2021 is the year that open finance will become a reality in Brazil. With wide ranging regulation driving the implementation of a full open finance scope by all of the banks and financial institutions, Brazil could soon eclipse other markets as the open banking benchmark.
TecBan has just announced the launch of their open finance platform, which is powered by Ozone API, to help banks in Brazil adapt to this change and thrive in the new world of open finance.
Tiago Aguiar, Head of New Platforms at TecBan says: “Open Banking has the capacity to transform the Brazilian financial ecosystem. TecBan’s Open Banking as a Service platform, tested and approved in the United Kingdom, meets the needs of the financial sector while reducing the investment and effort required for institutions to join the ecosystem. Thus, it allows institutions to focus their resources on developing innovative and impactful value proposals for their customers, while focusing on the technical and regulatory part that the end customer does not see ”.
TecBan have immediately announced Citi Brazil as the first client to go live on the platform. With the Director of Products and Digital Channels at Citi Brasil, Leandro Quintal, saying: “The adoption of biometrics on a larger scale and the introduction of Open Banking show the rapid digital transformation of the financial sector. Citi is one of the leaders of this transformation in Brazil and we know that maintaining this leading role also involves partnering with leading suppliers ”.
“We believe that Open Banking should transform the financial system in the next decade, providing new opportunities for business, competition and innovation. However, to take advantage of all your business opportunities and developments, it is essential to have a partner that is monitoring all possible developments in the Brazilian ecosystem. It is in this context that TecBan offers a safe and affordable solution for financial institutions,” concludes Tiago.
Ozone API is incredibly proud to be delivering the software to power the TecBan Open Finance platform and we are excited to support TecBan as they empower the banks in Brazil to embrace open finance.
Here is the link to the article on CNN Brasil: https://www.cnnbrasil.com.br/business/2021/02/02/como-dona-do-banco24horas-se-prepara-para-sobreviver-ao-pix-e-ao-open-banking