Open Finance Brasil: A Case Study on Raidiam’s Role in Secure Financial Data Sharing

The Challenge: Building a Trusted, Scalable Open Finance Ecosystem in Brazil 

When Brazil’s central bank, Banco Central do Brasil (BCB), launched Open Finance Brasil, it set out to revolutionise the country’s financial landscape. By giving consumers full control over their financial data, the initiative aimed to foster greater competition, enhance financial inclusion, and unlock more personalised products and services. 

However, delivering a nationwide Open Finance ecosystem at scale came with several complex challenges: 

• Security & Scalability – A robust infrastructure was needed to  facilitate seamless, real-time data sharing across institutions. 

• Interoperability – With hundreds of banks, fintechs, and financial service providers participating, a consistent and standardised approach to API success was essential. 

• Regulatory Compliance – Meeting strict technical and security requirements to ensure that all participants adhered to central bank regulations. 

• Trust & Adoption – Success depended on widespread adoption from financial institutions and trust from consumers in the system’s security and benefits. 

Without a solid technological foundation, the ecosystem risked fragmentation, inefficiencies, and limited adoption. This is where Raidiam stepped in. 

The Solution: Raidiam’s Trust Framework & Conformance Services 

As a global leader in digital trust frameworks and Open Finance infrastructure, Raidiam was selected to provide the foundational technology that would enable Open Finance Brasil to operate securely, efficiently, and at scale. 

Raidiam’s solutions addressed key challenges in the following ways: 

Secure, Scalable Infrastructure 

The Raidiam Connect Trust Platform sits at the heart of Open Finance Brasil, powering the core Directory and Trust Framework, ensuring secure and controlled data sharing. 

Conformance Testing 

Our Raidiam Assure conformance testing service provides rigorous processes and tools to verify and enforce that participants are correctly implementing the ecosystem standard. 

Reference Implementations for Faster Adoption 

We delivered Mock Bank and Mock Third Party Provider (TPP) solutions which serve as the reference implementations for banks and TPPs to accelerate their readiness and compliance. 

Production Validation Tools for Live Environments 

We developed and deployed the Open Finance Production Validation Tools, marking a significant milestone in the ecosystem's monitoring service and the most advanced capability of its kind globally. These capabilities enable comprehensive testing and assurance of API standardisation in the live production environment. Our regular tests against participating institutions ensures their compliance with security and functional standards. 

Collaborative Approach with Industry Stakeholders 

Raidiam works closely with Banco Central do Brasil, financial institutions, and ecosystem stakeholders to ensure alignment throughout the implementation process. This ongoing collaboration has been critical in addressing emerging challenges and evolving the framework to meet market needs.  

The Outcome: A Thriving Open Finance Ecosystem 

Raidiam’s technology and expertise have played a crucial role in transforming Open Finance Brasil into the world’s largest and most advanced data-sharing and financial services ecosystem. The results speak for themselves: 

Key Achievements 

Rapid Growth:

By 2023, Open Finance Brasil had over 940 financial institutions onboarded, serving more than 27 million customers—with adoption continuing to rise. 

Exceptional Performance:

In 2024, the system processed 96+ billion API calls, an 86% year-on-year increase, reflecting the growing reliance on Open Finance-powered services. 

Widespread Consumer Adoption:

Active consents rose to 60+ million, marking a 48% increase from 2023. Meanwhile, total customers reached 40 million, a 44% increase year-over-year. 

Global Recognition & Awards:

Open Finance Brasil is internationally recognised as a model for Open Finance adoption. Raidiam’s role in its ongoing success was acknowledged with the Best Open Finance Application award at the 2024 Open Banking Expo Awards. 

Future-Ready Expansion into Open Insurance & Beyond:

With the foundations of Open Finance Brasil firmly in place, the model is now expanding into adjacent sectors such as Open Insurance. This demonstrates the scalability and adaptability of Raidiam’s technology, enabling future innovations in financial data-sharing. 

Shaping the Future of Open Finance 

Brazil’s Open Finance success story highlights the power of secure, standardised, and scalable data-sharing ecosystems - and Raidiam has been instrumental in making it a reality. 

By delivering the technology, expertise, and trust framework required for Open Finance Brasil to thrive, Raidiam has helped create a financial ecosystem that fosters innovation, enhances competition, and delivers tangible benefits to both businesses and consumers.