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During the year 2021 and 2022 It was implemented in FICA as Brazilian Localization a new payment method called PIX. It's a instant payment method created by Central Bank Brazil and it reduced cost for entities to release payment and receivables.

The new payment method brings an innovation on payment not only for batch process, but in FICA it was possible to release an on-line payment using the API functionality.

PIX payment is a revolutionary payment system in Brazil that allows people to make instant and simple bank transfers, without the need for credit or debit cards. It has been available to the public since November 2020 and has already gained widespread adoption due to its simplicity and efficiency.

Overview of Contract Accounting


Contract accounting is a type of accounting that is used to keep track of financial transactions related to a specific contract or project. It involves the recording of revenues and expenses and is used to generate accurate financial statements for a specific contract or project.


Contract accounting ensures that all transactions associated with a particular contract or project are properly accounted for, which reduces the likelihood of errors, ensures financial transparency, and allows for easier auditing.

Importance of Using PIX Payment for Contract Accounting

PIX payment is a highly secure and efficient method of payment for contract accounting. It provides an instant money transfer facility along with deposit and withdrawal services that significantly save time, unlike other traditional bank transfer options. Furthermore, it also provides authentication and encryption which is crucial for protecting confidential financial data.

Benefits of Using PIX Payment for Contract Accounting

Speed and Efficiency

Pix Payment makes instant money transfers that reflect in the account within seconds, making it the most speedy and efficient transaction option available for contract accounting.

Reduced Fees 🔻

Since there is no overhead in the payment processing, the fees charged are minimal, which makes it a cost-effective payment method to use for contract accounting.

Enhanced Security 🛡

PIX payment is highly protected with advanced security measures, including encryption and biometric identification for all fund transfers. This ensures comprehensive payment security against the threat of fraud in contract accounting.

Real-Time Monitoring 📊

Since PIX payment is a real-time payment method, it allows for instant and easy tracking of all financial transactions, which enhances transparency and accountability in contract accounting processes.

Transaction Process through PIX Payment

The process of transferring funds using PIX payment is highly effortless and can be done with just a few clicks on your phone or computer. In a few seconds, the required sum of money will be credited to the receiver's account. The payer only needs to have the receiver's identification data such as cellphone or email.

Security Measures for PIX Payment in Contract Accounting

Multilayered Encryption

PIX payment uses a combination of high-end encryption levels, biometric authentication, and other security measures to protect data transfers from potential hacker attacks.

Authenticity Checks

Every transaction made with PIX payment is verified with two-factor authentication (2FA) that includes a combination of passwords, fingerprint scans, and facial recognition to ensure authenticity.

Payment can be made from all to all


In cases of initiation of payment by "systematized prior sending of information", the recipient makes the payment data available in a QR Code in the EMV standard® to be captured by image by the payer. Alternatively, if the QR Code cannot be properly captured by image, the recipient is provided with a URL with the payment data. The user, when triggering the link, will be taken to your paying application with the previously filled data.


  • Contains the payment payee information and the context of the transaction, such as;

  • The recipient's account information (identifies a payment arrangement)

  • Additional information from the recipient (such as name, country, language)

  • Information about the transaction (value, currency, purpose)

  • Additional data (invoice number or other arrangement-specific data)

The table below presents the primitive objects under the root of the emv-generated QR Codes data structure generated by the receiver in the context of the instant payment arrangement that will be instituted by the BCB(Brazilian Central Bank). The 'O’ usage fields are optional and the ‘M’ usage fields are mandatory, depending on the EMV standard.


The URL present in the dynamic QR code should not include protocol prefix. Access must be performed, after validations (including the valid domain authorized by the recipient's PSP for generating dynamic QR Codes), exclusively via HTTPS. In accordance with URL formation rules, the following components must be present:


The maximum full URL size (without the protocol prefix) is 77 characters. The recipient domain in the URL must be fully qualified (FQDN). The recipient endpoint/application is optional, but if present, must be respected.


Conclusion and Future Considerations

In conclusion, PIX payment is a highly efficient, low-cost, and secure method of payment that can be used for contract accounting. Its popularity is expected to increase, and it is likely that more companies will adopt this payment method for their accounting processes. Enabling PIX as a facilitating payment method would bring one step further in the digitalization of our financial environment.

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