Brazil is on track to jump on the open banking bandwagon, after the central bank confirmed it is looking to have the relevant legislative reforms approved by the end of 2019.
Brazilian financial firms have generally struggled to wean consumers off cash, which still accounts for the vast majority of transactions made by the country’s vast population, despite the introduction of payment services legislation in 2013.
However, that landscape could start to shift, according to André Calvino, director of the department of regulation at the Banco Central do Brasil.
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