V · 10-K · 2026A · Full report

Regulatory Risk — Brazil Settlement Requirements

VISA INC. · 2026-11-05 · Importance 40 · Surprise 42

Brazil’s Central Bank adopted enhanced prudential requirements for payment networks that may require Visa to absorb certain settlement-related losses involving sellers in Brazil when settlement failures occur and mitigation measures do not fully protect against exposure. Visa submitted enhanced operating-rule provisions for Central Bank approval; if approved, they are expected to increase settlement exposure and related collateral requirements. Visa is updating its processes and risk-management protocols to comply and mitigate exposure; the filing does not quantify the potential financial impact.

Key facts

• Visa submitted enhanced operating rule provisions to Brazil's Central Bank which, when approved, are expected to increase Visa's settlement exposure and related collateral requirements. source
• Brazil's Central Bank regulations impose enhanced prudential requirements that may require Visa to absorb certain settlement-related losses on transactions involving sellers in Brazil when settlement failures occur and mitigation measures do not fully protect Visa. source
• Visa is updating its processes and risk management protocols to comply with Brazil's requirements and mitigate exposure. source
• Visa says Brazil's evolving regulatory framework creates additional risk, uncertainty and operational challenges. source