This project aims to develop the supervision process of payment institutions in Brazil and bring considerable benefits to participating European regulators.
The payment industry in Brazil has stood out for being a driver of technological innovation. Its business and management model, and technological structure promote economic, technical and social gains in different areas. Since the new regulation introduced by Law 12865 of 2013, new participants have emerged in this market, offering more specialized and quality services to the end user - both the final consumer and the entrepreneur. This virtuous process also creates competition in the financial and payment markets - sectors traditionally controlled by large banking institutions in Brazil.
In view of this scenario, the purpose of this project is to highlight the need for good interactive relations between payment supervisors given some important characteristics associated with the evolution of the sector, such as: a) Social and economic benefits related to successful new forms of joint payment and financial services; b) Highly technological payment solutions being developed around the world; and c) The need for quality supervision to promote good governance and risk management in this market, in line with the objective of not curbing technological innovation, which leads to a number of positive effects.
A preliminary analysis of the market structure of payment institutions and of the corresponding supervisory practices in European jurisdictions will be carried out by a European expert as one of the first steps proposed in the project. BCB supervisors will then make technical visits to their European peers, and key payment institutions and European regulators and supervisors will come to Brazil to interact with some of the most innovative payment institutions today and to participate in an International Seminar at BCB. Finally, a comprehensive report containing the results of the project, conclusions on the actual gains observed and future proposals involving the Brazil-EU cooperation for the supervision of payment institutions will be prepared.
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