dLocal receives payments institution license from the central bank of Brazil

Friday 21 July 2023 10:18 CET | News

dLocal has been licensed as a payments institution by the central bank of Brazil, enabling it to offer a suite of financial services and take part in Pix.


This license, roughly equivalent to the European e-money issuer license, allows dLocal to accept deposits from the public, manage e-wallets, and participate directly in Brazil’s payments systems including Pix. Additionally, dLocal becomes a ‘Payments Transactions Initiator’, enabling it to access Brazil’s new Open Banking Initiative as well as initiating third-party Pix payments. Becoming a payments institution carries with it a higher level of scrutiny by Brazil’s Central Bank.

dLocal has been licensed as a payment institution by the central bank of Brazil, enabling it to offer a suite of financial services and take part in Pix.

At the same time, dLocal has also become an authorised eFX provider, allowing it to perform a wide range of cross-border currency operations, without amount restrictions.

Company officials said they welcome this license, which is the product of an effort of many years. Being a payments institution will allow them a greater level of flexibility when serving their customers. They consider compliance and regulations a key competitive advantage, and they welcome the increased level of scrutiny that it brings, giving their customers a higher level of confidence in their internal processes, compliance systems, and the safeguarding of the funds.

More news from dLocal

In June 2023, dLocal has introduced invoice collection to optimise cross-border invoice payment collection. The new solution supports the B2B payment process from start to finish by enabling payment in local currencies.

The dLocal Invoice Collection Solution addresses the challenges of processing payments and transferring funds in emerging markets, which can be complicated due to local regulations, market instability, and currency fluctuations. By utilising dLocal's infrastructure, merchants can access various payment methods and foreign exchange markets, manage currency volatility, offer local payment options, and comply with regulations. The solution allows end customers to select their local currency, while dLocal smoothly handles the transfer of funds to the merchant's original currency.

By offering invoice payment support, dLocal assists all departments involved with transactions, not just payments. This update assists the merchants’ finance, reconciliations, and accounts receivable departments from a single platform, making invoice collection smoother and still providing each department and user with a specific access cut out for their needs.

The dLocal Invoice Collection Solution is generally available and can be deployed immediately, with no need for coding. However, there is an option to create a customised workflow. The new product allows the payment to be merchant or customer initiated, allowing global enterprises to effortlessly collect payments from their largest paying customers in local currency in emerging markets.

For more information about dLocal, please check out the company profile in The Paypers Company Database.

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Keywords: PIX, e-invoicing, Open Banking, FX , cross-border payments
Categories: Banking & Fintech
Companies: dLocal
Countries: Brazil
This article is part of category

Banking & Fintech


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