Open Finance is an initiative of the Central Bank of Brazil and it is a financial system that aims to promote an improvement in the offer of financial products and services for those who consume them.
This means that, through open finance, financial institutions will be able to make offers to their consumers in a more agile and secure way. In this system, it is also possible to share financial data between different institutions.
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With the open financial system, it is possible to include a new service provision in the customer's digital routine, as new business models exist through it. Thus, Open Finance allows consumers to control their financial life, as it is possible to compare prices of all products and any services, increasing possibilities and greater visibility of bases financial.
With these advantages and the range of access to products, the competitive side of financial companies will increase. With this, the customer, both natural and legal person, must analyze with which financial institution he wants to share his data. Remembering that it should be one that he knows and trusts, in order for the system to guarantee a safe and standardized way of sharing data. The Central Bank claimed that data security and shared services are of utmost importance and that they must be run securely.
Institutions that will participate in the Open Finance system must meet requirements imposed by the Central Bank of Brazil, and only after acceptance will they become part of it.
The financial institution that adheres to this system must be responsible for creating ways to control and accompany the sharing of information and financial data, aiming at the most important thing, which is the reliability of the process. The Central Bank has already established numerous rules and requirements for interested institutions to have the right to implement the system.
The system of sharing data of system users can be of great improvement and great evolution in the banking system national level, as it allows the financial institution's customer to choose to share their data, in addition to adaptation by the institutions.
This technological customization enables a positive increase in product customization and an increase in competition between banks, making it better offers to increase credits and also to improve ways of financing.
With that, Open Finance is a very interesting union between technology and financial services, as it will generate improvements in these services and there will be direct and indirect support in the financial system, which will certainly have a positive impact on the flow of the economy of the country.
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