May 25, 2024

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A new phase that facilitates contracting loans

A new phase that facilitates contracting loans

a open bankingOpen Financial System, or Open Financial System, allows customer data to be shared between financial institutions. a central bank Identification of implementation steps. The schedule should end in September of this year.

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In other words, a service is a way to facilitate the exchange of information between banks. With this, customers save time and avoid bureaucracy if they want to open a new account at another bank. This is just one of the advantages.

open banking

Open banking is a system that has already been implemented in the United States and the European Union. According to the central bank, the system allows for greater competition between financial institutions. On the other hand, customers are more likely to choose the best products and services.

The first phase of Open Banking was in February 2021. The implementation process consists of four phases. On the thirtieth of the month, the central bank began another stage. Banks are now part of a kind the shop of credit.

Thus, customers will follow the best rates and rules. The proposal aims to facilitate the contracting of a loan, as those interested will have more information to choose the best term according to the financial realities of each one.

In this new phase, customers will receive a credit proposal forwarding (Epoc). Through this system, citizens will check all offers at once.

Epoc is in testing phase. The proposal is to make life easier for customers. It should be noted that the exchange of information between banks should be allowed by every citizen.

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Through Epoc, financial institutions will send out various loan offers. That is, it is the institutions that will send the proposals. And not those interested who will have to look from bank to bank to free up credit.