TozziniFreire advises Raidiam on Brazilian Open Banking development

TozziniFreire Advogados has assisted Raidiam on its entrance in the Brazilian market as infrastructure manager for the Open Banking consortium

 Raidiam Services Limited is a Digital Identity and Access management technology product and services firm based in the United Kingdom and is responsible for delivering a suitable trust framework for the United Kingdom Open Banking ecosystem. Due to Raidiam’s expertise with the UK’s Open Banking systems, the company was hired by the Brazilian Associations, represented by the consulting firm Mirow, responsible for the Brazilian Open Banking to provide all the directory infrastructure solutions required by Brazilian laws for the Open Banking ecosystem.

This one is the main agreement executed in connection with Open Banking Brazil. It will regulate the services related to the directory infrastructure that the Open Banking system will operate. The negotiation of the agreement involved discussions with all major financial institutions in Brazil, represented by Mirow. Namely: the Brazilian Association of Banks (ABBC), the Organization of Brazilian Cooperatives (OCB), the Brazilan Association of Credi Cards and Services Companies (ABECS), the Brazilian Association of Payments Institutions, the Brazilian Internet Organization, the Brazilian Board of E-Commerce, the Brazilian Association of Digital Credit, the Brazilian Association of Fintechs, and the Brazilian Federation of Banks.

TozziniFreire Advogados advised Raidiam with a team led by partners Alexei Bonamin (picture left) and Marcela Ejnisman (pictured right), and involved associates Marcus Fonseca, Stephanie Consonni de Schryver, Maria Eugênia Geve de Moraes Lacerda, and Mariana Larissa Pereira.

Pinheiro Neto advised Mirow and the financial institutions with a team formed by partners Larissa Galimberti and Fernando Mirandez Del Nero Gomes, and associate Augusto Bittencourt Vieira.