UniCert Brasil is claiming to be the first certification authority to gain verified compliance from the Brazilian Central Bank.
As a result, the company can now provide digital certificates for the 170 local banks processing transactions over the Brazilian Payment System (SPB).
The Brazilian Central Bank is keen to introduce digital certification as a means of authenticating banks corresponding over the payment network and to accelerate the payment cycle time. Currently, banks have to wait several days before funds from other banks can clear. The secure system would allow the banks to automatically deposit funds and have those funds available immediately, as well as promptly check and approve deposits from other Brazilian banks.
A joint operation backed by Telsul Communciations and American Bank Note Company, UniCert Brasil uses technology developed by Ireland's Baltimore Technologies.