The "Open Banking", a system that promises to revolutionize the Life of customers and simplify the bureaucracy of banking institutions, had the first phase of implementation started in February of this year.

The service will allow institutions to connect directly to each other's platforms and access data authorized by customers.

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With this concept, the banking system, which is usually concentrated and closed, can open up so that the customer can move from one bank to another more easily. The person can take the entire credit history to a new account and, thus, can, for example, qualify for financing in another bank, more smoothly.

The system is already a reality in several countries. Some have models that are not so efficient, while others have become a reference in the theme, as is the case of the United Kingdom.
Here in Brazil, many experts point out that we are on the right path in relation to structuring open banking, but they also warn of possible consequences that are not so positive.

All this exchange of information between banking institutions requires a secure integration system that is constantly monitored.

“Open Banking” is the result of years of changes in the sector: new consumer behavior, advancement of fintechs, low competitiveness and high concentration in the financial sector.

The implementation of the system still has three more phases. On July 15th, customers will be able to share bank account, card and credit transaction information, as well as personal data.

Starting on August 30, it will be possible to request payment authorization and submit proposals for credit operations. The last phase, scheduled for December 15, releases foreign exchange, investment and insurance.

Report: Tissiane Vincentin and Elias Silva

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