Well, we should start by understanding where the term “Open Banking” was born and what it means. Originated outside the country, the first interactions arose due to the European Union payment system.
See too: Forgotten money in the bank? Find out how to find your
see more
How to get your CNH for free in 2023?
After hacker attacks, Microsoft releases free tools for…
Therefore, a series of activities was initiated regarding the opening of European banks so that they would have the opportunity to compete freely in the bloc. It didn't take long for the "Open Banking” appeared in Asia, USA, Canada and Australia.
Then, it was finally Brazil's turn, which realized the benefits that this resource would bring to the financial system, by promoting competition between credit institutions.
But the country understood that it could go much further than banks, transfers and balance control. Then, with the help ofopen finance” It is possible to evolve areas that are not even in evidence, such as investments and foreign exchange.
So, we can say that “Open Finance” is just an evolution of “Open Banking”, that is, it groups all activities referring to the standardization of communication and exchange of elements between entities, developing competition between they.
As a result, it is possible for a small banking institution to duel against a large bank when it comes into contact with user information. However, in order to achieve a certain objective, it is necessary to build a highway, in this case “Open Finance”.
By making use of this resource, new products will be launched in the market, resulting in greater competition, greater entry of individuals into the financial market and, in addition, a great chance of offering credit.
This resource is different from the famous “PIX”, in which it is a transactional product, which can already be used the day after its creation. In “Open Finance”, you design the highway, the standardization of communication, so that, in this way, banks develop opportunities for exchanging data and producing value for the end customer.
Lover of movies and series and everything that involves cinema. An active curious on the networks, always connected to information about the web.