This is a minor technicality, if private banks are down then the SPI is basically useless. Banks can send money to each other but clients can’t see it.
> What went down were apps
Plus, this is an oversimplification.
Transaction authorization, Fraud/AML screening, account validation are not just part of an “app”, they are core functionality of private banks operations, and they are made scalable by big cloud providers.
The true scaling burden is on private banks not the BCB
> The true scaling burden is on private banks not the BCB
Exactly. That is one of the aspects that allow for the system to be sovereign and scalable. Banco Central controls the core, and that's all it needs to.
This is good design. Descentralized, modern, resilient and efficient.
> Banco Central controls the core, and that's all it needs to. This is good design. Descentralized, modern, resilient and efficient.
I agree. But was that not the case before Pix/SPI? It really didn’t change the status quo.
The STR (transfer reserve system), which SPI is still fully dependent in practice btw, is decentralized, modern and efficient.
The biggest change here was scale and adoption by private banks and end users, not sovereign infra.