dLocal licensed by Central Bank of Brazil as payments institution
dLocal also became a payment initiator and an authorized eFX provider
MONTEVIDEO, Uruguay — July 21, 2023 — dLocal, a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets, today announced it received a payment institution license from the Central Bank of Brazil. This license, roughly equivalent to the European Electronic Money Institution (EMI) license, allows dLocal to accept deposits from the public, manage e-wallets, and participate directly in Brazil’s payments systems including Pix. Additionally, dLocal became a payment initiator, enabling it to access Brazil’s new Open Banking initiative as well as initiating third-party Pix payments.
At the same time, dLocal has also become an authorized eFX provider, allowing it to perform a wide range of cross-border currency operations, without amount restrictions.
Being a payments institution carries with it a higher level of scrutiny by the Central Bank of Brazil.
“We welcome this license, which is the product of an effort of many years. Being a payments institution will allow us a greater level of flexibility when serving our customers. We consider compliance and regulations a key competitive advantage, and we welcome the increased level of scrutiny that it brings, which will give our customers an even higher level of confidence in our internal processes, our compliance systems and the safeguarding of the funds,” said Sergio Fogel, co-president and chief strategy officer, dLocal.
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers across Africa, Asia and Latin America. Through the “One dLocal” concept (one direct API, one platform, and one contract), international companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, integrate multiple acquirers and payment methods in each market. For more information, visit https://dlocal.com.