03/07/2023 Banking Innovation


Bradesco stands out as a pioneer in the Brazilian Open Finance by obtaining the security certification from the Central Bank as a Payment Transaction Initiator. Now, customers can make Pix transfers through the Bradesco app, using the available balance in other banks. This innovation simplifies the user's life, enabling quick and convenient transactions while strengthening competitiveness and fostering innovation in the payment ecosystem, solidifying Bradesco as a leader in this digital transformation.

Innovation presentation

Provided through Phase 3 of Open Finance, the Payment Initiator feature allows authorized institutions certified by the Central Bank to initiate transactions that were previously exclusive to account-holding institutions.

In November 2022, Bradesco became the first financial institution to deliver this use case in Pix transfers to the market. Our differentiator compared to other institutions is that we offer customers the option to add and debit funds from their Pix account at any institution they choose. Customers can also bring funds from another institution to Bradesco by simply providing the desired credit key. Most other players in the market only offer the option to credit the initiating institution.

Moreover, the Payment Initiator is an enabler for various use cases, including the contracting of financial products or services, creating a pathway for transactions through Open Finance and Pix. The creation of an API core allows for expanded usage, such as in the journey to make an investment. In this case, the investment request is made in the Bradesco account, and the amount is debited from another financial institution, thus completing the investment process, generating value, and monetizing the product at Bradesco.

Here's how our service journey works in the Bradesco app:

1. The customer accesses the Pix home screen in the Bradesco app and chooses a recipient or key type, which can be from Bradesco if they want to add funds to the initiating account, or they choose another recipient.

2. After selecting the key type, they click on "change" in the upper right corner and choose the option to debit the amount from another institution's account.

3. They choose the debit institution, enter the amount, and verify the information.

4. They are directed via Open Finance to the environment of the other institution only to authenticate and confirm the transaction.

5. Voila! The Pix transfer is requested in the Bradesco app!

On average, the transaction takes less than 10 seconds. Everything is done transparently and securely, following the encryption standards set by Brazilian Open Finance.

Uniqueness of the project

Bradesco was the first financial institution to deliver the use case in Pix transfers to the market. The Payment Initiator is a strategic initiative and a first step towards many others, directly impacting customer engagement across channels. It's a journey where customers use the Bradesco payment experience to transact with other institutions, capturing their attention and screen time through the presented differentiator.

Another important aspect to highlight is that this service brings more fluidity to the payment process, so users don't need to leave the app or enter payment information (recipient details, amounts) in another environment.

Thus, there are endless possibilities for new payment journeys, continuously expanding and bringing more transparency and autonomy to customers.

In an increasingly competitive market where it has become common for customers to have accounts in multiple banks, one of the major challenges is to remain the primary financial service provider for customers. In this sense, the Payment Initiator solution strengthens the bank's primacy among customers.

The Payment Initiator project will also be expanded for use by corporate clients and is already in the discovery phase to be offered to market players as another Bradesco product. This will allow them to have payment initiation services on their platforms and offer their end customers the option to debit funds from the financial institution of their choice. This modality has the potential to reduce dropouts and increase conversion rates, especially in checkout scenarios.

There are also ongoing studies with the bank's product areas, such as investments, as mentioned earlier, and proposals are being developed for payment of securities.

The Central Bank introduces several new initiatives and improvements that require planning to meet the regulatory deadlines. According to the Central Bank, the expectation is that instant payments will account for 20% of e-commerce transactions in about three years. Currently, this level stands at around 5%, indicating significant potential for growth. Bradesco believes that the Payment Initiator will make a significant contribution to this growth and, in turn, will grow in proportion.

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