Open Banking Brazil (later renamed Open Finance) involved Raidiam from the very start of the initiative in 2019, having seen what we had achieved in the UK. We were instrumental in the design, development, and delivery of this national ecosystem, helping Brazil achieve the incredible implementation timescale of six months (having taken the UK six years). Raidiam Connect was used to provide the core Directory, Trust Framework technology, Conformance Suite, Reference Bank and Reference TPP. These reference implementations enable banks and TPPs to accelerate their readiness and compliance, ensuring standardised and interoperable solutions.
We developed and deployed the Open Finance Production Validation Tools, marking a significant milestone in the ecosystem’s monitoring service and the most advanced capability of its kind globally. These tools enable comprehensive testing and assurance of API standardisation in the live production environment and can execute various production tests against live ecosystem participants. This enhanced testing addresses interoperability challenges and ensures a stable and secure operational environment that is trusted by all stakeholders.
Our Directory has been recognized as a central element in the Open Finance Technology Landscape and our Conformance and Certification Suite is now listed explicitly as part the Central Bank of Brazil’s secondary legislation.
We continue to support the running and growth of the ecosystem today, with Open Finance now ranking as the largest data sharing and finance services ecosystem in the world and the most advanced in terms of functionality, security and simplicity, participation, and reach. In early 2023, the Central Bank of Brazil announced there were over 18.7 million users of Open Finance (compared to 7 million in the UK). Most recently, the initiative has been extended to include Open Investment.