BRASILIA (Reuters) – Brazil’s National Monetary Council on Friday decided to allow credit fintechs to initiate payment transactions, the central bank said, a move that will in practice clear them to provide payment services to consumers and business establishments.
Payment initiators, the central bank said in a statement, “initiate a transaction ordered by the final user but never manage the payment account, nor hold the funds of the transactions”.
(Reporting by Isabel Versiani; Editing by Steven Grattan)
