Brazil’s central bank and financial regulator is set to crack open the country’s fund transfer infrastructure to wider competition, not least by letting non-banks gain direct access to a round-the-clock instant payment system.
Following the completion of an expert working group, Banco Central do Brasil (BCB) released guidelines in December that it said form “the starting point of the Brazilian instant payments system implementation”.
The bank said it is working to create “the necessary conditions for the development of an efficient, competitive, secure and inclusive ecosystem, able to accommodate all use cases”.
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