Changes to regulations, together with cloud computing technologies have been enabling the development of a new generation of banking and payment services — a transformation that has been fast-tracked following the global covid pandemic. Daniela Binatti, co-founder and CTO at Pismo, discussed this new era of financial services at the AWS DigiFinance Brasil conference.

“When we started Pismo, we had to put a lot of effort into convincing people to adopt a cloud-based solution. The regulations were not clear. The rules didn’t state, for example, whether we could store data in another country or not. But then the regulations evolved, and the Central Bank became instrumental in consolidating many innovations,” she said.

In the last few years, Brazilian authorities have regulated the use of cloud-based platforms, instant money transfers (called Pix in Brazil), open banking, and open insurance. This regulatory framework has paved the way for innovative financial services for consumers and businesses. And many of them are based on the Pismo platform.

Innovating with compliance

“Now, our main challenge is to ensure compliance, integrity and security – along with continued innovation,” says Daniela. She highlights the importance of the microservices architecture adopted by Pismo for innovation:

“The microservices are agnostic. They perform tasks like registering a new customer or transferring money between accounts. And it doesn’t matter whether the company is large or small, or if it’s a bank or a healthcare provider. Using the public cloud and microservices, we can offer solutions that we hadn’t even envisioned before.”

For example, Pismo has worked with Falabella, one of the largest retail chains in Latin America: “We developed a marketplace solution for them. But then the pandemic started, and they moved to a 100% digital product. We were able to adapt the solution quickly because the APIs were already in place.”

The DigiFinance Brasil conference is hosted by Amazon Web Services (AWS) in partnership with Insper, one of Brazil’s leading business schools. You can register for the second day on the Amazon Web Services website.

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