Explore the Future of Open Finance in Brazil with a Deep

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LONDON, Sept. 22, 2022 (GLOBE NEWSWIRE) — Open Banking Excellence (OBE), the international centre of group and data driving change in Open Finance, is getting ready to assemble business leaders round a digital Campfire for a deep dive into funds initiation in Brazil.

It has been a couple of yr since Brazil enabled Payment Initiation, with Mercado Pago changing into the first Payment Initiation Service Provider (PISP) in H1 2022.

On September 27, key gamers in the Brazilian monetary companies business will talk about Payment Initiation, take into account the alternatives and shine a gentle on the phenomenal progress of Open Finance in Brazil. OBE will even fly the flag for the UK, which set a blueprint for different international locations to observe and has retained its international management place.

The Campfire shall be held in Portuguese and have a hearth chat in English with James Hickman, Chief Commercial Officer of Ecospend, to debate his work on HMRC’s “Pay By Bank Account” use case which has saved £500,000 in financial institution costs and processed greater than £8bn in funds.

Hosted by Eliseu Tudisco, Strategy Principal Director, Accenture, audio system from Brazil’s ecosystem embrace Ivo Mósca, Superintendent of Open Finance & Digital Payments at Itaú Unibanco; Karen Machado, Open Finance Executive Manager at Banco do Brasil, Nathan Marion, General Manager, LATAM, at Volt, Vitor Levi da Silveira, CDO & Open Finance Lead, Cielo and Aristides Cavalcante Neto, Chief of CyberSecurity and Technologic Innovation Office at Banco Central do Brasil.

Open Banking allows banks to securely share shopper information with third events on a consent-driven foundation to allow the creation of modern new companies. Open Finance is the subsequent step and permits mortgages, financial savings, pensions, insurance, and different sectors to unlock the potentialities of data-sharing.

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Brazil launched Open Banking and Open Finance in 4 phases. Phase 3 concerned the initiation of Pix transactions, the Brazilian prompt fee system, by fee transaction initiators, and Phase 4 marked the introduction of Open Finance.

Statistics from the Central Bank of Brazil present the ecosystem has now processed a whole of 8.5 million buyer information sharing consents. There are a median of 286 million API calls per week – amounting to greater than 5 billion API calls since April 1 2022. Brazil has over 5.6 million Open Finance prospects, and greater than 800 taking part establishments.

Eliseu Tudisco, Strategy Principal Director, Accenture, mentioned: “With the full completion of all phases, Brazil will have the most comprehensive Open Finance scope in the world, becoming the main Open Finance benchmark globally. A reason for pride and satisfaction for all participants in this phenomenal deployment.”

“We have already seen a strong growth in the use of Open Finance, which will have an even greater growth with the increase in awareness and creation of new business models to not only increase financial inclusion and competitiveness, but also accelerate integrated journeys, personalization and capturing efficiency in the use of different types of financial products. It has been a milestone in my career to participate in this fabulous deployment and I look forward to the benefits that this rich ecosystem will bring to the Brazilian financial system.”

Helen Child, Founder of OBE, mentioned: “The eyes of the world are on Brazil. Payment Initiation was an important milestone and we are expecting to see the Brazilian ecosystem become a global leader. The pace of adoption and implementation has been hugely impressive. Everyone working in the Brazilian Open Banking and Open Finance ecosystem should be very proud. The pace is simply phenomenal.”

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“Brazil is now at the forefront of the global Open Finance movement, which can improve financial inclusion and help to create a greener, fairer financial services industry. The innovation taking place in Latin America is not just game-changing – but world-changing. It is a great honour to be involved in the Open Finance ecosystem in Brazil.”

Register to attend the Campfire right here

About Open Banking Excellence (OBE)

Open Banking Excellence (OBE) is the world’s main group of Open Banking and Open Finance pioneers, together with fintechs, banks, regulators, BigTechs and wider monetary companies establishments.

Connect with us on LinkedIn and Twitter.

Contact:
Becci Furnell
becci@openbankingexcellence.org



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