Another step in Open Banking Regulation: Brazilian Central Bank launches Public Consultation on Payment Transaction Initiator, new IP modality

On 9 June 2020, the Brazilian Central Bank launched a public consultation on provisions to change the regulation of payment institutions (IPs), focusing on the Payment Transaction Initiator. This new IP modality will allow consumers to make payments by non-traditional means. The two main goals of such proposal are to regulate the institution initiating the payment transaction and to establish parameters from which e-money issuing IPs shall request authorization to operate before the Central Bank. The proposed alterations also aim at mitigating asymmetries of market opportunities and improving the monitoring of payment transactions.

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