PagBank and Agibank Achieve Milestone with First Interbank Transfer Using Drex

PagBank and Agibank have recently completed the first interbank transfer using the Drex platform by Real Digital. The trial included the creation of a wallet, asset depositing, and the sending and receiving of assets between the two institutions. This marked a significant development in the testing of Drex.

A Noteworthy Test

The trial took place in a simulated environment, with no real customers or securities involved. It served as a critical step in validating the technological and security requirements necessary for Drex’s successful implementation. According to Cesar Leite, CTO of PagBank, the transaction adhered to all established parameters and was executed in milliseconds. Both financial institutions can use this pilot to validate and mature use cases based on Real Digital that provide value to customers and their business strategies.

The Future of Drex

The successful test confirms Drex’s potential to propel digitalisation further, similar to the Pix payment system. Marcelo Oliveira, CTO of Agibank, sees broad potential for new products and solutions for their customers. These could include distributing salaries and benefits in a more secure, simplified, and cost-effective manner, or exploring credit scenarios backed by the tokenisation of contracts and guarantees.

PagBank’s Continued Technological Leadership

The successful test reaffirms PagBank’s commitment to be at the cutting edge of financial services technology. Since its inception in 2006, the company has introduced numerous transformative payment methods for Brazilians. These innovations have helped the company reach a customer base of 30 million, win the iDinheiro portal’s best PJ account award, and earn the Folha Top of Mind award in the “Top Payment Machine” category.

A Collaborative Effort

PagBank and Agibank are members of the Brazilian Association of Commercial Banks (ABBC) consortium, one of the main consortia involved in the Drex pilot. The consortium was among the 16 chosen from a pool of 36 applications to participate in the pilot, involving over 100 institutions.