All eyes are on Brazil when it comes to Open Finance, says Helen Child, CEO and founder of Open Banking Excellence (OBE). The Brazilian experience is used as a benchmark of global success due to its innovation and its capacity to quickly implement an end-to-end ecosystem.
“Brazil has taken the best pieces of knowledge the United Kingdom learned, possessing a very innovative regulator, which always tries to be one step ahead,” observes Child in regards to the Federal Reserve’s role in developing an open financial system.
Some impressions about Brazil’s Open Finance ecosystem were highlighted by OBE’s Chief Executive Officer during the discussion panel “Open Finance and the evolution of aggregated services,” which took place at Febraban Tech 2023. Brazil has been looked up to by the whole world for having gone from the implementation of Open Banking to the deployment of Open Finance at a swift pace set by the Federal Reserve, becoming front runners within the global financial industry.
During the panel, Child stated that oftentimes when she is called to provide guidance and structure to Open Finance processes, Brazil is undoubtedly named as an example to follow. “During those meetings, it is not uncommon for me to hear: do what happens in Brazil,” she claims.
One of the aspects of the Open Finance journey that most impacts the international market is its speed of implementation. Another highlight of Brazil’s financial industry is its early adoption of Open Finance systems.
“International markets are in awe with what Brazil is accomplishing. Not only when it comes to innovation, but also when it comes to its implementation pace and its market participation,” remarks Child. “All of you, here in Brazil, should be very proud. I see an immense likelihood of the country leading this shift in the market,” she concludes.
Celcoin was a pioneer in the implementation of Open Finance in Brazil and, nowadays, counts with solutions which allow its clients to have their own financial infrastructure, no matter what their segment of operation may be. Learn more about all the cel_bricks options we offer to boost businesses.