INDUSTRY WATCH
THE POSSIBILITIES THAT OPEN FINANCE BRINGS TO THE MARKET ARE ACCOMPANIED BY SEVERAL OPPORTUNITIES FOR INSTITUTIONS .
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 center 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 .
Helen Child , OBE Founder , 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 .
“ 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 US , which makes us an important partner at this time , also to Brazil ,” said Camargo .
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 , 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 stabilization 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 .”
Janaína Pimenta Attie , Head of Division in the Financial System Regulation Department , Central Bank of Brazil ( BCB ), said : “ The Open Banking implementation process here in Brazil , despite being very recent , has already presented very concrete and expressive results , especially if we consider its breadth of scope , number of participants and the resulting complexity .
“ Payment initiation combines two of the Central Bank ’ s most strategic and significant projects : Open Finance and PIX . We expect that this merger will bring very significant benefits , especially for the receiving users , shopkeepers , commerce and customers . The initiation explores a segment with very relevant growth potential . The usability improvements of paying with PIX via an initiator are an interesting differentiator for this experience in this environment .”
Luigi Iervolino , Director and Head of Open Finance CoE , BIP Brasil , said : “ Institutions are preparing to literally transform the customer journey by including these new possibilities that payment initiation allows , simplifying onboarding and payment transfer .”
In the English section of the campfire , pioneers from the UK were asked to share their opinions on Open Banking and finance implementation .
Gavin Littlejohn , Chairman , FDATA , said : “ In Brazil , it is critical that customer experience guidelines are implemented and that the regulatory authorities pursue
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