Intelligent CIO LATAM Issue 16 - Page 74

BRAZIL WILL SEE A SIGNIFICANT INCREASE IN INITIATORS BRINGING DIFFERENT SOLUTIONS AND BENEFITS TO MEET THE NEEDS OF OUR PAYERS AND RECIPIENTS .
INDUSTRY WATCH a standardization approach . It is possible to innovate beyond that but having a high-quality minimum threshold is a great place to start .”
He also suggested how to drive adoption : “ As an industry , we need to provide regulatory authorities with better tools to ensure that companies are compliant with the minimum market requirements . Besides that , we need to start aligning commercial incentives and begin the process of enabling functionalities beyond the minimum requirements .”
Huw Davies , Co-founder and Chief Commercial Officer , Ozone API , shared some lessons for Brazil taken from his time leading the development of the Open Banking ecosystem in the UK : “ We have had some good momentum in the UK recently , particularly around the uptake of payments .

BRAZIL WILL SEE A SIGNIFICANT INCREASE IN INITIATORS BRINGING DIFFERENT SOLUTIONS AND BENEFITS TO MEET THE NEEDS OF OUR PAYERS AND RECIPIENTS .

“ Brazil had a massive second mover advantage and could build on the learnings of the UK with mandated standards and strong conformance regimes . It has created a foundation for a highperforming ecosystem .”
Ralph Bragg , Founder and CTO , Raidiam , said : “ The real evolution takes place when banks and providers look beyond the regulatory mandate and at what is being implemented .
“ Brazil has capitalized on the lessons from the UK and other markets to deliver quickly , plug quite a few of the gaps and fix quite a few of the mistakes we made the first time around . Brazil has a chance to learn , take stock and implement quickly by cherry-picking the best of what is available around the world .” p
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