Funds Transfer System
     (Sistema de Transferência de Fundos) - Sitraf

Sitraf is a system operated by the Interbank Payment Clearing House (Câmara Interbancária de Pagamentos - CIP) and settles “Transferências Eletrônicas Disponíveis” (TED) – Express Wire Transfers – with a unit value lower than R$1 million.

This system uses two mechanisms of settlement: real-time gross settlement (RTGS), which is the most used, and continuous clearing of obligations, held every five minutes. Because of the use of both mechanisms, Sitraf is considered to be a hybrid settlement system.

Participants send payment orders (TED) which are settled in the accounts held at Sitraf by debiting the issuing participants’ accounts and crediting the beneficiary participants’ accounts.

The balances of Sitraf’s participants derive from the deposits made by the participant himself/herself and from the funds transfer orders received from the other participants, and these balances can never be negative.

The complete cycle of Sitraf settlement consists of the main cycle and the complementary cycle:
        • while in the main cycle participants can transfer funds between their accounts held at the Banco Central do Brasil and those held at Sitraf;
        • in the complementary cycle, participants can cancel remaining funds transfer orders or deposit funds in order to settle pending payment messages.

At the end of the day, the accounts held at Sitraf are zeroed by passing the amounts to the participants' accounts at the Banco Central do Brasil.

Participants are subject to pay a fee, which is charged to both the funds transfer order’s issuing participant and to the receiving institution. The fee’s price is fixed for the purpose of covering the system operation costs and for the recovery of the funds invested in its implementation. For the same purpose, participants pay an annual contribution to the CIP.

For further information, please access CIP-Sitraf’s website  (this link will open in a new window).