Last week, the Central Bank of Brazil announced an ambitious and wide reaching open banking regulation (https://www.bcb.gov.br/en/pressdetail/2330/nota) with a broader scope than seen so far in Europe.
Through partnering with TecBan, who have been at the heart of the Brazil banking ecosystem for 37 years, Ozone aims to help accelerate the development of the open banking ecosystem to support these regulations.
The standards based, market wide, open banking proof of concept and sandbox will be used to drive innovation and support the development of standards in the run up to the full market implementation.
The Ozone leadership team have been instrumental in the development of open banking standards and driving ecosystem growth and see the open banking market in Brazil as a great platform to build on and extend existing standards.
Ozone co-founder and CEO, Chris Michael said:
We provide the reference implementation for the Open Banking Implementation Entity, (OBIE) in the UK. This platform has been used by hundreds of banks and third parties as they’ve tested their propositions. The UK is undisputedly the open banking hotbed of Europe, with the most authorised third parties, delivering the most live propositions, the broadest range of open banking use cases and by far the greatest volume of API usage. We also provide a certified reference implementation based on the OpenID Foundation’s security protocols (FAPI and CIBA) and we are currently building a reference implementation for the FDX standard. Together these reference implementations form the Ozone Global Sandbox, which will act as THE reference point for open banking standards and accelerate the adoption of open banking around the world! As open banking charts it’s course around the world, we will continue to extend this Global Sandbox and we are excited to be working with TecBan in Brazil.
TecBan Head of New Platforms, Tiago Aguiar said:
We have been operating as a multibank and multiaccess platform for 37 years and we are ready to expand collaboration with players in the sector, always acting as an enabler on the path of digital transformation and in the adoption of new solutions. From physical to digital, TecBan securely and efficiently process requests by millions of customers, every day. So, we know each of the challenges of this ecosystem and it is a natural track to take this experience to open banking.”