Open Banking and payments company Banfico has expanded into Brazil with the launch of a new subsidiary, Banfico Tecnologia Ltda in São Paulo.
Banfico had already been operating in Brazil through a partnership with Câmara Interbancária de Pagamentos (CIP), which is the clearing house for the Brazilian payments system.
Through this partnership with CIP, Banfico said it had delivered Open Banking into nine banks, including Citibank, JP Morgan and Bank of America.
Kannan Rasappan, CEO of Banfico, said: “Establishing a subsidiary in Brazil was the next logical step to leverage on our past achievements and know-how from the implementation of Open Banking in the UK and Europe to Latin America’s largest economy.
“This also shows our commitment to the Open Banking projects in other world regions that we are closely monitoring.”
Banfico said it created the new subsidiary following the launch of Brazil’s Open Banking roadmap, which was implemented in February 2021.
London-based Banfico provides a pan-European TPP directory service and modified customer interface to a number of banks, and also offers a Confirmation of Payee solution.