilian system - like the American one - is still limited to operations between national accounts.
The main difference, therefore, is in the degree of integration with the financial system.
While PIX works in any bank, fintech or financial institution authorized by the Central Bank, Zelle is restricted to institutions participating in the system.
According to official data, Zelle is available in more than 2,400 bank and credit union applications.
Use in everyday life
While Zelle is mainly aimed at transfers between people and small business transactions, PIX can be used in various everyday situations.
According to the Central Bank, in addition to transfers between people, PIX can also be used for:
payments at commercial establishments and providers of services;
payments between companies;
collection of public revenue and contributions; and
payment of charges and invoices, such as utility bills.
In addition, PIX is free for individuals and tends to have a lower cost for companies. Zelle may or may not be free, depending on the fees charged by the bank or credit union. According to a survey carried out in the third quarter of last year, however, "almost all" banks and cooperatives that offer the system do not charge fees to consumers.
Finally, while PIX is instantaneous, Zelle can take a few minutes for the amount to be available to the recipient.
Can you cancel a payment?
According to Zelle's official website, the user can only cancel a payment if the recipient is not yet registered on the platform.
"If the recipient is already registered with Zelle, the money will be sent directly to his bank account and cannot be cancelled", warns the website.
The PIX has the Special Return Mechanism (MED), used to help victims of fraud. The Central Bank emphasizes, however, that the tool does not guarantee reimbursement.
"Recovery depends on the analysis of the case and the existence of a balance in the account of the recipient or others involved in the fraud", says the BC.
In the case of transfers made by mistake, there are no specific rules from the Central Bank or the National Monetary Council (CMN) regarding refunds.

Still, the BC remembers that the Penal Code deals with misappropriation and advises consumers to contact the bank to try to recover the money.
PIX also has a functionality that allows the recipient to return amounts sent by mistake directly through the bank's application.
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Source: G1

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