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Cade will investigate banks after Nubank's complaint

Brazil's competition watchdog Cade will investigate five of the country's banks following a complaint by credit card financial technology firm Nubank, O Estado de S.Paulo reported.

The regulator will look into Nubank's accusation that Itaú Unibanco Holding SA, Banco Bradesco SA, Banco Santander (Brasil) SA, Caixa Econômica Federal and Banco do Brasil SA are harming competition in the card-issuing market.

Nubank, in its complaint, which was originally made in May 2017 alleged that the five banks do not allow account holders to use Nubank cards for automatic debit transactions, unlike other consumer accounts.

The fintech firm also said banks are not immediately making available statements that should be seen on the same day of transactions, as well as statements on the settlement of bank services. Moreover, the banks are allegedly restricting access to information such as the identification of senders of deposits and payments; as of now, Nubank spends three days to recognize payment invoices.