Mercado Pago is the first company with a payment transaction initiator (ITP) license to have the service operational. This figure was created in the third phase of open banking and allows you to initiate operations at a third party without leaving the environment of the original institution, simplifying operations.
The fintech is not the only one to have an ITP license - which is not mandatory for open banking participants - but it is the first to make it operational. Initially it will be available for transactions with four other financial institutions, which Mercado Pago believes are already able to offer a good customer experience. The names of these partners, however, have not been revealed. By the rules of open banking, all institutions are required to accept a transaction initiated by an ITP, but the vast majority are not yet fully ready to do so. For now, the tool can be accessed by a small part of the customer base, but it is expected to be available to all Mercado Pago users in about two months.