The Central Bank of Brazil announced today the launch date of Open Banking. The event will take place on February 1 at 11 am and will include the participation of Roberto Campos Neto, president of BC and other names involved in the project. The event will be broadcast live on the Central Bank's YouTube channel.
Open Banking is a solution that promises to bring portability to user data and greater integration of the financial system, thus facilitating the creation of new tools and services.
Although the new system allows data integration for companies, the client will have the autonomy to decide which data will be shared with which institutions. The BC makes clear the need for explicit confirmation from the client for such action:
“Participating institutions will only be able to share data and services from customers who have requested sharing after the following steps:
Consent;Authentication; andConfirmation.These steps must be carried out exclusively by electronic channels and must be carried out with safety, agility, precision and convenience, in a successive and uninterrupted manner, with duration compatible with its objectives and level of complexity. ”
The idea behind the project is to allow open APIs to exist so that fintechs, banks, insurance companies, loan companies and any interested institutions can develop new financial products and services for their customers.
According to the Central Bank:
Open Banking will encourage innovation and the emergence of new business models centered on a customer experience without friction, with security, agility and convenience for customers, favoring the financial inclusion and financial education of the population.
Currently, the United Kingdom has already successfully implemented the idea of Open Banking, the United States, Australia, Japan, the European Union and Hong Kong are under development. ”
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