The Future of Banking Transactions in Brazil: Discontinuation of DOC and TEC in 2024

Recently, we shared a crucial update regarding operations via Credit Order Document (DOC). This significant shift in financial transactions is directly linked to transformations in the banking sector, impacting clients from various banks, including Itaú, Santander, Banco do Brasil, Caixa Econômica Federal, and Bradesco.

Discontinuation of DOC and TEC: So far, Itaú and Santander have already deactivated the DOC service for our clients, following the guidelines set by the Brazilian Federation of Banks (Febraban). The other banks, Banco do Brasil, Caixa Econômica Federal, and Bradesco, have also informed their clients about the imminent discontinuation of this service by February 29, 2024.

This decision aligns with changes in the financial landscape, where DOC, created in 1985 by the Central Bank (BC), has lost ground to faster and more economical options for fund transfers. The advent of Pix in November 2020 reinforced this transition, offering a more efficient alternative.

Statistical Data and Trends: A Febraban survey revealed that DOC transactions in 2022 totaled 59 million, representing only 3.7% of the total 63.071 billion operations conducted that year. DOC lagged behind other transfer methods such as TED, boleto, debit card, credit card, and Pix.

In addition to the discontinuation of DOC, operations for Special Credit Transfer (TEC), designed for companies to pay employee benefits, will also be terminated. Febraban emphasizes that this decision aims to enhance the user experience and ensure better cost-effectiveness.

Modern Alternatives and Febraban’s Motivations: Modern alternatives, such as Electronic Available Transfer (TED) and, especially, Pix, have emerged as effective alternatives, providing similar services instantly. Isaac Sidney, Febraban’s president, highlighted that the popularity of Pix and its lower fees made operations like TEC and DOC less preferable for clients.

For more details on the schedule for the discontinuation of specific services at each bank, we recommend consulting the information provided by Santander, Itaú, Caixa Econômica Federal, Banco do Brasil, and Bradesco.