With open banking, the “odyssey” of comparing credit offers must come to an end. Photo: Archives / Brazilian Agency
From this Friday (13), Brazilians will be able to authorize their bank to share personal information with other institutions participating in the Brazilian open financial system, or open banking. This possibility marks the second phase of implementation in a four-step timetable defined by the Central Bank and which will continue until December.
There are still additional steps to the full functioning of open banking, which will extend until September 2022, when it will integrate the means of payment available in the country.
Permission to share data means that banks that do not have a relationship with a specific account holder will be able to “see” your profile and banking history with the competitor.
For British Columbia, this will make the ecosystem more competitive. “With access to user data, participating establishments will be able to offer products and services to the customers of their competitors, with advantages for the consumer, who will be able to obtain lower prices and more advantageous conditions”, specifies the authority. monetary.
Now registration data, account transaction information, credit cards and credit products taken out by the user can be shared. With the sharing authorization, institutions connect directly to the platforms of other participants in the open banking system and begin to access authorized data, which can only happen with the express authorization of the account holder, with purposes specific and for a specific period. Depending on the monetary authority, the customer can cancel the authorization at any time with the institutions concerned.
Institutions participating in open banking will begin using approved application programming interfaces (APIs) for sharing, in a mechanism similar to that which allows the use of social media connections on other websites.
The next phases of open banking
The third and fourth phases of the implementation of open banking are scheduled for August 30 and December 15, respectively.
In the phase that will be activated at the end of this month, the sharing of payment transaction initiation services and the transmission of credit transaction proposals will be authorized.
In December, other financial services enter the field of open banking, with the possibility of authorizing the sharing of information on foreign exchange transactions, investments, insurance, open supplementary retirement plans and accounts. of wages.