October 1, 2023

The Catholic Transcript

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Open Finance

Open Finance will save Brazilians money and time, according to an Itaú . executive

Open financing or open financial system is a possibility for customers Banks Allow sharing of your information between different institutions licensed by the Central Bank. The project seeks to facilitate access to information for users.

For Marcos Alexandre Pena Cavagnoli, Digital Director of Cash Management and Open Finance at Itaú Unibanco, the new option will save Brazilians time and money. Here’s how the new tool works.

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Open financing in Brazil

Cavagnoli spoke about open funding at South Summit Brasil, a technology and innovation event that began on the 4th and ended on the 6th of May, in Porto Alegre (RS). As an example of the utility of the service, the CEO gave two examples.

First, a customer who authorizes sharing of information through Open Finance will be able to see the balance of accounts they have at other institutions in the bank application, such as group access through a single account.

Moreover, if the customer has loans In different banks, he will also be able to see the total amount. For the CEO of Itaú, this novelty will facilitate financial regulation for Brazilians, especially those with more than one active bank account.

Is open financing safe?

In addition to following some of the important guidelines of the Data Protection Act (LGPD), organizations must comply with cybersecurity implementation standards to participate in open funding.

In addition, any problems arising from unforeseen practices in the project guidelines will be severely punished by the Central Bank and those involved will be held accountable.

What does Open Finance show?

Check out some information the project can share:

  • bank statement;
  • loans;
  • investment products;
  • pension;
  • insurance;
  • exchange.

In addition to simplifying the financial life of the customer, there is another goal of open financing Unlock more possibilities to provide credit. The option is now available in all conventional banks and the access permission can be revoked at any time.

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Photo: THICHA SATAPITANON / Shutterstock.com