Transfero received, in the first week of September, a license from the Central Bank of Brazil (BACEN) to operate as a payment institution (IP). Now, the company can offer an even greater variety of services to customers and partners.
Transfero aims to serve as a bridge between the traditional financial system and the crypto universe. The Transfero App, which already accepts Pix transfers for those who want to buy cryptocurrencies, is just one example of this.
In an interview with Valor Econômico, Transfero’s CFO, Carlos Russo, emphasized the importance of this connection:
“We will link the crypto world, where we already work with a series of partners, with the regulated traditional financial world.”
Continue reading to understand what changes with Transfero operating as an IP!
What is a payment institution?
According to the definition from BACEN itself, a payment institution facilitates buying and selling services and the movement of resources, allowing payments to be made independently of banks and other financial institutions.
What does it mean for Transfero to be a payment institution?
For Transfero, therefore, this license will provide even more autonomy for cryptocurrency buy and sell transactions. More than that, according to Russo, the intention is to create an even greater connection with the financial system.
In practice, Transfero can now carry out the following activities as an IP:
- Deposit or withdrawal of funds held in a payment account;
- Management of payment accounts;
- Execute fund transfers;
- Convert physical or book-entry currency (BRL) into electronic currency (“balance” in BRL), or vice versa.
Through the Transfero App, for example, customers will be able to maintain payment accounts and carry out digital transactions. Another benefit for these users is interoperability, allowing the transfer of money between banks and other payment institutions.
In addition, in the interview with Valor Econômico, Russo explained that Transfero will offer Pix connection and digital banking services of the BaaS (Bank as a Service) type for B2B segment customers.
The authorization for Transfero to operate as an IP is another example of the company’s efforts to position itself as a bridge between the crypto market and the traditional financial system.
In recent weeks, Cláudio Just, the company’s CBDO, reinforced, for example, the viability of the coexistence between digital real and stablecoins, like BRZ.
