Open Finance is changing the way people use and move money. Its goals - to prompt innovation, increase competitiveness and help businesses/consumers better understand and utilise their finances – are also key objectives of Cielo, Brazil’s leading electronic payment provider.
Alongside these objectives, Cielo wanted to transform itself from a simple point of sale (POS) payment provider to a widely-recognised tech facilitator and innovator. To do so, in 2014 the company moved onto an API Management platform, supported by API specialist firm, Sensedia.
Since then, Cielo has gone from strength to strength; at its core an Open Innovation strategy with projects delivering change at an unprecedented rate.
Cielo is a Brazilian financial services company. It operates as a multi-bank acquirer, being one of those responsible for the capture, transmission and financial settlement of credit and debit card transactions. A technology and services company for the retail market, it leads the electronic payments segment in Latin America.
When Covid-19 took hold, Cielo’s innovation supported customers. During 2020, the company reported a 45% increase in e-commerce revenue, a 1000% increase in QR code payments via Cielo Pay (52 million transactions between March and August 2020) and a 300% increase in demand for Superlink.
Cielo also developed QR codes so its machines could take payments from people receiving emergency Government aid (instead of them having to go to banks to transfer money). Between May and November, 4.5million transactions per month were recorded.
Cielo first changed its business model and architecture supporting online solutions. This included programming languages, adopting microservices and APIs, cloud-data processing, using big data providers, rolling out developer apps and ensuring teams could work within a more agile environment.
Its teams developed a business platform to enhance the digital end-to-end customer experience, using analytics and big data to support informed decision-making, helping customers predict sales figures and trends. Portable machines with QR code reading and NFC technology, intelligent terminals and new payment and transfer solutions were introduced and Cielo provided white-label technology for brands with digital wallets, such as Bitz and Bradesco.
And there are plans to introduce a digital currency, white-label platforms for accounts and wallets, new credit products, more value-added services and innovation events.
Cielo is partnering Facebook in its new WhatsApp payment platform, set to trial in Brazil this year.
To learn more technical details of the project, download the complete material.