Itau Unibanco tests Starlink network connections

Specifically, the bank entered the Starlink testing phase in March 2023, and it conducted connection tests with the Starlink network at a bank branch located in the North Zone of Rio de Janeiro. The bank worked with the Brazilian branch of the Speedcast group, SC Caprock, which also has a global agreement for the sale of Starlink's corporate services. 

The primary purpose of the testing phase was to analyse the potential of improving the standard of connectivity to more regions of the world, particularly in areas located far away from urban centres in Brazil. This isn’t the first time that Itaú has tested new connectivity solutions in the country. In 2021, it performed 5G connection tests in partnership with Anatel. It also expanded the 5G connectivity standard to around 100 branches in different Brazilian states throughout 2022 according to bnamericas.com. 

Itaú Unibanco officials cited by the same source talked about the potential of new telecommunication technologies to be applied to the bank’s branches in different regions of Brazil. They also talked about this testing phase and revealed their goals to find solutions for maintaining a high-quality connection in regions that are difficult to access through traditional infrastructure.

Some information about the Starlink network 

The primary aspect that sets the Starlink network apart from other broadband internet providers is that it relies on a constellation of low-orbit satellites to capture the signal without having to rely on cables. Starlink is a constellation of thousands of satellites that orbit the planet close to Earth and cover the entire globe. Because Starlink satellites are in a low orbit, latency is significantly lower when compared to other satellite-based internet connections, as these rely on single geostationary satellites that are much further away from receivers. 

For banks, this low-latency capability translates to a real potential to guarantee a very similar connection standard throughout the national territory. A high-quality, stable connection standard via satellite can speed up banking operations for both employees and customers being served by the banks. 

Itaú Unibanco has received authorisation from the Brazil Central Bank to operate as a payment initiator in May 2022. Initiators are institutions authorised by the central bank to carry out the steps of payment on behalf of the customer.