Noda brings Open Banking network to Latin America

Open Banking and payments provider Noda has expanded its Open Banking network beyond the UK, Europe and Canada, and into Brazil.

Noda’s latest market launch means merchants that partner with the company from any jurisdiction can access cross-border multi-channel payment services, unified reconciliation, single onboarding process, and instant banking and money transfers across Brazil, Europe, the UK and Canada.

“Adding Brazil to our list is especially valuable for merchants that aim for global reach,” said Michael Bystrov, chief revenue officer at Noda.

“We are committed to doing everything possible to ensure their convenience and success.”

Noda’s Open Banking API enables online businesses to integrate direct bank payments, which are typically lower cost than other payment types, such as card payments.

Another benefit of Open Banking payments is that users can pay via their bank’s interface, removing the need to manually enter “lengthy” card details.

The company currently partners with 16,500 banks across 27 countries, spanning more than 30,000 bank branches.

In April, Juniper Research forecast that the instant payments market will grow by 161% to surpass $58 trillion globally by 2028, driven by account-to-account (A2A) wallets and Open Banking payments.

In its report, ‘How Open Banking is Energising P2P Instant Payments’, Juniper Research identified that both A2A and Open Banking payments reduce costs for merchants by enabling transactions to be made directly from bank accounts – eliminating the need for cards.