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LONDON, Sept. 22, 2022 (GLOBE NEWSWIRE) — Open Banking Excellence (OBE)the global centre of community and knowledge driving change in Open Finance, is preparing to gather industry leaders around a virtual Campfire for a deep dive into payments initiation in Brazil.
It has been more than one year since Brazil enabled Payment Initiation, with Market Payment becoming the first Payment Initiation Service Provider (PISP) in H1 2022.
On September 27, key players in the Brazilian financial services industry will discuss Payment Initiation, consider the opportunities and shine a light on the phenomenal growth of Open Finance in Brazil. OBE will also fly the flag for the UK, which set a blueprint for other countries to follow and has retained its global leadership position.
The Campfire will be held in Portuguese and feature a fireside chat in English with James HickmanChief Commercial Officer of Ecospendto discuss his work on HMRC’s “Pay By Bank Account” use case which has saved £500,000 in bank charges and processed more than £8bn in payments.
Hosted by Elisha TudiscoStrategy Principal Director, Accenturespeakers from Brazil’s ecosystem include Ivo MoscaSuperintendent of Open Finance & Digital Payments at Itau Unibanco; Karen MachadoOpen Finance Executive Manager at Bank of Brazil, Nathan MarionGeneral Manager, LATAM, at Volt, Victor Levi da SilveiraCDO & Open Finance Lead, Cielo and Aristides Cavalcante NetoChief of CyberSecurity and Technologic Innovation Office at Central Bank of Brazil.
Open Banking enables banks to securely share consumer data with third parties on a consent-driven basis to enable the creation of innovative new services. Open Finance is the next step and allows mortgages, savings, pensions, insurance, and other sectors to unlock the possibilities of data-sharing.
Brazil introduced Open Banking and Open Finance in four phases. Phase 3 involved the initiation of Pix transactions, the Brazilian instant payment system, by payment transaction initiators, and Phase 4 marked the introduction of Open Finance.
Statistics from the Central Bank of Brazil show the ecosystem has now processed a total of 8.5 million customer data sharing consents. There are an average of 286 million API calls per week – amounting to more than five billion API calls since April 1 2022. Brazil has over 5.6 million Open Finance customers, and more than 800 participating institutions.
Elisha TudiscoStrategy Principal Director, Accenturesaid: “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 OBEsaid: “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.”
“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 here
About Open Banking Excellence (OBE)
Open Banking Excellence (OBE) is the world’s leading community of Open Banking and Open Finance pioneers, including fintechs, banks, regulators, BigTechs and wider financial services institutions.
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Becci Furnell
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