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Brazil allows non-bank financial institutions to offer salary accounts

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Brazil allows non-bank financial institutions to offer salary accounts

Brazil's National Monetary Council has issued a resolution allowing non-bank financial entities such as PayPal and NuBank to offer wage deposit accounts, Valor Econômico reported.

Silvia Marques, the head of the regulator, reportedly said the rule change, which takes effect on July 1, is aimed at giving workers more options.

The resolution also allows the new institution chosen by a worker to issue a portability request. Previously, only the bank contracted by the employer could make the request to transfer salary accounts, according to the publication.