The role of financial intermediaries

Institutions, other than the Banco Central do Brasil (BCB) and settlement entities, are relevant to the Brazilian Payments System(SPB): commercial banks, universal banks with commercial banking activities, savings banks and, to a lesser extent, credit unions. These institutions collect demand deposits and provide checking accounts used by the public (firms and households) for payments and funds transfers.

It is important to mention the role of the banking correspondents (postal offices, lottery houses, supermarkets, drugstores and other small retailers) that receive payments, deposits and and receive applications for demand, term and savings deposit accounts, on behalf of banks.

The following chart shows the composition of the Brazilian financial system:

Regulating entities

Supervision Entities


National Monetary Council (CMN)

Central Bank of Brazil (BCB)

Financial institutions taking demand deposits

Other financial institutions


Foreign exchange banks

Other financial intermediaries and entities administering financial assets of third parties

Securities and Exchange Commission (CVM)
Commodities and futures exchanges
Stock exchanges
National Council for Private Insurance (CNSP)
Private Insurance Superintendence (SUSEP)
Reinsurance Companies
Insurance companies
Capitalization companies
Entities operating private open pension funds
National Council for Complementary Pension (CNPC)
National Complementary Pension Superintendency (PREVIC)
Entities operating private closed pension funds