Advances in open finance and Pix in Brazil
Use cases for open finance are beginning to emerge and the combination of this with artificial intelligence will drive its adoption. This reflection by Otávio Damaso, director of regulation at the Central Bank of Brazil (BCB)he made in his speech at the opening of Fintouch 24, an ABFintechs event held in São Paulo on Friday (13/9). Damaso highlighted the importance of fintechs as drivers of innovation and in fostering competition and financial inclusion in Brazil and He stressed that 2024 is the year of consolidation of open finance.
It is on the BCB’s radar to increase corporate use cases for open finance, as well as increasing the number of consents from legal entities. The open system currently has around 52 million consents, of which around 30 million are unique, as well as more than 2 billion API calls.
Speaking about the evolution of instant payments, Ricardo Mourão, head of the BCB’s department of competition and financial market structure, noted that The trend is to increase commercial transactions with PixAs part of the evolutionary agenda, the regulator plans to launch Pix Auto on June 16, 2025. Pix by approximation does not yet have an exact availability date.
With agendas converging, Those who do not prioritize Pix could miss out on market opportunities. In this sense, the non-redirected journey reduces steps in the payment process. According to Natália Falcão, an analyst at the BCB’s financial system regulation department, it was a requirement for institutions to respond to the customer’s desire to not have to leave the app.
