April 19, 2023 – Rio de Janeiro, Brazil – In March, Itaú Unibanco initiated connection tests with the Starlink network in a branch located in the North side of Rio de Janeiro (RJ). In partnership with SC Caprock, Brazilian entity of Speedcast – a provider that has a global agreement for the sale of Starlink’s corporate services – the bank has begun testing how low orbit satellite internet could bring a better connectivity pattern to more areas of Brazil – particularly to places farther from the big cities.
Itaú was also a pioneer in 2021 when it initiated 5G connectivity tests through an experimental concession from Anatel, and when it expanded the new connectivity pattern to approximately 100 different branches around different Brazilian states throughout 2022.
“Over the past few years, we’ve experienced the potential of new telecommunication technology applied to our branches over the most diverse regions of Brazil. With low orbit satellite connectivity, our goal is to test how the solution may help us keep a high-quality connectivity in more remote areas through the traditional infrastructure,” says Fabio Napoli, Technology director at Itaú Unibanco.
Since the Starlink network captures the signal from low orbit satellites, it doesn’t depend on cabling infrastructure to secure a good internet connection. In banking, that means the potential to secure a very similar – and high-quality – connection pattern all over the country, which allows for operations to be quicker for both collaborators and clients.
“Such evolution accelerates our focus on combining the speed of the digital environment and the convenience of face-to-face service in order to offer a better experience to our clients all over Brazil. As for connectivity, low orbit satellite behaves similarly to optical fiber, but it is more malleable and easier to implement, which means that it has great potential in a country as large as Brazil,” adds Napoli.
According to Paulo Bigal, Commercial Director at SC Caprock, the partnership with Banco Itaú is highly disruptive, as it has the potential to bring high-speed broadband and low latency to the entire Brazilian territory. “This Starlink corporate solution, with the local support of SC Caprock, allows us to meet all the bank’s applications, in addition to enabling the easy installation of terminals in all Brazilian regions, including the most isolated locations, which do not have satisfactory connectivity,” explains Bigal. “With the partnership, Banco Itaú will be able to offer high-speed connectivity to any branch in the country,” he concludes.
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SC Caprock serves as the local entity for Speedcast operations in Brazil.
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