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Central Bank of Brazil selects 7 projects for sandbox and includes JP Morgan currency exchange solution

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The Central Bank of Brazil announced on Thursday (25) which projects were selected for the first cycle of Sandbox BC, a program of the entity that aims to encourage innovation. In this first phase, the BC team focused on projects dealing with solutions for the foreign exchange market, such as JP Morgan, which is focused on immediate transactions between currencies.

According to the organization, in this phase, seven projects were selected, among the 52 enrolled, and that will now be able to count on BC’s help to get off the ground. Approved projects will receive specific authorization from the regulatory agency and will have their development monitored by the Strategic Management Committee of Sandbox BC (Cesb).

For César Frade, who coordinates the Committee’s advisory, if the response to these solutions is positive, the organization must create ways to embrace them.

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“The purpose is to evaluate new experiences, innovative business models. The BC will analyze whether these proposals that were presented to us make sense, can be put into effect”, said Frade in the statement.

Payment solution using Itaucard’s PIX and Mercadopago’s service network are also on the list of the Sandbox BC program. See below in alphabetical order which companies had their projects selected and a brief description of each one

OTC Scholarship

Platform for issuance and secondary trading of private fixed income securities.

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himov

Loan with property guarantee, with payment on maturity and without periodic amortizations, in conjunction with the taking out of specific insurance to reduce relevant risks.

inco

Development of a secondary market for Bank Credit Bills — CCBs.

Itaucard

Carrying out payment transactions with credit granting, revolving or in installments, using PIX functionalities.

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Iupi

Platform capable of moving amounts between two or more accounts, by transferring amounts to ‘temporary or settlement’ accounts, on demand, to carry out an operation under previously signed conditions.

JP Morgan

Technological solution for the execution of multi-currency payment instructions, for exclusive use between institutions authorized by the BC to operate in the foreign exchange market for the purpose of immediate exchange of reserves.

paid market

Implementation of a network of physical points that offers the service of contribution of resources in kind.

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