Statement about the commitment term between EBANX and the Central Bank of Brazil signed on February 14, 2020
February 28, 2020
CURITIBA, BRAZIL, February 28, 2020 – The Central Bank of Brazil published a commitment term signed on February 14, 2020 between EBANX and the Central Bank of Brazil. EBANX has reached such a commitment term with the Brazilian entity, regarding the extinct product called "Conta EBANX". This was one of the products on the range of solutions created by EBANX to the end-user (the consumer in Latin America that buys goods and services from our merchants). In other words, this extinct product does not have any relation with the payment solutions that EBANX offers to merchants that sell in Latin America.
EBANX itself has proposed the commitment term to the Central Bank of Brazil in the course of an administrative procedure that started in 2018. The administrative procedure was a result of routine auditing processes that EBANX, like any other institution under the supervision of the Central Bank of Brazil, goes through.
Since 2017 EBANX has been taking measures to address all the recommendations now stated in the commitment term, and since 2018 has been talking and dealing with the Central Bank of Brazil on that matter. The administrative procedure and the commitment term are, in a nutshell, a ratification of all the actions taken by EBANX in the past years – including the financial compensation of $880.000 Brazilian reais offered by EBANX, and that has already been paid (and it is good to emphasize that this amount is not defined as a fine or penalty).
The document was published this month due to the standard time range that agreements like this take to be concluded.
It is important to notice that the payment processing services to merchants provided by EBANX are fully ratified by the regulator, without any mention or findings on the customary auditings made early since 2011. EBANX has always prioritized transparency with high standards of compliance and customer support, providing the best service and excellence for our clients and partners.
As for the extinct "Conta EBANX", which is the object of the commitment term, it is now called "Area do Cliente EBANX" (in a free translation to English, "EBANX Customer Area"), and is not a financial product, but a dashboard to inform the end-user about purchases and refunds made on websites that process their payments with EBANX. These end-users have already been communicated about the changes when they happened.
This commitment term is the final outcome of a process that took almost two years, in which EBANX was an active contributor, in cooperation with the Central Bank of Brazil. To clarify, EBANX stands with no further implications or pending issues with the Central Bank of Brazil, on this specific matter or any others related to our operations. Hence it allows us to maintain our offering of an ever-growing set of products and solutions through our group of companies.
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Wagner Ruiz, co-founder and CFO of EBANX.
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