Brazil’s Open Banking and Finance ecosystem will soon be the largest in the world, according to speakers at an industry event. Open Banking Excellence (OBE), the global centre of community and knowledge, driving change in open finance, gathered key players in the finance industry around its digital Campfire, to celebrate the launch of payment initiation in Brazil and discuss the future ahead.
Over the last 12 months, Brazil has moved at an astonishing pace as it built a world-class open banking and now open finance ecosystem. This year, Brazil’s National Monetary Council, together with the Central Bank of Brazil, issued a resolution that officially launched an open finance project in the country and Mercado Pago became the first payment initiator in Brazil.
OBE founder Helen Child spoke to Thomas Camargo, vice president of open finance at Mastercard Brazil, in a fireside chat to discuss challenges and the countless lessons learned from this ecosystem implementation in the country.
Camargo said, “The possibilities that open finance brings to the market are accompanied by several opportunities for institutions. Therefore, we have been working to demonstrate our experience in the matter in regions such as Europe, Asia and the USA, which makes us an important partner at this time, also to Brazil.”
The Campfire featured sessions in English and Portuguese. The discussion in Portuguese, which was chaired by Leandro Pupe Nóbrega, product operations leader at Belvo, focused on the adoption of payments initiation in Brazil.
Ana Paula Nunes Cerchiari Almeida, superintendent of digital cash management and open banking at Itaú Unibanco, said: “We believe that payment initiation brings a great opportunity from the customer’s point of view. I believe that after this initial stage of stabilisation of open finance platforms, Brazil will see a significant increase in initiators bringing different solutions and benefits to meet the needs of our payers and recipients. I believe that we will have adoption both from institutions and users of these solutions.”